It is mandatory for a buyer to deduct TDS when he or she buys an immovable property of cost more than Rs. 50 Lakhs in India. Immovable property means a building or part of a building or any land other than agricultural land. Section 194-IA of the Income Tax Act from 1st June 2013 mandates … Read more
An income tax notice is a written communication from the Tax Department to a taxpayer indicating an issue with their tax account. It may be sent for various reasons such as unfiled returns, assessment, or requesting specific information. When received, the taxpayer must address it within the specified timeframe. Otherwise, you may have to face … Read more
There are many different types of lenders available for small businesses, each with its own set of requirements. When you’re applying for a business loan, it’s important to understand what documents you’ll need to provide. The specific documents required may vary depending on the lender, so it’s important to check with them in advance. However, … Read more
The Spice Board of India, a government organization, promotes and develops the spice industry. It issues certificates of origin and ensures exported spices meet quality standards of importing countries. This Spice Board Certificate is essential for businesses in order to carry out their spice export business in India. Furthermore, it offers several advantages. Thus, without … Read more
The Authority of Advance Ruling (AAR) has declared that hostel accommodation will now attract a 12% GST. The AAR’s ruling is based on hostels not being classified as residential dwelling units, resulting in them no longer qualifying for GST exemption. As a result, students and other hostel residents will now be required to pay an … Read more
The Companies Act, 2013 introduced the new concept of One Person Company (OPC). As the name suggests, an OPC(One Person Company) is a company established by a single person. A single individual establishes and manages the company. An OPC has all the features of a company, such as perpetual succession, limited liability, and a separate … Read more
The CBIC has recently launched circular No. 201/13/2023-GST. This circular clarifies the important questions that businesses like you had regarding: Whether services supplied by the director of a company in his personal capacity such as renting of immovable property to the company or body corporate are subject to Reverse Charge mechanism. The GST Council discussed … Read more
The CBIC has released circular 197/09/2023-GST, which clarifies concerns relating to GST refunds. These changes are intended to bring much-needed clarity to taxpayers and make it easier for them to receive refunds. For ease of understanding and reference, a summary of clarifications is provided below. CBIC Provides Clarity on GST Refunds Question 1 Is the … Read more
The ITR-3 applies to individuals and Hindu Undivided Families (HUFs) who earn income from profits and gains derived from business or profession. On the other hand, the ITR-4 is designed for taxpayers who choose the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. Nevertheless, if the turnover … Read more
ITR Filing offers multiple benefits to everyone. In fact, you also get the benefits of filing income tax returns even if it is not mandatory for you to file returns. By doing so, you may unlock potential advantages and safeguard your financial interests. Moreover, filing before the deadline can provide you with peace of mind, … Read more