Finance Bill, 2023 Summary of Amendments – DIRECT TAXATION Individuals: No change in old tax regime New tax regime is the default tax regime. However, individuals are free to change to old tax regime, which is same as last year….
An invoice is a commercial instrument issued by a supplier of goods/services to a recipient. It not only identifies both the parties involved, but also lists, describes the items sold/services supplied, quantifies the items sold, shows the date of shipment…
In the Union Budget 2018, there has been a clear effort to empower rural economy by providing support to agriculture and boosting infrastructure and social sectors. Reduced tax burden for senior citizens has been met with great cheer and is…
A Guide for Businesses and Professionals Section 194J of the Income Tax Act is a key provision that requires businesses to deduct Tax Deducted at Source (TDS) on payments made for professional or technical services. Whether you’re paying for consultancy,…
In a Limited Liability Partnership (LLP), the remuneration to partners is an essential aspect of its operations, particularly for determining how profits, salaries, and other benefits are distributed among the partners. Here’s a detailed breakdown of how remuneration works in…
Ever wondered how foreign income is different from Indian income? Let us find out. Indian Income Any of the following three is an Indian income: i) If income is received (or deemed to be received) in India during the previous…
Section 24 deductions from House Property Income is one of the most discussed topics. However, there are a lot of things about Section 24 that are not necessarily public knowledge. So, to help you out here is our two cents…
Residential Status and Incidence of Tax on Income under Income Tax Act, 1961 The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income. The basis of…
GROUNDS FOR REMOVAL OF DIRECTOR :- The removal of a director can occur under several circumstances, which may include: Incompetence or failure to perform duties: Directors who fail to meet their responsibilities and obligations under the Companies Act or the…
We are aware of the fact that, any person who is applying for the GST Registration has to file GST return online. To help you more with the procedure, we have mentioned most of the details in this article. So,…
Ever wondered what procedure needs to be followed for deemed exports under GST? If your answer is yes, then we will help you to understand it better. So, let us begin. The central government on the recommendation of council, hereby…
This article will give you a glimpse on the GST audit. Let us first have a short brief on GST. GST is an indirect tax imposed on goods and services. It had been introduced with the regime “one nation, one…