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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…

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…

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…

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…

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…

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…

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…

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…

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…

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…