18 Apr, 2024
Introduction In the rapidly evolving job market of India, IT roles have traditionally been viewed as prestigious and lucrative. However, a closer look at economic changes over the past two decades reveals significant shifts. This analysis explores the true economic value of IT jobs in India by comparing salaries, purchasing power, and currency value changes […]
Read More18 Apr, 2024
Decoding TDS on Commission or Brokerage: Section 194H Explained Navigating the intricacies of Tax Deducted at Source (TDS) can be daunting, but it’s crucial for financial compliance. Section 194H of the Income Tax Act deals with TDS applicable to the payment of commissions or brokerage fees. Let’s break it down into digestible parts for better […]
Read More16 Apr, 2024
In an extraordinary move to streamline transfer pricing for taxpayers, the Central Board of Direct Taxes (CBDT) has set a new precedent in fiscal year 2023-24. A whopping 125 Advance Pricing Agreements (APAs) were signed, marking the highest number in any financial year since the program’s inception. ✅ Why Does This Matter?Advance Pricing Agreements provide […]
Read More15 Apr, 2024
The Income Tax Department of India has recently identified over 1.52 crore individuals who have either earned a taxable income or have had tax deducted at source (TDS) but have yet to file their Income Tax Returns (ITR). Filing an ITR is not just a duty but a crucial part of financial responsibility in India. […]
Read More15 Apr, 2024
Introduction When taxes are paid late, interest is usually charged to compensate for the delay. This interest is meant to serve as a motivator for timely payment. However, there are circumstances where the law allows for this interest to be waived, often due to hardships or unforeseen events. Understanding these situations can help taxpayers manage […]
Read More14 Apr, 2024
Introduction In recent years, CEO compensation in India has seen significant adjustments, reflecting broader economic trends and shifts in corporate governance. The Deloitte India Executive Performance and Rewards Survey 2024 reveals some intriguing trends in this area. Understanding these trends can help stakeholders gauge how executive remuneration aligns with corporate goals and economic changes. Major […]
Read More13 Apr, 2024
Introduction Navigating the complexities of Input Tax Credit (ITC) reversal presents a challenging yet vital task for businesses. As tax professionals, mastering this process not only protects your clients’ interests but also prevents future litigation. Understanding the intricacies involved can transform a daunting procedure into a manageable task, ensuring compliance and minimizing errors. Why ITC […]
Read More13 Apr, 2024
Introduction In a notable judgment by the Madras High Court, a GST penalty was overturned, highlighting the criticality of pre-assessment payments and fair hearings in tax disputes. This case involves intricate legal and procedural nuances that merit a closer look to understand its broader implications on GST compliance and dispute resolution. Background of the Case […]
Read More13 Apr, 2024
The anticipation around Tesla’s investment in India has been building, and it seems the company is inching closer to an official announcement, which is likely to happen during the Vibrant Gujarat Summit in January 2024. Gujarat is considered to be the front-runner for Tesla’s Indian manufacturing plant, with the state offering strategic advantages including its […]
Read More13 Apr, 2024
The Ministry of Corporate Affairs (MCA) in India has a set annual compliance calendar that all companies registered under it must adhere to. Missing these deadlines can lead to hefty penalties, which escalate the longer the delay in filing. Below, we break down the key components of the MCA filing calendar for the fiscal year […]
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