In today’s business world, technology has changed the way companies manage their records, especially when it comes to bookkeeping. The government in India has set up some clear rules for how companies should keep their financial records in electronic form. This guide breaks down three key rules to help companies understand how to manage their …
Continue reading “Provisions on maintenance of Books of Accounts under the Companies act”
Introduction: Investing in real estate in India offers a promising prospect for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). However, the process entails understanding and adhering to regulations set forth by the Foreign Exchange Management Act, 1999 (FEMA) and the Foreign Exchange Management (Non-Debt Instrument) Rules, 2019. This guide aims to address common …
Continue reading “Purchase of immovable property in India by Non-Resident Individuals”
Introduction: In today’s interconnected world, the aspiration to own property beyond one’s home country is increasingly common. For resident individuals in India, venturing into this realm requires a thorough understanding of the Foreign Exchange Management Act, 1999 (FEMA) and its associated regulations. This blog aims to simplify the complexities and address common concerns regarding the …
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Introduction: In the ever-evolving landscape of Goods and Services Tax (GST) regulations, Circular No. 204/16/2023-GST, dated 27th October 2023, issued by the Government of India through the Ministry of Finance’s Department of Revenue, sheds light on critical aspects concerning the taxability of personal guarantees and corporate guarantees under GST. This blog post aims to decode …
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Introduction: In a bid to bolster transparency and regulatory control in the manufacturing sector, the Central Government, leveraging the authority vested in it by section 148 of the Central Goods and Services Tax Act, 2017, has introduced a pivotal notification. Set to be enforced from April 1, 2024, this directive delineates a specialized procedure for …
Continue reading “Pan-masala, Smoking, Hookah Company to report Details of Packing Machines”
Introduction The implementation of Goods and Services Tax (GST) has brought about significant changes in taxation across various sectors, particularly impacting the hospitality industry. As businesses in this sector grapple with the intricacies of GST, seeking clarifications becomes paramount. This comprehensive guide aims to address key questions and provide insights to help navigate the nuances …
Introduction: Understanding the intricacies of capital gains computation is crucial for taxpayers, especially when it comes to determining allowable expenditures. In a recent case, Fozia Khan (Ms.) v. ITO (2020) 185 ITD 446 (Jaipur)(Trib.), the Tribunal delved into the complexities surrounding the deduction claims made by an assessee who sold a residential house. Let’s explore …
Continue reading “Sale Commission payment held to be allowable as expenditure on Sale of Property”
Introduction: Navigating the labyrinth of tax laws becomes crucial, especially when it comes to intricate situations like the transfer of businesses from sole proprietorships to private limited companies. In a recent case, Ravi Jalan v. DCIT (2020) 181 ITD 284 / 193 DTR 175 / 207 TTJ 38 (Kol.)(Trib.), the Tribunal grappled with the implications …
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Introduction: Understanding the intricate provisions of the Income-tax Act, 1961 is crucial, especially when it comes to computing capital gains arising from the transfer of capital assets. In a recent case, ACIT v. Amartara P. Ltd. (2020) 78 ITR 46 (SN) (Mum.)(Trib.), the Tribunal grappled with the implications of Section 45(3) concerning the transfer of …
In our ongoing efforts to simplify and enhance your experience with the GST portal, we bring to your attention a crucial advisory regarding the reporting of opening balances for ITC reversal. 1. Introduction of Electronic Credit and Re-claimed Statement: To assist taxpayers in ensuring accurate reporting of ITC reversal and reclaim, we introduced the Electronic …
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