Understanding the Minimum Alternate Tax (MAT) is crucial in the context of Indian taxation. MAT is a pivotal provision in the realm of indirect taxation, obligating businesses to pay a minimum level of tax regardless of their exemptions. Instituted initially in response to a surge...
Becoming a shareholder grants individuals the right to participate in a company's performance, income, and assets. Despite this, many shareholders are unaware of their rights, which can significantly impact a company's management and decision-making processes. The Companies Act, 2013, specifically Section 48, outlines the provisions...
Dividends serve as a means for corporations to distribute a portion of their profits to shareholders. In the past, a dividend distribution tax (DDT) was imposed on corporations, regulating the payment of dividends to shareholders. However, the Finance Act of 2020 brought significant changes, abolishing...
The Goods and Services Tax (GST) Act, introduced in 2016, represented a significant shift in India's tax landscape. It aimed to streamline indirect taxation, affecting various sectors, including the burgeoning start-up ecosystem. This article explored the repercussions of GST on start-ups in India, examining both...
The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 06/2024 –Central Tax dated February 22, 2024, introducing the "Public Tech Platform for Frictionless Credit." This platform, endorsed by the Reserve Bank of India and developed by its subsidiary, the Reserve Bank...
The President of the Institute of Chartered Accountants of India (ICAI) has brought forth a proposal suggesting that chartered accountants hailing from the United Kingdom and Canada could potentially practice in India. This proposition, set forth on February 21, aims to establish a reciprocal arrangement...
When a company seeks financial support for its ventures and expansions, borrowing money becomes a pivotal avenue. In the realm of corporate finance, such borrowings often involve placing charges on the company's assets as collateral for the lender. This article delves into the nuances of...
Taxation serves as a crucial mechanism for governments to generate revenue, encompassing levies on wages, profits, goods, services, and transactions. The process of tax auditing, conducted by bodies like the Internal Revenue Service (IRS), scrutinizes individuals' or businesses' tax returns for compliance. This article delves...
A Nidhi Company registration in Rajasthan mirrors the structure of a non-banking financial institution. This registration enables such entities to facilitate borrowing from their members and subsequently lending back to them. Typically, Nidhi Companies, established in Rajasthan, serve to promote savings and deposits among their...
When the Assessment Officer (AO) encountered undisclosed cash receipts or deposits in the taxpayer's bank account without satisfactory explanation, a common tactic was for the taxpayer to assert that these deposits originated from withdrawals noted in the same account or cash book. Section 68 of...
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