Income Tax : Gifts exceeding Rs.50,000 are taxable for the receiver under Income Tax, except those from relatives or received on marriage. TDS ...
Finance : Summary of mandatory financial record-keeping periods under the Income Tax Act, GST Law (72 months), and Companies Act (8 ye...
Income Tax : Summary: Taxpayers, particularly Individuals and HUFs not required to audit their accounts, must file their Income Tax Returns (IT...
Goods and Services Tax : The 56th GST Council meeting is set for September 2025. The agenda includes rationalizing tax slabs, simplifying compliance, and a...
Income Tax : Learn how new ITR business codes impact tax filing. Key additions include codes for influencers and traders. AI to boost complianc...
Corporate Law : Right now, MSME’s are in a bind, there are lot of suppliers who are not paying MSME’s their dues on time and it's causing MSME...
Arjuna, there is too much discussion going on regarding the validity of notices issued between 01-04-2021 and 3006-2021 u/s 148 of the Income Tax Act for reassessment proceedings. The income tax department had issued notices u/s 148 for reassessment proceedings.
CAG (Comptroller and Auditor General of India) has prepared a report on Assessments Relating to Agriculture Income which was presented in the 49th report of the Public Accounts Committee which clearly stated that the rich farmers whose agriculture income exceeds Rs 10 lakh per year limit, will face stricter scrutiny of agricultural income.
Following are the things to keep in mind – 1) All the exporters who make export of goods/services or supplies to SEZ without payment of GST should apply for Letter of Undertaking (LUT) in form GST RFD 11 for FY 2022-23.
Arjun (Fictional Character): Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an scheme to solve disputes between Maharashtra government and taxpayers. Krishna (Fictional Character): Arjuna, Maharashtra govt. has introduced a separate scheme on 11th March,2022 named as “Maharashtra Settlement of Arrears […]
Sukanya Samriddhi Scheme which is a Government of India backed saving scheme, to encourage parents to build a fund for the future education and marriage expenses for their female child. Contribution in this scheme is eligible for deduction U/s 80C and Interest and withdrawal is also tax exempt.
Get insights into the latest internal circular issued by the Maharashtra State GST department. Learn about the guidelines for GST return scrutiny for tax periods 2017-18 and 18-19.
Arjuna (Fictional Character): Krishna, Honourable Finance Minister had declared the Finance Budget of 2022-23 on 01st February in the Lok Sabha wherein proposal to bring provision of filing updated return of income tax was introduced. What is this provision of filing updated return? Krishna (Fictional Character): Arjuna, it is proposed to insert a new provision […]
Finance Minister had declared the Finance Budget of 2022-23 on 01st February in the Lok Sabha and proposed to substitute section 38 by the finance bill 2022. What is the major change proposed between old section and new proposed section?
Virtual digital assets (VDA) refers to any digital representation of value that can be digitally traded, transferred, or used for payment whether generated through code, cryptographic means. Virtual assets are not only limited to Cryptocurrencies but also include NFT’s and ETF’s etc.
Arjuna (Fictional Character): Krishna, Honourable Finance Minister Mrs. Nirmala Sitharaman will be declaring the Finance Budget of 2022-23 on 01st February in the Lok Sabha. Everyone is excited for the Budget. But due to corona, “Halwa” Tradition has been discontinued and “Mithai” has been distributed. Krishna, What the taxpayer’s will get Halwa or Mithai in […]
