We understand you may find filing for IT returns burdensome, especially if you are young and have barely filed a couple of IT returns. But its benefits are far more than the labor involved in filing it. Also, it is the duty of all the responsible citizens of the country. The income tax laws state … Read more
Value-Added Tax (VAT) is an indirect tax on goods and services applied at each stage of production, ultimately paid by consumers. It varies by state in India, with different rates for essential items (0%), precious goods (1%), basic consumables (4-5%), and general items (12-15%). VAT is calculated as the difference between output and input taxes. … Read more
Filing Income Tax Returns (ITRs) ensures legal compliance, enables tax refunds, and supports financial credibility. ITRs act as income proof, aid in carrying forward losses, and assist in obtaining loans, visas, and government benefits. Timely ITR filing prevents penalties, helps secure insurance, startup funding, and government tenders, fostering financial stability. Why Filing ITRs is Important … Read more
The deadline for individuals required to submit an income tax audit report to file their income tax return (ITR) is October 31, 2024. It is important to note that the Central Board of Direct Taxes (CBDT) has not extended the deadline for those needing an audit to submit their ITR yet. The deadline for filing … Read more
GST in e-commerce simplifies tax compliance for both sellers and buyers, ensuring transparency and reducing tax ambiguities that existed earlier. It streamlines tax collection by defining place-of-supply rules, which clarify whether CGST, SGST, or IGST applies based on transaction location. This clarity helps prevent revenue loss from misapplied taxes. For sellers, GST reduces logistical complexities … Read more
The Indian Income-Tax law contained in the Income-Tax Act, 1961 has the twin objectives of increased revenue generation and correct application of tax laws. Section 2(15) of the Income-Tax Act,1961 defines charitable purpose as ” relief of the poor, education, medical relief and advancement of object of general public utility” which includes trade, commerce or … Read more
Artificial Intelligence (AI) is transforming industries worldwide, reshaping business operations and introducing new efficiencies. In financial services, particularly investment banking, AI offers transformative potential to streamline processes, improve decision-making, and unlock significant growth opportunities. However, despite its clear advantages, the broad adoption of AI in the banking and finance sector encounters various challenges. Join us … Read more
The taxation on real estate now has two options. You either pay 20% long term capital tax indexation or 12.5% without taxation. The choice is all yours now! Taxation on Real Estate: Union Budget, 2024 Through the Union Budget, 2024 the Hon’ble Finance Minister Smt Nirmala Sitharaman had proposed that the real estate properties will now attract … Read more
Goods and Services Tax (GST) refunds are essential for taxpayers to recover excess GST payments. A refund process ensures taxpayers reclaim their rightful dues, whether they have deposited excessive cash in the electronic cash ledger, paid tax by mistake, or accumulated input tax credits (ITCs) due to zero-rated sales or an inverted tax structure. The refund … Read more
The word ‘audit‘ implies that it is a formal examination of an organisation’s financial records and the creation of a report, usually by a third party. Numerous types of audits are carried out in accordance with different laws, including stock audits, cost audits, and company audits or statutory audits performed under company law provisions. Similar … Read more