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Tax Planning Made Easy Expert Tips to Minimize Your Tax

TaxationNovember 8, 202414Views 0Likes 0Comments

Achieving financial freedom requires a strategic approach to managing your finances, and effective tax management plays a crucial role in this journey. By implementing, you can minimize your tax burden and maximize your savings, you closer to your goals of financial independence. From deductions and credits to optimizing retirement account contributions, advice equips you with…

ITR Series: Day 20: Got Foreign Income or Assets? Here’s How to File Your ITR Right!

TaxationJuly 8, 202431Views 0Likes 0Comments

Table of Contents Overview Who Needs to Pay Attention? For Resident Indians with Foreign Income or Assets For NRIs Filing ITR in India DTAA Benefit Summary Final Thought As the world shrinks and wallets grow across borders, many Indians now earn or invest abroad. But with global income comes local responsibility – yes, we’re talking taxes. Whether you're…

Companies (Auditor’s Report) Order, 2020(CARO,2020)

Legal ComplianceJune 29, 202415Views 0Likes 0Comments

Table of Contents Overview Applicability of CARO 2020 Detailed Reporting under each clause of CARO 2020 Overview The Ministry of Corporate Affairs (MCA) has announced a new format of statutory audits of companies. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020 (CARO 2020). The order (CARO 2020) replaces the earlier order…

Key Highlights of the 53rd GST Council Meeting

TaxationJune 28, 202413Views 0Likes 0Comments

Table of Contents Introduction Waivers and Time Extensions Monetary Limits and Pre-Deposit Reductions Rate Adjustments and Exemptions Specific Exemptions Procedural Amendments Special Clarifications Conclusion Introduction The 53rd GST Council Meeting, chaired by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented several crucial recommendations aimed at enhancing the GST framework. Key decisions spanned from…

GSTN is all set to launch E-way Bill Portal 2 on 1st June 2024

Latest News / Regulatory updatesMay 20, 202412Views 0Likes 0Comments

GSTN has announced the release of the E way Bill 2 portal scheduled to launch on June 1,2024 via advisory on (May 28th 2024). This portal is designed to complement the existing e-way bill main portal, offering enhanced availability and functionality. Key Points to be noted on 2 E-way Bill Portals: Service Expansion:Initially, the new…

GST Ambiguities: ITC Reversal of Capital Goods & Corporate Guarantees

TaxationMarch 11, 202411Views 0Likes 0Comments

Table of Contents Introduction ITC Reversal on Capital Goods SaleCapital Goods GST Provisions Explanations Illustration Suggestion GST on Corporate GuaranteesCorporate Guarantee GST Provisions Suggestions Introduction It’s going to be 7 years of GST implementation on 1st July 2024. Yet there exists a good number of ambiguity in the various provisions of GST law. Below…

Section 43B(h): A Comprehensive Analysis and Frequently Asked Questions

TaxationFebruary 27, 202412Views 0Likes 0Comments

Table of Contents Overview Applicability Consequences Positive Impact Negative Impact Illustration FAQs Overview The Finance Act of 2023 introduces a new sub-section under Section 43B of the Income Tax Act, 1961, effective from April 1, 2024, impacting payments made after April 1, 2023. This subsection addresses overdue payments to MSMEs as per the MSMED Act, 2006,…

Form 10F: A Step by Step Guide for Non-Residents

TaxationFebruary 12, 202416Views 0Likes 0Comments

Table of Contents Overview Purpose & Benefits Applicability Documents Required Online Application ProcessE-filing Account Creation for NRs Filing of Form 10F Overview Form 10F is a self-declaration tax form designed for Non-Residents (NRs) seeking benefits under Double Taxation Avoidance Agreements (DTAA). It is particularly relevant when the Tax Residency Certificate (TRC) lacks essential information. Purpose…

Key Highlights of Interim Budget 2024

Budget & Policies, TaxationFebruary 2, 20248Views 0Likes 0Comments

Table of Contents Overview Key HighlightsTax Stability & Incentives Social & Economic Impact Innovation & Infrastructure Boost Women Empowerment & Education Global Recognition & Fiscal Measures Future Initiatives & Transparency Overview The Interim Budget 2024, presented with a vision of "Sabka Saath, Sabka Vikas, and Sabka Vishwas," focuses on pivotal aspects shaping the nation. Social…

Income Tax Portal Turmoil: Unraveling Glitches and Seeking Solutions

TaxationJanuary 11, 202410Views 0Likes 0Comments

Table of Contents Introduction Case 1: Limitations on Opting for New Scheme and Deductions in Belated Returns Case 2: Unintended Consequences of 10IE Defaults Call for Awareness and Solutions Conclusion Introduction The recent revamp of the income tax portal was anticipated to streamline processes and provide a more user-friendly experience for taxpayers. However, amidst the upgrades,…

Section 194P: Deduction of Tax in Case of Specified Senior Citizens

TaxationJanuary 4, 202416Views 0Likes 0Comments

Table of Contents Introduction Meaning of Certain TermsSpecified Senior Citizen Specified Bank Overview of section 194P of the Income Tax Act Benefits for senior citizens under section 194P Declaration in Form 12BBA. Summary FAQs Introduction Inserted by Finance Act,2021 in Income Tax Act, 1961, section 194P provisions w.e.f 1st April 2021 provide relaxations to specified…

Special Provisions For NRIs- Chapter XIIA

TaxationDecember 22, 202313Views 0Likes 0Comments

Table of Contents Introduction Sections Covered Section 115C Section 115D Section 115E Section 115F Section 115G Section 115H Section 115I Illustrations Introduction With the objective to attract investment in India by Non- Resident Indians (NRIs), the Government of India introduced Chapter XII-A of the Income Tax Act in the Finance Act, 1983 which contains special provisions…

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