The Central Board of Direct Taxes is entrusted with the administration and enforcement of the provisions of the Income-tax Act, 1961. One of its significant […]
Income Tax Slab Rates for Assessment Year 2020-21 Explained
Understanding the structure of income tax slabs and rates is essential for effective financial planning and compliance. For the assessment year 2020-21, the income tax […]
Important Revised Due Dates for Income Tax Filing and Compliance
The Income-tax Department has announced a series of revised due dates across various compliance requirements under the Income-tax Act. These changes are primarily aimed at […]
How TDS Applies to Foreign Technical Service Payments under Indian Law and Tax Treaties
Cross-border service payments are a frequent occurrence in globalised business operations. When an Indian entity engages foreign service providers, the tax implications on such payments […]
Impact of Clause 3(xvii) to 3(xix) of CARO 2020 on Financial Reporting: A Focus on Cash Losses
The Companies Auditor’s Report Order, 2020 (CARO 2020), introduced detailed requirements aimed at enhancing the transparency and accountability of audits. Among these, clauses 3(xvii) to […]
Rectification Applications under Section 154 and Section 254(2) Explained with Case Laws
Rectification of mistakes is a well-recognized judicial principle grounded in the idea that no party should suffer due to an error that is clear and […]
Anti-Profiteering Provisions in GST Explained: Delhi High Court Judgment Highlights
Section 171 of the Central Goods and Services Tax Act establishes the anti-profiteering measure. This provision requires that any reduction in the applicable tax rate […]
Complete Guide to Income Tax Rates, Surcharge, and Cess for AY 2025-26 & AY 2026-27
The Indian income tax system is structured in a way that accommodates different categories of taxpayers, income levels, and applicable benefits. The tax rates, exemptions, […]
GST Tax Invoice Requirements – What Every Business Must Include
The Goods and Services Tax system has created a uniform structure for indirect taxation across India, significantly altering how businesses document their transactions. One of […]
Understanding GST Summons for Attendance and Document Submission in Investigations
In the framework of the Goods and Services Tax regime, the power to summon individuals for attendance or the production of documents is one of […]
NOCLAR and ICAI Ethical Standards for CAs: Liabilities, Guidelines, and Core Professional Principles
The accounting profession is built on trust, competence, and an unwavering commitment to ethical conduct. Chartered Accountants, as custodians of financial integrity, play a central […]
Everything You Need to Know About Section 270A and Penalty on Under-Reported Income
Section 270A of the Income Tax Act provides a comprehensive legal framework for imposing penalties on taxpayers who have either under-reported or misreported their income. […]
Understanding Section 80JJAA Deductions for New Employment Generation
The Income Tax Act, 1961 contains detailed provisions for calculating taxable income. One of its important sections, Chapter VIA, specifies the deductions that can be […]
TDS Payment Due Dates and Penalties: Avoiding the 3% Late Interest Trap
In the realm of taxation, precision in compliance is often as important as the amounts involved. A missed deadline by a single day can set […]
Section 194J Explained – TDS on Professional and Technical Services
Section 194J of the Income-tax Act deals with the requirement for deduction of tax at source on certain payments made to a resident. The main […]