The identification of beneficial ownership has emerged as a cornerstone of transparency in India’s financial, corporate, and regulatory systems. At its core, beneficial ownership seeks […]
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Essential Tax Audit Clauses 35-38: Detailed Analysis Based on ICAI Standards
The Income Tax Act, 1961, mandates that certain assessees undergo a tax audit as per Section 44AB. This audit is performed by a Chartered Accountant […]
CBDT Notification: Section 194N Not Applicable to Diplomatic and Consular Entities
Section 194N was introduced as a provision under the Income Tax Act, 1961, through the Finance Act, 2019. The intent behind this provision was to […]
Understanding the Basics of Clubbing of Income under the Income Tax Act
Tax planning is a crucial aspect of managing personal finances, and taxpayers are always looking for legitimate ways to reduce their tax liability. One common […]
Validity of Income Tax Reassessment Notices: Insights from Supreme Court Decisions
Reassessment under the Income Tax Act is a vital tool enabling tax authorities to revisit assessments where income has escaped scrutiny. However, the validity of […]
Financial Planning and Management: How Strategic Decisions Drive Business Success
Financial management serves as the backbone of every business organization. Whether the enterprise is structured as a proprietorship, partnership, or corporation, finance is involved in […]
Navigating Specified Domestic Transactions Under Transfer Pricing Laws
Transactions between related parties within the same group of companies often attract scrutiny because they can be used as a tool to shift profits and […]
Budget 2024 Expectations: Key Highlights and Taxpayer Insights
The annual budget is a key financial statement presented by the government, outlining the plan for mobilizing resources and their allocation for the coming fiscal […]
How TDS is Deducted on Perquisites and Benefits Under Section 194R
Section 194R of the Income-tax Act, 1961 was introduced by the Finance Act, 2022 and came into effect from 1st July 2022. This provision mandates […]
How Section 17(5) of the CGST Act 2017 Impacts Input Tax Credit Eligibility in GST
The Goods and Services Tax system in India is designed on the principle of allowing seamless input tax credit to reduce the cascading effect of […]
In-Depth Analysis of Proposed Changes to Section 17(3) of the CGST Act, 2017
The Goods and Services Tax has significantly reshaped the indirect taxation landscape in India, enhancing the efficiency of tax administration and contributing robustly to the […]
CBDT Extends Transfer Pricing Safe Harbour Rules Applicability Up to AY 2022-23
The concept of safe harbour in the context of transfer pricing was introduced to create a simplified compliance mechanism for taxpayers engaged in certain types […]
Section 194J Explained: TDS Applicability, Rates, and Compliance Rules
Tax Deducted at Source, commonly known as TDS, is a mechanism introduced under the Income-tax Act, 1961 to facilitate the timely collection of tax from […]
Companies Act 2013 Explained: Auditor Eligibility Standards, Appointment Rules, and Duties
The Companies Act, 2013 provides a comprehensive legal framework for the appointment, regulation, and responsibilities of statutory auditors in India. Section 141 of the Act […]
MAT Applicability Explained: Who Needs to Pay Minimum Alternate Tax and Why
Minimum Alternate Tax (MAT) is a provision under the Income-tax Act, 1961, that aims to bring companies with substantial book profits but low or zero […]