When purchasing goods, it was crucial to adhere to the new Section 194Q of the Income Tax Act, introduced via the Finance Act – 2021, which established fresh TDS provisions on goods' purchase. These provisions took effect from 01/07/2021. Let's delve into the specifics of...
Committees were constituted by companies in accordance with the Companies Act, 2013. Section 177 of the Companies Act, 2013 allowed the Board of Directors to delegate specific matters to committees established for this purpose. These committees were established to enhance the efficiency and effectiveness of...
India is recognized as the world's third-largest incubator, nurturing around 55,000 start-ups, among which 59 achieved unicorn status. These start-ups burgeoned in response to the digital revolution, facilitated by government support through various programs, notably including tax incentives and the resolution of issues such as...
Limited Liability Partnership (LLP) emerged as a relatively new business entity in India following the enactment of the LLP Act in 2008. LLPs gained popularity among small businesses, and with the recent relaxation of FDI regulations pertaining to LLPs, the interest in registering LLPs among...
Educational institutions that were registered under section 12AA of the Act could seek exemptions under section 11 of the Act once conditions were fulfilled. Section 11, being a general provision, applied to all charitable institutions, whereas Section 10 (23C) catered to specific exemptions pertinent to...
The waiver of a loan and its effects on tax obligations have long been a subject of interest within the realm of taxation. Tax regulations across various nations primarily aim to gather resources to support governmental initiatives and public welfare. In many prosperous countries, revenue...
The term "Property" referred to capital assets encompassing flats, buildings, and even plots of land. The primary motive behind property investment lies in its potential for profit through resale at a higher value. Immovable property, attracting real estate returns, witnesses frequent transactions, including purchases and...
In the 21st century, electronic transactions have become ubiquitous, shaping the way businesses operate. With the rapid evolution of e-commerce, the government introduced significant changes through the implementation of GST to regulate transactions occurring on online platforms, which operate round the clock. These changes meant...
The format of the Annual Return, as outlined in the GSTR-9 form, was a comprehensive document where transactions from previous years had to be reported. The discussion revolved around the annual return under the GST Law....
The Income-tax Act imposed numerous forms of interest for various types of delays/defaults. This article discusses the provisions of sections 234A, 234B, and 234C of the Internal Revenue Code that dealt with interest charges....
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