1. Section 68 – Cash Credits Applicability: This section applies to individuals, firms, companies, or any other taxpayer. Provision: Where any sum is found credited in the books of the taxpayer,...
Introduction In the financial year (FY) 2024-25, a change in the applicable TDS rate on rent under Section 194-IB created confusion among many tenants and property managers. Specifically, if rent paym...
LLP Annual Return Filing is a vital compliance requirement for Limited Liability Partnerships (LLPs) in India. However, mistakes in filing are common because of complicated documentation and misunders...
Are you making the right claim of refunds in your Income Tax Return – Here are the key points which you are required to know before filing your Income Tax Return! Filing Of Income Tax Return Eve...
Debt can outlive intentions. It doesn’t wait for life to settle down or give you time to catch your breath. Whether it’s a home loan, a business liability or just a stack of unpaid credit ...
SHORT SUMMARY Dividend, once declared, constitutes a debt owed by the company to its shareholders and becomes a legally enforceable right in the hands of such shareholders. However, such a right, bein...
Remedies Available Statutory Appeals: Under Section 246A of the Income Tax Act and Section 107 of the CGST Act. Writ Petition: Under Article 226 of the Constitution for gross violations. Rectification...
Arjuna (Fictional Character): Krishna, I have been hearing a lot about the GST Appellate Tribunal (GSTAT) for long and the challenges faced by taxpayers regarding appeals. Can you shed some light on w...
Introduction After the announcement of significant changes in the income tax slabs by the Honourable Finance Minister of India, Smt. Nirmala Sitharaman, on 1st February 2025, many salaried individuals...
When it involves preserving the legal compliance of a One Person Company (OPC), filing the yearly return is an essential step. The OPC Annual Return Filing ensures that the corporation’s details...