The Central Board of Direct Taxes (CBDT) has amended Rule 12 of the Income-tax Rules, 1962, which defines the criteria for the applicability of different […]
Understanding Income from House Property: Exemptions, Reliefs, and Practice Scenarios
Income is taxable under the head “Income from House Property” when it arises from any building or land appurtenant thereto. The law recognizes three categories […]
Simplified Tax Filing for Small Businesses: A Guide to Section 44AD
Section 44AD of the Income Tax Act introduces a presumptive taxation regime primarily aimed at reducing the compliance burden for small businesses. This provision helps […]
Understanding TCS on Foreign Remittances for Travel and Tours
Section 206C(1G) of the Income Tax Act requires the collection of Tax Collected at Source (TCS) by an Authorised Dealer on foreign remittances made by […]
Understanding Insolvency, Bankruptcy, and Liquidation under the IBC 2016
Insolvency is a financial state in which an individual or a legal entity is unable to meet its debt obligations as they become due. It […]
GST on Hotel Accommodation: Rates, Tax Implications, and ITC Explained
In 2023, the direct contribution of the tourism and hospitality industry to India’s GDP was over 231 billion U.S. dollars. The market size is estimated […]
Understanding Company Meetings: Definition, Categories, and Legal Framework
A meeting generally refers to a gathering or assembly of individuals for transacting lawful business, for entertainment, or other purposes. To constitute a valid meeting, […]
Understanding Criminal Law: Stages, Procedures, and Penalties
Crime refers to an act or omission punishable under any law that affects the public at large or society. Civil wrongs, on the other hand, […]
A Complete Guide to ODI Compliance Under FEMA
Section 6(3) of the Foreign Exchange Management Act (FEMA) empowers the Reserve Bank of India (RBI) to prohibit, restrict, or regulate various capital account transactions […]
Understanding Internal Control in Auditing: Purpose, Scope, and Responsibilities
Internal control refers to the set of policies and procedures adopted by an entity’s management to ensure that the business is conducted in an orderly […]
Understanding Ind AS 7: A Complete Guide to Cash Flow Statements
The Statement of Cash Flows is a key component of financial reporting under Ind AS 7. It provides supplementary information to financial statement users by […]
Overseas Direct Investment (ODI): A Complete Guide to Regulations, Trends, and Key Data
Overseas Direct Investment refers to an Indian party’s investment in a foreign entity through equity capital, loans, or other financial commitments, either directly or indirectly. […]
Understanding Clause 44 of the Tax Audit Report: A Comprehensive Guide
Clause 44 of the Tax Audit Report was introduced to capture GST-related information in the audit process under section 44AB of the Income-tax Act, 1961. […]
Understanding TDS on Goods Purchase Payments under Section 194Q
Section 194Q of the Income Tax Act, 1961, was introduced to widen the tax base by covering high-value transactions in goods. It was inserted with […]
Clause 32 to 34 Explained: Tax Audit Insights Based on ICAI Guidelines
Clause 32(a) of the Tax Audit Report in Form 3CD requires disclosure of the brought forward losses or depreciation allowance to the extent available. The […]