"Shubhi Khandelwal, a fellow practicing Chartered Accountant, running her own venture in the name of M/s Shubhi Khandelwal and Associates with specialization in the field of Taxation and Audit. With post graduation degree in commerce (M.Com), completed certificate course in CSR from ICSI and in GST from MSME, Govt of India. "
This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exemption limit. It also highlights important thresholds relating to foreign assets, bank deposits, business income, and tax refunds.
The article explains that tax responsibilities do not end with a taxpayer’s death. Legal representatives must file pending returns, address assessments, and pay dues from the deceased’s estate.
The Goods and Services Tax (GST) regime in India aims to establish a transparent and efficient indirect tax system. Despite the self-assessment mechanism and technological integration, disputes may arise between taxpayers and tax authorities regarding assessments, classifications, input tax credits, penalties, refunds, and other GST-related matters. To ensure fairness and provide remedies against adverse decisions, […]
Common errors in e-invoicing and e-way bill generation can trigger penalties, detention of goods, denial of ITC, and increased GST scrutiny. Businesses must ensure accurate compliance.
The article explains how ITC eligibility is linked to vendor compliance under GST. It highlights key risks such as return filing defaults, invoice mismatches, and supplier non-compliance that can lead to ITC denial.
GSTAT has been constituted as the long-awaited second appellate forum under the GST regime. The key takeaway is that taxpayers now have a specialized mechanism for challenging GST appellate and revisional orders.
Ensure smooth financial year closure by reconciling sales, ITC, RCM liabilities, and invoice numbering. Avoid penalties and interest by following this step-by-step GST year-end guide.
Businesses with monthly taxable turnover above Rs.50 lakh must pay at least 1% of GST liability in cash. The rule limits 100% ITC utilisation to prevent fraud and ensure genuine economic activity.
Explore the Budget 2024 changes impacting LLPs and partnership firms, including TDS on partner payments and updated remuneration limits.
Important TDS rate changes from October 1, 2024, affecting insurance, rent, commissions, mutual funds, and e-commerce. Learn about the reduced rates and new provisions.
