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
The finance minister Nirmala Sitharaman has made changes in the income tax slabs under the new tax regime in Budget 2024. The new income tax slabs under the new tax regime have retrospectively come into effect from April 1, 2024 for the current financial year 2024-25. The changes in income tax slabs of new tax … Read more
Mumbai-based Manba Finance is all set to launch its initial public offering (IPO) on September 23. The company has fixed the price band for its upcoming IPO at ₹114to ₹120 with a face value of ₹10. Investors can place bids for at least 125 equity shares, and in increments of 125 Equity Shares thereafter. The IPO consists solely of a fresh issue … Read more
Today, individuals and businesses no longer need to bother with writing cheques for amounts owed. You do not have to deal with having the funds credited into your account at a later date, especially when you need money during emergencies. Thanks to the National Payments Corporation of India (NPCI) and the various online payments platforms … Read more
It is becoming increasingly apparent that regular auditing is important to a business. Not only is regular auditing important to a business, but ethical and transparent auditing is the foundation upon which a business builds trust on all levels. What Is Tax Audit? A tax audit is an integral part of examining a person’s income. … Read more