Reverse Charge Mechanism (RCM) in GST is a system where the recipient of goods or services is liable to pay the tax instead of the supplier. A supplier cannot take the GST paid under the RCM as ITC. The recipient can avail of ITC on GST amount paid under RCM on receipt of goods or services, […]
Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gifts from non-relatives.
NFRA penalizes BSR & Associates LLP ₹10 crores for audit lapses in Coffee Day Enterprises audit. Partners face fines and debarment.
Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical insights from CA Sachin Jain.
The Finance (No 2) Act 2024 has been notified on 16th August 2024. The Finance Act sections 1 to 99 (Page 1 to 54) amends Income Tax Act, section 158 (Page 68 to 69) amends Prohibition of Benami Property Transactions Act and section 164 (Page 70 to 71) amends Black Money Act. The key amendments […]
The Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 68) amends Goods and Service Tax, and sections 100 to 111 (Page 54 to 56) amends Customs Duty. The key amendments are summarised as follows: Goods and Service Tax […]
Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 73 and 74 of the CGST Act.
In the recent times, GST Department by exercising the powers bestowed on them by way of Section 65 of the CGST Act 2017, has been raising the audit observations stating that GST shall be paid on the inter-company loans given amongst the related person under the GST.
On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the bill has now become law ie. Finance (No. 2) Act, 2024.
Explore the Income Tax Calculator for the Financial Year 2024-25, offering insights on tax planning, deductions, and regime suggestions for salaried employees. Plan your taxes wisely.
