The Indian tax regime affects corporate governance by either imposing liabilities or offering tax incentives; in contrast, corporate governance has an impact on the management of a company’s tax affairs. The Central Board of Indirect Taxes and Customs (CBIC) recently issued guidelines for the initiation of prosecution under Goods and Services Tax. These guidelines limit […]
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If you want to cancel a flat booking, then you have come to the right place. How smooth your cancellation process basically depends on the relationship you have with the developer. Most people do not know about the procedure for canceling an apartment reservation. This results in problems when claiming a refund. So let us […]
There was a constant tug-of-war between the departmental officer and the GST registrant regarding the claims for refund of input services in case of an inverted duty structure. Remarkably, due to conflicting views of two High Courts, the matter even reached the Supreme Court. After the Supreme Court’s observation that resulted in the recommendation […]
Any contract or arrangement entered into with a related party is deemed to be a related party transaction under the Companies Act, 2013. The Ministry of Corporate Affairs and SEBI allows related party transactions to enter into the ordinary course of business at a price applicable to other parties. But first of all who is […]
The state budget for Rajasthan, with the theme of “Bachat, Rahat, Badhat,” was unveiled on Friday by Chief Minister Ashok Gehlot. Given that the state will have elections for its legislature later this year, this was the last budget of the current administration. All public and private institutions in the state broadcast the state budget […]
In India, companies are required to comply with various regulations and laws under the Companies Act, 2013. The Registrar of Companies (ROC) is responsible for overseeing and enforcing these regulations, which includes maintaining the Register of Companies. Companies need to adhere to the ROC compliance calendar to avoid penalties and legal consequences. In this article, […]
You must pay sales taxes when you buy a product or service from a dealer. This tax is collected when you sell. You subtract the taxes paid at the time of purchase from the amount of production tax (tax on sales), and the difference is payable to the government. This is referred to as Input […]
Finance and Accounting have grown in importance in today’s competitive business environment, where corporate organisations must provide an accurate and fair picture of their financial status. As a result, the use of accounting in the business sector has become an essential aspect. The Company Secretary must offer comprehensive and accurate information about the company’s financial […]
It is not easy to handle such a Huge yet Amazing country like India, where diversity between cultures, religions, Class can be seen clearly. The government of India, in its day-to-day routine, has been experimenting with new Ideas to generate different revenue sources for the country. We cannot deny that in doing so, our democratized government […]
Do you know holding an annual general meeting is an annual procedure that every company must follow? The Ministry of Corporate Affairs (MCA) has allowed companies to hold their Annual General Meetings (AGMs) through video conferencing for the next six months. Against the set outer limit of the end of June 2022, the MCA has […]
There are about 18 types of companies that exist in India. How many could you name? Don’t worry you can name it all after reading this blog. In our country, various forms of business organizations are observed, such as sole proprietorship, limited partnership, Limited Liability Companies, companies, etc. However, with the rapid growth of the […]
In her fifth consecutive budget speech, Union Finance Minister Nirmala Sitharaman made up to five personal income tax announcements on 1st February 2023 while releasing Budget 2023. Last year’s budget made no mention of income taxes. Three announcements stood out among these five. First, under the new tax regime (announced in the 2020 budget), persons […]
Before the annual Budget announcement, pictures of India’s finance ministers entering parliament while carrying briefcases circulated for years. All of that changed in 2019 when Nirmala Sitharaman, the finance minister, switched in her budget briefcase for a “Bahi Khata”. Prior to the 2019 Budget presentation, Nirmala Sitharaman was spotted holding a red “Bahi Khata”, a […]
Recently my friend wanted to change the name of his company voluntarily. We didn’t know that such a thing is possible until I laid my eyes on this blog. The name of the company is considered the identity of the company (public or private), which can be changed with the consent of the members at […]
