Faceless assessments in FY 23-24 raised Rs 43 trillion in tax arrears, sparking concern over the impact on India’s tax ecosystem and small businesses.
Understand the amended Section 230 of the Income Tax Act, 2024, clarifying when a tax clearance certificate is required for Indian residents traveling abroad.
Address the issues of forced ESI registration and unwarranted compliance burdens on companies due to MCA’s default registration process.
Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures are now in place.
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 […]
