Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by employees. Exemptions apply for loans up to ₹20,000 and specified medical treatment loans.
ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax payment until specified future events.
Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes voluntary compliance but excludes refunds, loss returns, and specified cases.
GST disputes are increasing, creating substantial opportunities for Chartered Accountants in audits, adjudication, appeals, and taxpayer representation. The article explains key roles, skills, and ethical responsibilities in GST litigation practice.
A single visit revealing closed premises is not sufficient to cancel GST registration. The department must establish statutory grounds and follow the complete procedure prescribed under GST law.
The article explains the crucial distinction between GST Credit Notes and Commercial Credit Notes. Once the Section 34 deadline expires, tax liability cannot be reduced even if commercial settlements occur later.
This FAQ examines the statutory authorities empowered to convene an Extraordinary General Meeting under the Companies Act, 2013. It explains when the Board, requisitionists, members, directors, or NCLT can validly step in to ensure corporate governance continues.
Section 194N requires banks, co-operative banks and post offices to deduct TDS on cash withdrawals above prescribed limits, with higher rates for non-filers and exemptions for specified entities.
Large cash deposits, credit card spending, FDs, and UPI transactions are monitored by tax authorities. Taxpayers must ensure their transaction volumes align with declared income to avoid scrutiny.
The dispute centers on whether GST applies to the entire maintenance amount or only the excess above ₹7,500 per month. The issue remains unresolved as higher judicial proceedings are pending.