Property, Plant, and Equipment (PPE) model forms an essential component in part business as the business evaluation may also be calculated with it, every business indulging in it have taken due care regarding it. I’m sure you are also little curious to know about the latest rules in which special provisions are also made in […]
If you’re about to start a business, you’ve probably stumbled across the word “compliance” many times. Compliance is one area that no business owner should neglect. However, many business owners still don’t realize what it is or aren’t sure exactly how it can benefit their business. If you are one of them, we hope this […]
“Your ride will be arriving shortly!” Nowadays even an ordinary person knows this and often uses a taxi service. In recent years, the rental of motor vehicle services (also known as the rent-a-cab service) has increased by leaps and bounds. Implications of indirect taxes on motor vehicle rental services have always been attractive because of […]
My firm recently went through dissolution and I am not sure about the liability of the assets finally distributed. While wondering about such a question, I laid my eyes on this blog giving information on the tax on the distribution of assets to partners. So let us hop into this article for getting answers to […]
After section 80P of the Income Tax Act, 1961 (Income Tax Act) section 80PA is inserted with effect from 1 April 2019. Section 80PA of the Income Tax Act, 1961 was authorized to encourage producer companies to market and process agricultural produce. It focuses on deducting some of the income of Producing companies. In this […]
The Budget of the Government of India is an important document that details all the expenditure, revenue collection and development plans of the government for the current financial year. Every year, the budget is presented by the Finance Minister in the Parliament of India and provides the basis for allocating resources for the economic and […]
Last weekend, I went to most populous yet most exciting state of India, i.e. Uttar Pradesh, where I see most of people were engaged in their day to day activities. That time I realize that the state of Uttar Pradesh has the significant potential to become the great Industrial hub in coming future, as people […]
The Finance Act 2022 instituted section 115BBH and it is applicable from AY 2023-24. The section provides that income from the transfer of Virtual Digital Assets (VDA) will be taxable at the rate of 30 percent. The taxpayer cannot claim a deduction for expenses other than acquisition costs. In this article, we will deal with […]
The Finance Act 2022 introduced section 194R which deals with the deduction of tax on benefits or emoluments to businesses or professions. Businesses, companies or entities often extend various kinds of perks and benefits to their distributors, distribution partners, agents, or salespeople to motivate and encourage them to support further business growth. A few examples […]
Are you also interested in learning how to incorporate a One Person Company in Rajasthan? Great, you’ve come to the right place. Our Legal Window experts have done their best to make this complicated procedure as simple as possible for you, so let’s get started. One Person Company (OPC) registration is a novel idea that […]
The Global Minimum Tax (GMT) applies a standard minimum tax rate worldwide to a defined corporate income base. The OECD has drawn up a proposal stating a minimum corporate tax of 15% on the foreign profits of large multinationals, which would bring countries $150 billion in new annual tax revenue. The GMT framework aims to […]
The real estate sector plays an important role in fulfilling the need and demand for housing and infrastructure in the country. Builders and promoters have different responsibilities under RERA. All builders and promoters who are undertaking a real estate project with more than 8 units or 500 square meters of built-up area are required to […]
Regulation of the payment of directors’ compensation is important for a number of reasons, chief among them the need to stop company money from being used for personal gain and excessively large executive incentives. The rules of the Companies Act, of 1956 and the Listing Agreement’s standards for corporate governance govern the compensation given to […]
The Employees’ Provident Funds and Miscellaneous Act, 1952’s principal programme is EPF. EPF is funded by 12% of the employee’s base pay and dearness allowance from both the employee and employer. The interest rate on EPF deposits is now 8.10% p.a. A statutory benefit available to workers in India is the Employees’ Provident Fund. India-wide application […]
The Steps to Building Wealth without an actual increase in earnings is Smart and feasible Financial Planning. Finances play a very crucial role in every person’s life from personal to professional so it becomes very important to have it all sorted before one set into something as it will decide what lies ahead in the […]
