Corporate Law : Overview of the Constitution (106th Amendment) Act, 2023 covering women’s reservation in Parliament and Assemblies, its scope, t...
Fema / RBI : The issue concerns alternative settlement mechanisms for international trade. The framework allows INR-based transactions with fle...
Company Law : The scheme allows companies to clear pending filings at reduced cost. It provides a major compliance relief with only 10% addition...
Goods and Services Tax : IGST refunds are not available when exports are made under LUT/Bond without tax payment. The clarification highlights eligibility ...
Income Tax : The issue covers taxation and computation of house property income under the new law. The key takeaway is clarity on annual value,...
Finance : The Authority clarifies application process, operating models, service limits, and compliance obligations under the new GIC Regula...
Corporate Law : The India–European Union Free Trade Agreement (FTA) is a comprehensive pact covering trade in goods, services, rules of origin, ...
Corporate Law : The ruling clarifies that digital processes are encouraged but not mandatory, ensuring workers rights are protected even through p...
Company Law : The law removes sector-based exclusions and extends minimum wage protection to all employees. It confirms universal coverage acros...
Corporate Law : The FAQs explain the uniform wage definition and the 50% allowance cap across all Codes. Gratuity applies prospectively from 21 No...
Corporate Law : FSSAI introduced perpetual licenses and simplified registration norms to ease compliance. The reforms reduce costs while maintaini...
SEBI : FPIs can now apply for Digital Signature Certificates directly within the CAF portal. The move simplifies onboarding and reduces p...
Goods and Services Tax : GSTN has clarified key issues on filing annual returns through consolidated FAQs. The guidance explains ITC reporting, auto-popula...
Goods and Services Tax : ITC availed for FY 2023-24 but reversed or claimed in FY 2024-25 must be reported in Table 6A1 of GSTR-9. Reversals from prior yea...
SEBI : The notice outlines detailed guidance on filing financial results under Regulation 33, covering timelines, disclosure norms, and r...
FREQUENTLY ASKED QUESTIONS Reduction in statutory rate of EPF contribution from 12% to 10% Q 1. What is revised rate of EPF contribution announced by the Central Govt. under Atmanirbhar Bharat package? Ans. Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic […]
What is Nidhi Company? A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC but the only basic difference between the two is that Nidhi Companies accept deposits only from its members. The main aim of these companies is to work […]
Article explains Eligibility for claiming rebate u/s 87A, ITR form applicable for LIC agent, How to file return of income, Can total deductions exceeds the Gross Total Income (GTI), Need to file Income Tax Return when all taxes been paid in advance and What to do when TDS has been deposited under wrong PAN. 1. […]
Q.1: How do I know if I require a PF transfer? Ans. If the member has more than one PF member IDs (MIDs) and the PF amount of these MIDs has not been transferred into the latest MID, member is required to get his PF transferred into his current MID. Q.2: What are the types […]
Q.1: Why is it necessary to have DSC/e-Sign? Ans. Many important tasks like KYC attestation, transfer claim attestation etc are done online by the authorized persons of employer using their digital signatures or Aadhaar based e-Sign on EPFO portal. This ensures seamless online service to members. Q.2: What role does EPFO plays in use of […]
In this period of economic difficulties, it is imperative for each business to evaluate possible measures to reduce the cost. One should closely look at all expenditure where input tax credit has not been taken in the past to evaluate if there exist possibilities of availing due to change in the law or judicial developments.
While the high quality Ind AS Framework has comprehensive and robust accounting principles, a need was felt to provide application guidance in certain areas of accounting in the form of Frequently Asked Questions (FAQs) in the context of contraction in economic activity, disruptions in financial markets and a series of actions by government, monetary and prudential authorities. I
Timely and effective communication between the management and the auditor is essential in ensuring that both are able to fulfil their respective responsibilities in relation to going concern aspect during these uncertain times.
Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon.
Section 194I was inserted vide the Finance Act, 1994. The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? A.1. Any […]
