Prepaid Payment Instruments (PPIs) have become a vital component in the evolution of digital payments. These instruments allow users to store money digitally and make […]
Expert Guide to GSTAT Appeals: Structure, Rules, and Litigation Preparation Tips
The Goods and Services Tax (GST) was introduced as a transformative indirect tax reform in India, unifying multiple indirect taxes into a single comprehensive tax […]
CBDT Introduces Form ITR-A for Successor Entities Filing Modified Income Tax Returns
Business reorganization is a common corporate event that involves structural changes such as mergers, demergers, amalgamations, or transfer of assets and liabilities. These changes often […]
Form 27Q Explained: TDS Rates and Filing for Payments to NRIs
When Indian entities or individuals make payments to non-resident Indians (NRIs) or other non-residents, compliance with tax deduction at source (TDS) rules becomes essential. Form […]
TDS on Salary: Complete Guide to Essential Document Submission Before March 31
Tax Deducted at Source (TDS) on salary is a mechanism under the Income Tax Act where employers deduct tax from the salary payable to employees […]
Clause 30 to 30C Tax Audit Explained: Essential Reporting Checklist for CA Auditors
The Income Tax Act, 1961, requires certain assessees to have their accounts audited under Section 44AB. This audit is essential for verifying compliance with the […]
Understanding the Framework and Importance of the GST Audit Manual
The implementation of the Goods and Services Tax (GST) brought about a revolutionary change in the indirect taxation system in India. With this unified tax […]
Ind AS Financial Statements Framework: Detailed Overview of Purpose, Scope, and Objectives
The Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) serves as the foundational structure guiding the preparation and presentation of financial statements. […]
Key Reasons Behind Input Tax Credit Mismatch in GSTR-3B and GSTR-2A Returns
Input Tax Credit (ITC) is a fundamental component of the Goods and Services Tax (GST) regime, designed to eliminate the cascading effect of taxes and […]
Manual vs Computerised Accounting: Key Differences and Benefits Explained
Accounting forms the backbone of any business, providing a systematic approach to recording financial transactions, summarizing them, and generating reports to guide decision-making. Over time, […]
Understanding the Legal Framework and Valuation for Selling Secured Assets
The management of stressed assets is a critical function for Banks and Financial Institutions (FIs) to maintain financial health and regulatory compliance. One of the […]
NBFCs in India: Detailed Overview of Types, RBI Regulations, and Compliance Framework
Non-Banking Financial Companies, widely known as NBFCs, have become indispensable entities in the Indian financial landscape. These companies provide many services similar to banks, such […]
Section 263 Revisions: Legal Limits of Relying on Audit Objections
The concept of revision in income tax law plays a critical role in maintaining the balance between protecting the rights of the assessee and safeguarding […]
Latest Changes in SMC Classification and Accounting Standards under MCA Rules
The Ministry of Corporate Affairs (MCA), in collaboration with the National Financial Reporting Authority (NFRA), has notified the Companies (Accounting Standard) Rules, 2021. These rules […]
GSTN Issues Advisory on Wrong GSTR-3A Notices to Composition Taxpayers
The Goods and Services Tax Network, commonly known as GSTN, serves as the backbone of the digital infrastructure for the Goods and Services Tax (GST) […]