Previously we had discussed about what is digital rupee and how it is going to work, but how do you think the government and RBI will bring this dream of Digital Rupee to reality?
Old and new scheme applies to Individuals and HUF. In the old scheme, the taxpayer can claim deductions of Section 80C, and 80D and deductions under other sections like Interest paid on Housing Loans, LIC Premium Paid, PPF Contribution etc.
Government has proposed to add a new clause to section 43B which will allow deductions of payment to MSME only if payment is made within timeline specified in MSMED Act.
Taxpayers who dont agree with the adjudication order passed by the tax officer can learn about GST Appeals & the method of counting delay in this blog post. Learn more about GST laws on Central Board of Indirect Taxes & Customs (CBIC) here.
Understanding the different types of GST returns in India: GSTR-1, GSTR-2, GSTR-3B, and more. Learn about their due dates and penalties.
Understand the provisions and notifications of Reverse Charge Mechanism (RCM) under GST. Learn how it affects the liability to deposit tax and widens the scope of levy.
Angel tax is a prime example of how even well-intentioned actions can backfire. The difference between the issue price of unlisted securities and their fair market value (FMV), which must be calculated by a merchant banker using either the book value technique or discounted cash flow method, is taxed under Section 56(2)(viib) of the Tax […]
Composition Scheme now allowed to person making supply of GOODS through ecommerce operators who is required to collect TCS u/s 52.
Money laundering is a serious criminal offence with severe penalties. The Prevention of Money Laundering Act, 2000 (PMLA 2000) was put in place in order to tackle this escalating crime and provide measures to prevent people from facilitating money laundering activities. The PMLA 2000 uses a two-pronged approach to tackle this offence, penalizing individuals or […]
Strengthening Financial Systems: Enhancing Compliance Through Prevention of Money Laundering Act 2002 (PMLA 2002) What is Money Laundering? Money laundering is the process of disguising illegally acquired income and transferring it into a legitimate financial system. Money laundering is used to camouflage the source of unlawful funds, often sourced from criminal activities such as drug […]
