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Due Dates of GST Compliances for the Month of June 2022

June 10, 2022 17091 Views 0 comment Print

Stay on top of your GST compliance with this comprehensive guide to June 2022 due dates. From GSTR-7 for TDS to GSTR-3B for monthly filing, track and meet all obligations. Check out the article for a detailed breakdown.

Best thing to Gift Loved ones & its Taxability as per Indian Laws

February 7, 2022 18672 Views 1 comment Print

It is the season of festivals and gifting to our near and dear ones is customary. Gifting is a way to show that you care about someone. Gifts can be in the form of money, immovable property, movable property such as Gold, shares, etc. Suppose, you want to gift your sister a perfect wedding gift. […]

How to Reduce Capital Gains Tax Liability for the Year?

January 23, 2022 8232 Views 2 comments Print

EFFECTIVE TAX PLANNING TOOLS FOR LAST MINUTE RESORT FROM CAPITAL GAIN TAXES The financial year is coming to a close. Are you worried about the capital gain taxes on the income generated from Stock Market/Mutual Funds in the Bull Run? If so, it is important to plan your long-term capital gains in equities as they […]

Annual Information System (AIS) – A Step to Ease Income Tax Return Filing Process

November 21, 2021 5115 Views 0 comment Print

The new Annual Information Statement (AIS) on the Compliance Portal provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. With its launch, the Department is expanding the list of high-value transactions covered till now under Form 26AS.

Section 206C(IH) – TCS on Sale of All Goods – New tool to curb and track usage of unaccounted money

September 5, 2020 11130 Views 0 comment Print

TCS- New tool to curb and track usage of unaccounted money The Government of India has introduced a new section 206C(1H) with regards to ‘Tax Collection at Source‘. Applicable to everyone having turnover of Rs. 10 crores in last financial year from 01.10.2020. (A) EXTRACTS OF THE SUB-SECTION New sub-section (1H) under Section 206C is […]

COVID-19: Impact on Key Financial Reporting Areas

April 22, 2020 8880 Views 0 comment Print

The novel coronavirus (COVID-19) pandemic is spreading around the globe rapidly. The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation. While the outbreak has had an impact on almost […]

Ease of doing business- New SPICE+ Form for company incorporation

February 20, 2020 2265 Views 0 comment Print

According to MCA as part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified & deployed a new Web Form Christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified Performa for Incorporating Company Electronically) form with a […]

Amended Legal Position of Intercorporate Loans | Section 185 & 186

December 23, 2019 47706 Views 4 comments Print

Inter-corporate loans and investments are important sources of funds for every company. The 2013 Act contains stringent provisions for providing loans to directors and companies in which directors are interested. Additionally, it provides guidance on loans, securities, and guarantees given to subsidiaries. Companies can also make investments in other entities as per Section 186 of the 2013 Act.

Country By Country Reporting

November 16, 2019 32883 Views 0 comment Print

The Finance Act, 2016 introduced provisions relating to Country by Country Report (CbCR) and Master File pursuant to adoption of OECD’s BEPS Action Plan-13 in India. On 31st October 2017, CBDT released the Final Rules with respect to maintenance and furnishing of Master File and CbCR. Summary of Final Forms and Rules for Master-File applicable […]

Maturity of Life Insurance Policy – Whether Taxable or Not?

August 10, 2019 92490 Views 1 comment Print

Understanding the tax implications of life insurance policy maturity. Learn about the exceptions and conditions for tax-free amounts received.

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