Stay updated on the latest amendments made by MCA in May and June 2022. Learn about the changes in the Companies Act 2013 and LLP Act.
Celebrate the 5th anniversary of the GST regime with us. Learn about the historic midnight session that brought about this big tax reform in India.
Taxes are monetary charges imposed by the government on income, goods, services, circumstances, or transactions. Tax is derived from the Latin word ‘taxo’. Taxes, the government’s primary source of money, are used to benefit the citizens of the country through laws, rules, and practises.
Understanding Section 194R TDS: Learn about the tax implications of receiving benefits or perquisites in business or profession.
It was ruled that if the petitioner had made the payment before the supplier’s GST registration got cancelled and if the decisions by the SC and HC in the cases supported by the petitioner concur, then the petitioner should rightfully be given the benefit of ITC.
From 1st July, 2022, Section 194R will be applicable which states deduction of tax on benefit or perquisite in respect of business or profession i.e. TDS on benefit or perquisites given. It is a general practice in many industries to gift cars, luxurious trips, laptops, mobile etc. as a gift for achieving targets or as […]
When the Central bank (in India it’s RBI, in the USA it’s Federal Reserve System) raises interest rates, It’s a piece of big news. It can send ripples across the whole economy. It is the primary tool used by the central bank to manage inflation in the economy. In this article, we will try to understand why […]
Microsoft Excel is extensively used across the globe to store and analyze. Despite various new data analytics tools in the market, Excel remains the go-to product for working with data. It has numerous in-built features, which makes it easier for you to organize your data. In this article, we’ll be discussing the various Excel shortcuts. […]
The officer not below the rank of Joint Commissioner can delegate the inspection power to any other officer (of any rank) in writing in FORM INS-01 as prescribed under Rule 139 of the CGST Rules, 2017.
The Finance Act, 2022 had inserted a new section 194R to the Income Tax Act, 1961 providing for deduction of tax at source (TDS) @ 10% on the benefit or perquisite paid to a resident businessman or professional arising from its business or profession, and the provision of this section is applicable from 1st July, 2022.
