Explore Section 44ADA of the Income Tax Act, 1961, with the latest amendments. This special provision applies to individuals or partnership firms engaged in prescribed professions. Learn about presumptive taxation, allowable deductions, treatment of asset depreciation, and the audit requirement for income exceeding the tax-free limit. Stay informed with a comprehensive summary of Section 44ADA for efficient tax compliance.
Discover the importance of asset tagging for businesses in tracking and managing fixed assets. Learn about different types of asset tags, such as barcodes, QR codes, RFID tags, GPS trackers, and NFC tags, and how they contribute to theft prevention, maintenance schedules, and real-time tracking. Find out the significance of data gathered in a digitized asset register, including location, users, purchase history, maintenance schedules, and depreciation value. Ensure a comprehensive tagging process for a holistic view of owned assets with data cleaning, uploading, initial tagging, and updating of Fixed Asset Registers (FAR).
With the introduction of GST as a means of Indirect Taxation, collection by means of multiple taxation was done away and a new uniform system was put into place. However, many a times when two or more goods are sold in a combination, a situation arises wherein it gets difficult to understand what tax rate needs to be applied. In order to overcome this, the CGST Act, 2017 has introduced ‘composite supply’ and ‘mixed supply’.
HC quashed detention orders passed by non-jurisdictional authority i.e., Roving squad and directed assessee to forward all documents to concerned jurisdictional assessing officer, who shall take up the issue and decide the same.
Recent Service Tax Tribunal ruling exempts blending, bottling, labeling, and packaging of Indian Made Foreign Liquor (IMFL) from taxable services, rejecting a demand of around one crore. The decision clarifies that job work services for IMFL are not considered business auxiliary services and are not subject to service tax, extending this exemption to the GST regime as well.
Once a company ensures compliance as mentioned in my previous article ‘Company IPO and Challenges’ with all requirements, the company should prepare for the launch of its IPO. First step to the Launch of Company IPO is the hiring of an investment bank
I’ve come across several inquiries on whether they can use their names or last names as brand names, is it against the law for a legitimate user to operate under their own name?
Explore the recent introduction of Federal corporate tax in the UAE, marking a significant change as the country moves towards taxing income. Learn about the applicability of corporate tax, rates for different income brackets, exclusions, exemptions, and filing requirements. Understand the impact on businesses and individuals as UAE undergoes this taxation shift effective from June 2023.
Understand the obligation to mention Director Identification Number (DIN) in returns as per Section 158 of the Companies Act, 2013. Learn about the recent penalty imposed on M/s. Premier Solution Private Limited for non-compliance. Take immediate actions to ensure DIN is correctly indicated in all filings with ROC, NCLT, and other authorities to avoid penalties. Disclaimer: This article provides general guidance and should not be considered specific professional advice. For personalized assistance, consult with Affluence Advisory Private Limited.
Understand the recent changes in reporting Input Tax Credit (ITC) claims in GSTR-3B Table 4. Explore the revised format, capturing eligible and ineligible ITC, bifurcating reversals, and ensuring accurate fund settlement between Central and State Governments. Get insights on reporting eligible ITC under various categories, the bifurcation of ITC reversed, and crucial details for compliance. Stay informed on the net ITC available and other essential aspects. Ensure correct ITC reporting in accordance with the law for seamless compliance.
