The Indian income tax system works on a progressive structure, where different income ranges are taxed at different rates. This ensures that individuals with higher […]
Complete Guide to Income Tax Slabs and Rates for AY 2018-19
India’s income tax framework operates on a slab system where tax rates increase progressively with the income of an individual or entity. This progressive structure […]
How Customs Duties Work: Legal Framework and Classification Rules
Customs law in India is the legal mechanism that governs the import and export of goods across the country’s international borders. It plays a pivotal […]
Accounting for Real Estate Developers: Revenue Recognition Rules, Methods, and Tax Compliance
Revenue recognition in real estate development is one of the most debated and complex issues in financial reporting. The process of determining when revenue should […]
CBDT’s Faceless Compliance Drive: Automated Notices under Section 142(1)(i) for ITR Filings
Section 142 of the Income-tax Act is a foundational provision that empowers income-tax authorities to conduct inquiries before making an assessment. It ensures that the […]
GST Compliance Guide: Decoding Blocked Input Credit in Section 17(5)
The Goods and Services system introduced a uniform structure for indirect levies, aiming to ensure fluidity in the flow of credits across different stages of […]
Difference Between Capital and Revenue Expenditure and Receipts with Examples
Accounting plays a vital role in presenting the financial performance and position of an enterprise. At the end of every accounting period, businesses aim to […]
Taxability of Scholarship Income under Section 10(16) of the Income-tax Act
Scholarships play a vital role in ensuring access to education for students across different levels of learning. They provide financial support for tuition fees, accommodation, […]
Step-by-Step Process for NRIs to Get a Lower TDS Certificate on Real Estate Transactions
Non-Resident Indians often face challenges when it comes to selling immovable property in India due to the complexities involved in tax deduction at source (TDS). […]
Ind AS Schedule III Checklist: Best Practices for Disclosure of Reserves and Other Equity
In financial reporting, the presentation of equity is central to understanding the ownership structure and financial health of a company. Equity reflects the residual interest […]
GST Late Payment Interest Rules: What Businesses Must Know to Stay Compliant
The Goods and Services Tax framework is structured to promote timely compliance by registered taxpayers across India. To support this goal, the law includes provisions […]
Understanding GST on Corporate Guarantees: Rules, Circulars and Practical Insights
Corporate structures in India often involve parent companies supporting their subsidiaries through financial backing. One of the most common tools used in such support arrangements […]
Understanding Money and Banking: A Complete Guide for Economics Students
Money plays an essential role in any economy. It serves as a common medium that facilitates the buying and selling of goods and services, helps […]
Finance Act 2024 Impact on GST: Cross Charge and ISD Mechanisms Simplified
The Goods and Services Tax (GST) has reshaped the way businesses in India handle indirect taxation. For multi-locational entities, especially those with a central head […]
CBDT Issues Circular on Form 10AC for Trusts and Charitable Institutions
The regulatory framework for charitable and religious trusts and other not-for-profit institutions in India has undergone a series of reforms over the last decade. These […]