The Goods and Services Tax system in India has been designed to simplify indirect taxation while ensuring transparency and compliance. Among the different GST returns […]
What Is Residential Status in Income Tax and Why It Matters for Your Taxation
Residential status under the Income-tax Act, 1961 plays a central role in determining the scope of taxable income in India. It forms the basis for […]
How Auditors Evaluate Provisions and Contingent Liabilities under AS 29
Accounting standards provide a structured framework for recognizing, measuring, and disclosing the financial implications of uncertainties faced by a business. Among these standards, Accounting Standard […]
Latest Tax Slabs and Surcharge Details for Assessment Years 2025-26 and 2026-27
For the assessment years 2025-26 and 2026-27, understanding the structure of income tax, surcharge, and cess is critical for individuals and business entities alike. The […]
Valuation under FEMA Explained: A Practical Guide for Businesses and Investors
The Foreign Exchange Management Act, commonly referred to as FEMA, was enacted in 1999 to consolidate and amend the law relating to foreign exchange in […]
Complete Step-by-Step Process to File GSTR-4 Under GST Composition Scheme
The Goods and Services Tax (GST) regime in India has introduced a unified indirect tax system to streamline taxation across goods and services. For small […]
Income Tax Act 1961 Overview: Understanding Direct Tax Laws and Income Heads
The Income Tax Act, 1961 serves as the primary legal statute that governs the administration, levy, collection, and enforcement of income tax in the country. […]
How to Calculate Capital Gains Tax under the Income-tax Act: A Practical Guide
Understanding capital gains is essential for every taxpayer, as these gains form a significant part of income computation whenever a capital asset is transferred. The […]
Clause 25 Form 3CD Tax Audit: Detailed Checklist and Reporting Requirements
Form 3CD, as part of the audit documentation prescribed under the Income Tax Act, 1961, requires auditors to provide detailed disclosures across various financial parameters […]
GST Compliance Timeline 2024-25: Annual, Quarterly, and Monthly Filing Obligations
The Goods and Services Tax framework has standardized indirect taxation across India, yet compliance remains one of the most complex responsibilities for businesses. The government […]
LLP vs. Private Limited Company: Which Business Structure is Best for Your Startup?
When starting a business, selecting the appropriate business structure is a crucial decision that significantly impacts its growth, legal obligations, and operational flexibility. Entrepreneurs in […]
Finance Act 2024 Capital Gains Amendments: Impact on Investors and Taxpayers
The Finance (No. 2) Act, 2024 represents one of the most comprehensive reforms to the Indian framework of capital gains taxation in recent years. These […]
Income Tax Explained: Key Concepts Under the Income-tax Act, 1961
Understanding the foundational terms and structure under the Income-tax Act, 1961 is essential for taxpayers, professionals, and students alike. These terms not only define the […]
Revenue Recognition and Contracts with Customers under Ind AS 115
Revenue is the most significant line item in the financial statements of most entities. It directly reflects the value of goods and services transferred to […]
Mastering GST Compliance: Place of Supply Provisions with Illustrative Cases
Goods and Services Tax is structured as a destination-based system, meaning the levy is imposed where goods or services are consumed rather than where they […]