An LLP in India has to file its annual return compulsorily. Unlike companies, LLPs must mandatorily maintain their financial year from 1 April to 31 March. Therefore, the LLP annual return is due on 30 May and the account and solvency statement is due on 30 October of each financial year. In addition to the […]
Directors are the organization’s top decision-makers. In addition to serving as a trustee, agent, employee, and officer of the corporation, a director also performs several other duties. Their job is to oversee and manage the company’s services. This article briefly describes the Appointment and Removal of Directors, the Elimination of the Directors, & Removal Process. […]
The draft Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was proposed by the Indian Government and has become a key area of discussion amongst academicians and experts alike. It explores the emergence of cryptocurrency in the modern world. The Global Financial Crisis of 2008, triggered by the collapse of Lehman Brothers bank, devastated […]
In order to give smaller companies functioning as Private Limited Companies certain advantages, the idea of a small company was created in the Companies Act, 2013. Small companies are the backbone of any economy, thus it is important to make the process of starting and running one as straightforward as possible in order to increase […]
The primary objective of forming a corporation as a Section 8 Company is to promote non-profit objectives such as commerce, business, the arts, charity, education, religion, environment protection, social welfare, sports research, etc. A Section 8 Company cannot be established without a minimum of two directors. A Section 8 Company’s minimum paid-up capital is also […]
Corporate fraud is defined as unlawful, misleading activities conducted by a company or a person using highly trained accounting practices to inflate a company’s apparent earnings, which can take years to identify. Furthermore, this article seeks to analyze the causes and impacts of fraud on corporate stakeholders. This article informs us about Corporate Fraud in […]
With the approval of the board of directors or shareholders, a corporation can provide loans and guarantees, purchase securities, or invest in another company or body corporate. Inter-corporate loans are loans made by one company to another company or body corporate. Inter-corporate investment occurs when one firm invests in another. A corporation may lend, invest, […]
If you are planning to set up a Limited Partnership or LLP in Himachal Pradesh, you will find all the relevant requirements set by the Registrar of Companies (RoC). You will also find the step-by-step process for registering a Limited Liability Partnership (LLP) in Himachal Pradesh along with other necessary information such as fees, documents […]
A Hindu Undivided Family (HUF) is any individual who is lineally derived from a common ancestor, including their spouses and unmarried daughters. A typical Hindu family consists of a male Hindu, his wife, and his unmarried daughters. When a daughter marries, she no longer belongs to her father’s family and becomes a member of her […]
Promoting non-profit goals including trade, business, the arts, charity, education, religion, environment protection, social welfare, sports research, etc. is the main goal of incorporating a corporation as a Section 8 Company. A Section 8 Company must have at least two directors in order to be incorporated. Additionally, there is no need for a Section 8 […]
TDS was designed to collect tax directly from the source of revenue. According to this theory, a person (deductor) who is compelled to make a certain payment to another person (deductee) must deduct tax at the source and deposit it in the account of the Central Government. The deductee whose income tax has been deducted […]
Warehousing and storage of agricultural produce come under Service Account Code 9986 and are exempted under Insert No. 54(e) of Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017. However, the provision of cold storage services to non-agricultural products would remain subject to GST at 18%. Let us discuss the applicability of GST on cold storage. Table […]
Do you know what “leave encashment” means? The salaried class frequently uses the idea of leave encashment. It seems like you may make money even from your leaves. The sum of money received in return for a leave time that an employee did not use is known as a leave encashment. Employees in the organized […]
The minute of the general meeting is an integral document of the Company, which must be drawn up and kept in the same way as accounting books. The minutes are a summary of the distilled wisdom of the board, their views, thoughts, and aspirations, providing strategic guidance and a blueprint for setting it on a […]
