A firm must estimate in advance how much net working capital will be required for the smooth operations of the business. Only then can it […]
Understanding TDS Under Section 194T for Partner Remuneration
Section 194T is a newly introduced provision under the Income-tax Act, which imposes an obligation on partnership firms and LLPs to deduct tax at source […]
CBDT Grants More Time for Processing Delayed ITRs Filed with Condonation Requests
The Central Board of Direct Taxes (CBDT) plays a critical role in issuing timely clarifications and providing relief to taxpayers where procedural or systemic issues […]
Exploring the Fundamentals and Boundaries of Administrative Law
Administrative law is a branch of public law that governs the activities of administrative agencies of the government. It deals with the powers, duties, rights, […]
Understanding E-Invoicing Under GST: Definition and Applicability
An e-invoice, or electronic invoice, under the Goods and Services Tax system in India, is a digital document that is generated and authenticated electronically for […]
A Comprehensive Review of Section 37 of the Income Tax Act, 1961
Section 37 of the Income Tax Act, 1961 serves as a residuary provision for allowing deductions that do not fall under Sections 30 to 36. […]
Internal Controls and Auditing: A Comprehensive Guide to Objectives and Roles
Internal control refers to the policies and procedures adopted by the management of an organization to ensure the orderly and efficient conduct of business. These […]
A Beginner’s Guide to Accounting: Meaning, Categories, and Evolution
Accounting is often referred to as the language of business. Just like any language functions as a medium of communication, accounting enables organizations to communicate […]
Understanding Section 56(2)(x): Tax Implications on Gifts and Transfers
Section 56(2)(x) of the Income Tax Act is applicable when any person receives any sum of money or property, whether movable or immovable, without adequate […]
Basics of Accounting: Concepts and Definitions Explained
Accounting is commonly referred to as the language of business across the globe. A language is a method of communication using conventional signs, gestures, written […]
Comprehensive Guide to Tax Rates, Surcharge, and Cess for AY 2025-26 & 2026-27
For the assessment years 2025-26 and 2026-27, the structure of income tax in India continues under two regimes: the old tax regime and the new […]
Understanding Business and Professional Income Under PGBP
Income under the head Profits and Gains of Business or Profession refers to the earnings derived from any trade, commerce, manufacturing activity, or profession carried […]
Understanding the Role and Objectives of the Reserve Bank of India
The Reserve Bank of India is the apex financial institution of the country’s financial system, entrusted with the task of control, supervision, promotion, development, and […]
Section 54: Tax Exemption on Sale of Residential Property Explained
When an individual or a Hindu Undivided Family transfers a building or land appurtenant to it, which qualifies as a residential house and is a […]
Demand and Its Elasticity: Concepts and Applications
In ordinary language, the term demand is often confused with desire or want. Desire refers to a mere wish to possess something, whereas in economics, […]