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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…

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…

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…

“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…

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…

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…

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…

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…

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…

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…