If you have been allotted a Director Identification Number i.e. DIN, the DIN holder must submit a DIR-3 KYC every year. KYC of directors is required to be updated annually by September 30 on the MCA portal as part of regulatory compliance. Be it DIR-3 KYC FORM or DIR-3 KYC WEB submission, a team of […]
If you are planning to set up a limited company in Dehradun, Uttarakhand, here we have provided all the requirements set by the Registrar of Companies (RoC) along with the step-by-step process for registering a limited company in Dehradun, Uttarakhand including fees, capital requirements, required documents, the minimum number of members, requirement and directors, name […]
Tax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible tax efficiency by coordinating all of the financial plan’s elements to function efficiently with regard to taxes. A financial plan’s key component is tax planning, which lowers tax obligations and increases contributions […]
The GST Council was formed to oversee the Goods and Services Tax (GST) legislation. The GST Council is a combined forum of the Centre, states, and Union Territories (UT) that makes recommendations to the Centre and states/UT on critical GST issues. At the GST Council meeting, the Council operates based on cooperative federalism and hence […]
About 378 SEZs were announced after India approved the Special Economic Zones (SEZ) Act, of 2005 and the rules regulating SEZs went into force in 2006. However, only 268 of them were operational as of March 2022; the government de-notified those SEZs that were not active. Finance Minister Nirmala Sitharaman highlighted the government’s plan to […]
Women make up half of the population, making up a significant portion of the labor force. The obligations of employment necessitate balancing job, childbearing, and child-rearing responsibilities. The constitutional framework aims to give women equality in all spheres of life. The Maternity Benefit Act, 1961 which follows the model of the International Labor Organization, seeks […]
The concurrent list in the Indian Constitution includes labour-related legislation, which indicates that both the Central Government and the State Government are equally competent and entitled to pass labour laws. Currently, more than 45 central laws and over 100 state laws have been adopted for labour welfare, with many of them overlapping. Codes on Wages 2019, […]
Any individual who feels that he has been wronged may file the petition to the Trademark Registry Office or Intellectual Property Appellate Board (IPAB) in the way specified in order to have its mark corrected or cancelled India’s trademark laws are governed by the Trademarks Act, 1999 (the “Act”). Every trademark must be registered with […]
A patent is a privilege granted to an individual, whether natural or artificial, by the government through the Patent Act, of 1970 that prohibits others from using/selling/importing the patented product or procedure without the inventor’s prior consent. When a patent is registered under the Patent Act, of 1970, it becomes permanent and grants the inventor […]
ESG (Environmental Social Governance) and sustainability are sometimes used interchangeably in conversations. It’s usual to believe that sustainability is only one pillar or sub-component of total ESG because the “E” in ESG stands for “Environmental.” This is somewhat accurate, however, there are significant distinctions between ESG and sustainability that have an impact on business strategy, […]
The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 apply to all registered companies having recognized securities listed on recognized stock exchanges (the “SEBI LODR”). Regulation 5 of the SEBI LODR standards impose a general compliance duty on the listed company to ensure that key managerial personnel, directors, promoters, or […]
The taxpayer has to keep in mind certain points for every month of the calendar so that he could not forget to fulfill his obligation regarding Compliance. Experts at Legal Window have tried to simply present Latest Legal Obligations & Updates in India for the month of December for our readers so that all the […]
To comply with the Reserve Bank of India’s KYC regulations, banks must update customer identity papers in their records of account holders on a regular basis (RBI). This can be triggered by a significant change in the customer’s profile or the kind of transactions in the account, and it is dependent on the account holder’s […]
For any entrepreneur, getting a business off the ground is not an easy feat. Two of the main reasons why startups have found it so difficult to even open their doors are the lack of enough finance when needed and the banks’ high-risk opinion of this market. In order to provide the startup business in […]
