Refund under GST as per Section 54

What can be claimed as Refund:ANY balance amount in electronic ledger so claimed in returns,ANY unutilized input tax credit (weather supply has been made as Zero-rated or Taxable supply but can’t be  claimed if supply is NIL Rated or EXEMPTED)Tax paid by any specified agen[...]

What are the Pros and Cons of GST?

GST (Goods and Services Tax) was introduced on 1st July 2017 as an indirect tax to replace all other forms of taxes that were previously applicable. As promising as this new taxation system may seem to be, it also has its shortcomings. Let us have a look at the pros and cons of [...]

What Income Tax Laws NRIs should be aware of?

So, you are an NRI (Non-Resident Indian) living abroad, working in an MNC or running your own business. You probably don’t even know the income tax laws of India. After all, you won’t be needing them, right? If you think like that then you need to change your point of view. H[...]

Chartered Accountants in Bangalore

It's not business as usual anymore... The city of Bangalore grew rapidly over the last 20 years and earned the name as India's Silicon Valley. With the IT industry making a firm footing, Bangalore now has a very robust business environment. The city is home to large corporations,[...]

Things to do When You get an Audit Notice

Let's face it, tax audits are tedious and every entrepreneur tries to avoid any such procedures. But, what if you get a notice regarding tax audits? How much do you know about tax audits? Do you know what to if you get a notice for a tax audit? Even in a city like Bangalore, whic[...]

What are the Objectives of Tax Audits?

We all are aware that we will have to go through a tax audit if our turnover exceeds the prescribed number as prescribed by statute i.e. Income Tax Act 1961. However, have you ever wondered why there is a requirement for tax audits? Or, what are the objectives of tax audits? In [...]

The Recent Tax Audit Slab for Businesses and Professionals

Tax Audit Limit is one of the least discussed topics, as a result, a lot of people don't know much on the subject. Even educated entrepreneurs and professionals don't know much about the mandatory tax audit limits that have been prescribed & applicable to them. As we might a[...]

How is Tax Calculated with GST?

As new as the concept of Goods and Services Tax (GST), there are many questions related to it. One of the  most prominent questions being - How is tax calculated with GST? Ask anyone about it, most people have no clue about. Even people living in cities like Bangalore, worki[...]

How to File Income Tax Returns?

Filing income tax returns has its benefits. By doing so, you will be able to track your creditworthiness with the help of income tax return status. In addition to that, filing income tax returns makes you eligible for refunds, if your tax payment has exceeded your actual tax obli[...]

Taxation on Sale of Shares and Securities

The rise and fall of capital gains play a vital role on the taxation on the sale of shares and securities. How? Simple, if there is a rise in the capital gains and you don't sell your shares then you will incur a loss. Similarly, if there is a fall in your capital gains and you s[...]

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