HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In India since joint families exist in Indian culture where an individual’s income is also taxed as joint income. Income is charged on family […]
1. Introduction The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) was introduced for the consolidation of laws relating to reorganization and insolvency in a time bound manner.[1] This single codified framework has been brought in to unify the erstwhile laws relating to this subject matter, which were spread across numerous statues. Ever […]
Each organization and its risk environment is unique, depending on different factors, including: business type, size, resources, and laws or regulations. Hence, Risk Control Matrix is an important tool to understand and optimize your organization’s risk profile.
The Security and Exchange Board of India (SEBI) had notified the Relaxation in timelines for compliance with regulatory requirements owing to the COVID-19 pandemic. SEBI through a notification made on 1st December 2020 had relaxed the compliance requirements for depository participants, trading members, clearing corporations, as well as KYC registration agency regarding the submission of reports. Considering the current situation due […]
Dont get confused! Stay updated with the latest income tax return due dates. Know how the extended dates can affect you as a taxpayer.
Do not forget these Incomes generally omitted while filling income tax return Since significant number of salaried people file their income tax return themselves and thus may some commit some omissions not with any intention but due to sheer ignorance of the law. Based on my experience of practicing as a Chartered Accountant, I wish […]
The ‘fixed establishment’ could pose yet another challenge to the ‘One nation One tax’ theory unless more clarity is brought to the definition similar to (or even better than) ‘Permanent Establishment’ defined under the Income Tax Act, 1961 read with DTAAs entered into with various countries.
Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits available to senior […]
At this time where taxpayers were complaining about the complications of the GST System, GSTN has come up with a new facility. It has recently launched a new feature on the GSTN portal, where it has enabled a facility of ‘Communication between Taxpayers’ on the GST portal. One can access this feature through Dashboard > Services > User Services > Communication between Taxpayers.
Central Government, in exercise of the powers, issued the Companies (Auditor’s Report) Order, 2020, (CARO 2020/ ‘the Order’) vide Order number S.O. 849(E) dated 25th February 2020. CARO 2020 was initially applicable for audits of financial year 2019-20 and onwards. Subsequently, its applicability has been deferred by one year. Accordingly, CARO 2020 is applicable for […]