When it comes to financial investing, Bitcoin is becoming increasingly popular. To ensure that transactions in the financial markets may be completed using crypto without the use of clearing, intermediary, or custodial institutions, shareholder intermediaries, or securities issuer intermediaries. As of 2018, people were grappling with uncertainty almost everywhere. For example, the people had limited […]
In India, transfers of property as gifts are governed by the Transfer of Property Act of 1882. Gifting real estate means transferring ownership of the real estate to another person by signing a gift agreement. A gift agreement is an instrument by which the owner of the real estate or movable property transfers his property […]
Section 13 of the Income Tax Act, 1961 (Income Tax Act) describes the situations in which the exemptions provided by Sections 11 and 12 would not be accessible to a Trust. Section 11 of the Income Tax Act addresses the exemption of income received from trust property or other legal obligations for religious or charitable purposes. […]
Unemployment is a significant issue in every country. Section 80JJAA was enacted to increase employment and encourage individuals. Section 80JJAA allows you to claim a deduction for hiring new or additional staff. The clause has been included in the Income Tax Act, 1961 (Act) to encourage companies to hire new staff on a regular basis. This […]
Insurance is the most effective risk management tool that can protect individuals and businesses from financial risks arising from various unforeseen events. Emotional and psychological loss can never be replaced, but at least financial loss can be replaced with insurance. Although there are uncertainties in life that you cannot mitigate, insurance will certainly help you […]
When comparing corporate and startup jobs, it is observed that both have their unique advantages and disadvantages. Startups are popular among freshers and even seasoned candidates for providing new experiences and opportunities. However, many people prefer to work in well-known companies and go for stable jobs. But these days, most freshers don’t care about stability […]
Health insurance is a contract between a policyholder and an insurance provider where the insured agrees to pay premiums on time and in return the insurer agrees to offer health coverage. This indicates that you need to pay the premium on time to keep the policy active. But with your busy professional and personal life, […]
When a company receives FDI through equity investment, the company allots shares to the foreign investor and there is a basic reporting requirement with the RBI in the FC-GPR form. This form is issued by the Reserve Bank under the Foreign Exchange Management Act 1999. In this article, let us have a look at the […]
The Foreign Exchange Management (Overseas Investment) Regulations, 2022 were notified by The Reserve Bank of India on 2 August 2022. Under the new regulations, share capital purchased from a foreign entity will be treated as ODI and the payment of this consideration will be deferred for a specified period as stipulated in the contract between […]
Since transactions are verified and added to the blockchain, a digital ledger, through the process of bitcoin mining, it is crucial to understand this component of the technology that underpins cryptocurrencies. The owners and operators of the computers that make up the decentralized Bitcoin network referred to as miners are rewarded for their labor with […]
Since Satoshi Nakamoto first unveiled Bitcoin, this digital money has had a significant impact on culture. Some people claim that Bitcoin is a substantial investment. Some people consider cryptocurrencies to be a fad. However, a portion of society views it as dormant digital money. What is known as cryptocurrencies, or, as their name implies, “hidden” […]
A Director Identification Number (DIN) is a unique identification number assigned to a person who wishes to become or is already a corporation director. In this digital age, completing eForm DIR-3 was sufficient to receive DIN. This was a one-time process for anyone interested in becoming a director in one or more corporations. However, with […]
In India, does crypto currency have to be taxed? Do you want to know how the Indian Income Tax Department (ITD) feels about Bitcoin and other cryptocurrencies? Currently, there is no regulation of cryptocurrencies or non-fungible tokens (NFTs) in India. In this article, we will talk about the New Cryptocurrency Tax Rules in India. Table […]
Reserve Bank of India (RBI) has announced guidelines for digital loans. The central bank has given regulated entities (REs) until November 30 to put in place adequate systems and processes to ensure that “existing digital loans” comply with the new lending guidelines. The new guidelines apply to both “existing customers” using loans and “new customers” […]
