India’s Equalisation Levy is phased out and replaced by the Significant Economic Presence (SEP) regime. This shifts the tax from a gross revenue basis to a net income basis.
A detailed guide on Sections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act, explaining rules for account maintenance, tax audits, and presumptive taxation schemes for businesses and professionals.
This guide explains key sections of the Indian Income Tax Act (44AA, 44AB, 44AD, 44ADA), covering rules for account maintenance, tax audits, and presumptive taxation.
Notification No. 26/2022 requires GST registration to use PAN-linked contacts, but the GST portal has not implemented this rule. This article explains the discrepancy and its implications.
The government has introduced mandatory reporting of Harmonized System of Nomenclature (HSN) codes in Table-12 of GSTR-1 to enhance tax compliance and transparency. As per Notification No. 78/2020 – Central Tax, dated October 15, 2020, businesses must report 4-digit or 6-digit HSN codes depending on their Aggregate Annual Turnover (AATO) from the previous financial year. […]
