CBIC notified the provisions of Section 110 and Section 111 w.e.f. 01.08.2021, by exercising its powers conferred under the ambit of law. Consequential effects unlatch the prerogative of Chartered Accountant/Cost Accountant over authorization to audit books of accounts and reconcile financial audit figures with GSTR monthly returns data.
Understand Related Party Transactions and the recent amendments in LODR, 2015. Learn about the definition of related parties and their implications for private, unlisted public, and listed companies.
Understand Section 194H and its implications on tax deductions for brokerage or commission payments. Learn about the criteria and requirements for TDS deduction.
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 […]