To allow a registered taxpayer to transfer any amount of tax, interest, penalties, etc. that is accessible in the electronic cash ledger to the proper tax or cess head under IGST, CGST, and SGST in the electronic cash ledger, the CBIC has developed Form PMT-09 (i.e., a challan). As a result, if a taxpayer accidentally […]
Bitcoin mining is an important aspect of the cryptocurrency’s underlying technology since it is how transactions are confirmed and added to the blockchain, a digital record. As a return for their efforts, the owners and operators of the computer systems that comprise the decentralized Bitcoin network, known as miners, earn freshly produced bitcoins. This article […]
The Securities Exchange Board of India recently issued the SEBI Settlement Scheme 2022 in a public notification dated August 19, 2022. SEBI’s Settlement Scheme 2022 begins on August 22, 2022, and runs through November 21, 2022. The current article provides an outline of the SEBI Settlement Scheme, 2022. Table of Content Brief Overview The objective […]
Regulation 32 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (SEBI LODR, Regulations, 2015) requires every Listed Entity to submit a Statement of Deviation or Variation in the use of proceeds raised from a public offering, rights offering, preferential offering, or Qualified Institutions Placement, as opposed to what is stated in the offer […]
In India, one must register with SEBI as a Registered Investment Adviser (RIA) to provide investment advice. Once registered, they must behave in a fiduciary manner toward their clients. Before 2013, there were no definitive rules governing investment advisers, therefore anyone could declare themselves to be one. In the interest of the investors, SEBI released […]
If the company needs additional capital and keeps the voting rights of existing shareholders proportionally balanced, the company will issue Rights shares. The issue is called as it gives the existing shareholders a preferential right to buy new shares at a price that is lower than the market price. A rights issue is an invitation […]
The Ministry of Finance (MoF), the Government of India, and the Reserve Bank of India (RBI) have notified the Foreign Exchange Management Overseas Investment (OI) Rules/ Regulations/ Directions 2022 as part of the Ease of Doing Business initiative. The Indian Government (GOI) has framed/ consolidated the Outward Investments Rules/ Regulations in accordance with the amendments […]
You must be conscious of a crucial update as you get ready to file GSTR-3B in August 2022. Table 4 of the form, as recently revised, will be applicable beginning with the GSTR-3B of August 2022. Central Tax Notification No. 14/2022, which was made public on July 5, 2022, informed monthly and quarterly filers of […]
Section 23 of the Companies Act, 2013 (“CA, 2013”) sets out how a public company or a private company “may” issue securities. It should be noted that there was no corresponding provision under the Companies Act 1956. This is the first time that Indian company law has brought together in one place how a company, […]
The ROC i.e. Registrar of Companies requires all companies registered in India to file certain forms every year. Regardless of their structure, businesses in India are required to comply with these regulations. Whether it is a Private Limited Company, limited liability company, Public Limited Company, etc., they have to keep track of all ROC filing […]
The Ministry of Corporate Affairs (MCA) has introduced amendments in Schedule III to the Companies Act, 2013 vide its notification G.S.R. 207(E) dated 24 March 2021 and also introduced changes to audit reporting vide the Companies (Audit and Auditors) Amendment Rules, 2021 G.S.R. 206(E) dated 24 March 2021 and the Companies (Auditor’s Report) Regulations 2020. […]
The experts at Legal Window have replicated the part and a recent judicial decision in this article. The latest judicial pronouncements mostly addressed E-way Bill issues when the E-way bill expired and the address was incorrectly mentioned. The courts have invoked Section 126 of the CGST Act, 2017, and, in some cases, sent the matter […]
Corporate governance is a set of rules or concepts used to run a business. It makes sure that the business operates as it should in order to accomplish the desired objectives. Each stakeholder, including directors, owners, employees, and customers, is held accountable by the corporations. The definition of governance as the act of governing a […]
A fixed asset is an asset, often but not exclusively a physical asset, that is purchased for long-term use and is unlikely to be quickly converted to cash. In comparison, current assets include cash or other assets that are likely to be converted into cash within one year. In this article, let us have a […]
Do you know, that the Hon’ble High Court, Karnataka in the case of the M/s Rajiv Gandhi University of Health Science vs. Principal Additional Director General and Ors. [Writ Petition No. 57941 of 2018 dated 26-Jul-2022] held that Service Tax on Affiliation Fee and Rent levied by Universities for other ancillary activities for providing educational […]
