The Companies Act, 2013, introduced comprehensive governance measures to improve transparency and accountability in Indian corporations. One such measure was the mandatory appointment of independent […]
Understanding the New Presumptive Taxation Scheme: Concept and Scope
With the Finance Act, 2025, the legislature has introduced a new provision aimed at non‑resident entities providing services or technology in India in connection with […]
An In-Depth Guide to Double Taxation Relief under Indian Tax Laws
Double taxation refers to the imposition of tax on the same income or financial transaction in more than one country. This situation generally arises when […]
Understanding GST Enforcement: Inspection, Search, and Seizure Explained
In any tax administration, the provisions for inspection, search, and seizure are essential to protect the interests of genuine taxpayers. Tax evaders, by avoiding their […]
Legal Framework Governing CSR and Implementation Agencies in India
A company may implement its Corporate Social Responsibility (CSR) activities either directly or through external implementing agencies as permitted by Rule 4(1) of the Companies […]
Understanding Income Tax Assessment Through Landmark Case Laws
The term jurisdiction refers to the statutory authority granted to an officer under the law to take specific actions or make decisions regarding a particular […]
Introduction to Partnership Accounting: Key Concepts and Principles
According to Section 4 of the Indian Partnership Act, 1932, a partnership is the relationship between persons who have agreed to share the profits of […]
A Comprehensive Guide to Financial Institutions in India
Financial institutions are fundamental to any economy as they act as both intermediaries and regulators, facilitating the flow of funds between savers and borrowers. In […]
ICAI Issues Draft Guidance Note for Revised Tax Audit Norms
The Institute of Chartered Accountants of India has released the Exposure Draft of the Revised Guidance Note on Tax Audit under Section 44AB of the […]
Gratuity Amendment Act Not Retrospective: Impact on Section 10 Exemptions
The Payment of Gratuity Act, 1972, is a welfare legislation enacted to provide monetary benefits to employees upon termination of their employment due to retirement, […]
CARO 2020 and Schedule III: Implications for Income Tax Assessment
The Ministry of Corporate Affairs introduced the Companies (Auditor’s Report) Order, 2020 (CARO 2020), to enhance transparency in audit reporting. Though CARO 2020 was originally […]
Essential Guide to Retirement Planning: Goals, Corpus & Superannuation
Retirement planning plays a critical role for an individual due to the increase in life expectancy. Life expectancy refers to the number of years an […]
Understanding ASMT-10: Handling GST Return Scrutiny and Related Notices
Notice to return defaulters under Section 46 in Form GSTR-3A is issued when a registered person fails to file their return within the due date. […]
A Complete Guide to Tax Audit and Form 3CD under Income Tax Act
Income tax law requires the assessee to get their books of accounts audited by a Chartered Accountant under the provisions of Section 44AB of the […]
Understanding Set-Off and Carry Forward of Losses Under Sections 70 to 80 of the Income Tax Act
Section 70 becomes applicable only when capital gains have been computed by the provisions contained in sections 45 to 55A. We allow for the set-off […]