India follows a dual taxation structure where both the Central and State Governments levy taxes on different economic activities. Two major components of this structure […]
Blocking of ITC under GST: CBIC Rule 86A Guidelines and Key Compliance Insights
The Goods and Services Tax regime in India was introduced to create a unified indirect tax structure and replace the earlier system of multiple taxes […]
Banking Explained: Different Types of Products, Key Terms, and CIBIL Score Importance
Banking products and services form the backbone of the financial ecosystem. These services range from deposit accounts and loans to investment and digital banking solutions. […]
Electoral Bonds Case Verdict: How the Supreme Court Reshaped Transparency in Politics
Political funding has always been a contested space in Indian democracy. The need for resources to contest elections, run political campaigns, and sustain party operations […]
Section 158B Block Assessment: Step-by-Step Procedures, Rules, and Penalty Details
The Indian taxation system has undergone several reforms to ensure transparency and compliance. One of the most significant mechanisms introduced to curb evasion of income […]
New Crypto Tax Laws Explained: Virtual Digital Asset Income Taxation Framework
In recent years, the global financial ecosystem has witnessed the rapid emergence of virtual digital assets, commonly known as cryptocurrencies. These digital representations of value […]
Composite and Mixed Supply Rules under GST: Avoiding Errors in Classification and Taxation
The Goods and Services Tax (GST) in India was introduced as a destination-based indirect tax system aimed at unifying multiple taxes into a single framework. […]
Income Tax Audit Essentials: Understanding Clauses 21(b) to 21(i) of Form 3CD
The system of tax audit under the Income Tax Act, 1961 is designed to enhance transparency and accountability in the way taxpayers report their financial […]
Section 220(2) Interest Waiver: CBDT Defines Monetary Thresholds for Tax Authorities
The Income-tax Act, 1961, lays down a comprehensive framework for the levy, collection, and administration of income tax in India. Within this framework, section 220(2) […]
Impact of GST on Transport and Logistics: A Practical Guide for Goods Transport Agencies (GTA)
The landscape of indirect taxation on Goods Transport Agency services has witnessed a series of shifts, resulting in a mixture of complexities and compliance challenges. […]
Deferred Tax Asset vs Deferred Tax Liability in Accounting and Taxation
In the world of corporate accounting and taxation, deferred tax asset and deferred tax liability are two terms that often cause confusion. At their core, […]
How to Claim Inverted Duty Refund under GST – Complete Process Guide
In the context of Goods and Services Tax (GST), the term Inverted Duty Structure refers to a situation where the rate of tax on inputs […]
Income Tax Slabs and Rates for AY 2019-20: Complete Guide for Taxpayers
Income tax plays a crucial role in the financial framework of any country. In India, the government collects income tax from individuals, Hindu Undivided Families, […]
Section 194Q TDS Explained: A Complete Guide for Buyers and Businesses
Tax Deducted at Source (TDS) is a vital compliance mechanism under the Income-tax Act, 1961. It ensures tax collection at the earliest point of income […]
Incorporation of Companies in India Made Simple: SPICe+ Process Explained
The formation of companies in India is governed by the Companies Act, 2013, which modernized and replaced the earlier Companies Act, 1956. The Act, along […]