On August 7, the RBI announced the creation of an expert committee with KV Kamath as its chairman, with the mission of recommending the necessary financial parameters and sector-specific benchmark ranges for such parameters to be taken into account in resolution plans under the “Resolution Framework for Covid19-related Stress.” Table Content Historical Background FAQs on […]
The Tax Auditors and the assessee are both concerned about ‘Clause 44’ in the tax audit report in Form 3CD, which deals with reporting obligations connected to GST spending. The issue stems from the application of clause 44 of Form 3CD for the fiscal year 2022-23 or FY 2021-22. This article attempts to understand the […]
The Companies Act 2013 mandates that certain information be published on a company’s website. Information like company name, registered office address, company identification number, telephone number, fax number, email ID, and name of a company representative in case of any complaints/queries. The company’s web address must appear on letterhead, business letters, billheads, stationery, and official […]
Share certificates issued by the Company are sometimes lost or misplaced by the shareholders due to unforeseen circumstances. The loss of share certificates can lead to huge financial losses for both the shareholders and the company. To avoid unnecessary losses to shareholders and society, the remedy is provided by the central government. The Companies Act […]
Entrepreneurs rejoice! Now save money by hiring! The Income Tax Act 1961 contains a provision under section 80JJAA to offer additional tax credits to businesses that create new jobs during the year. The section provides a deduction of 30% of additional employee costs incurred by the taxpayer for each of the 3 accounting periods beginning […]
In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money. The government has recently launched various measures to curb cash transactions and boost digital payments. In this article, we will look at the cash transaction limit under the Income Tax Act […]
For effective financial management, it is essential to understand the functioning, powers, and limitations of the powers of the tax authorities. This turns out to be all the more important in the light of the present scenario in India where there is uncertainty in the minds of the assessee as to the power that these […]
Taxpayers in India are required to adhere to the Indian government’s recommended tax compliance. Such compliance also entails following the GST Return filing due dates, which are listed here and stipulated by the Indian government. Noncompliance with GST return filing deadlines and tax-related requirements may result in the government imposing severe fines on Indian taxpayers. […]
The history of Income Tax in India is later back to the 1800s, In 1860 the tax was first introduced in India by Sir James to cover the losses incurred by the government as a result of the military mutiny of 1857. In 1918, a new income tax was passed and it was again replaced […]
Article 279A of the Constitution of India provides for the establishment of the Goods and Services Tax Board by the President of India under the Chairmanship of the Union Finance Minister. The members of the Council are the Union Minister of State responsible for Revenue or Finance and the Minister responsible for Finance or Taxation […]
There are two sorts of Indian Taxes: Direct Taxes and Indirect Taxes. During a fiscal year, direct taxes are charged on the revenue received by various sorts of business entities. There are many sorts of taxpayers that are registered with the Income Tax Department and pay taxes at different rates. Individuals and corporations are not […]
The COVID-19 epidemic has had a huge impact on the Indian economy, resulting in one of the world’s greatest lockdowns. The Indian internet economy, which was formerly one of the most appealing markets in the world, saw a sharp decrease in the month of April 2020 as a result of the shutdowns. However, when Indian […]
Banks and Banking Institutions are critical to a country’s development. Banks are economic actors, and they, like other sectors, are subject to hazardous operations. A bank auditor examines the banking sector’s services during a Banking Audit. A Bank Auditor is defined as an accounting professional who evaluates the procedure. Audits of credit unions or banks […]
With the introduction of economic reforms since the balance of payment crisis, external assistance ceased to be an important element of capital inflows and private capital flows gained prominence. ECB rose significantly in this period; India pursued a regulatory approach of encouraging non-debt-creating flows and placing restrictions on debt-creating flows. Earlier Ministry of Finance used […]