04 Apr, 2024
In an impressive financial feat, the fiscal year 2024 (FY24) has marked itself as a year of record-setting in terms of GST and indirect tax collections, surpassing the Revised Estimates (RE) by a significant margin. This performance not only showcases the robustness of India’s tax collection mechanism but also highlights the commendable professionalism of tax […]
Read More01 Apr, 2024
In a decision that could redefine electoral transparency in India, the Supreme Court has made a significant move by accepting the plea of Opposition Parties for a more rigorous verification process of the Electronic Voting Machines (EVM) votes with the Voter Verifiable Paper Audit Trail (VVPAT) slips ahead of the pivotal Loksabha 2024 elections. This […]
Read More01 Apr, 2024
In March 2024, India’s Gross Goods and Services Tax (GST) collections reached a near-record high of ₹1.78 lakh crore, showcasing a robust year-on-year increase of 11.5%. This significant growth, especially notable in domestic transactions with a 17.6% rise, underscores a thriving economic landscape. The net GST revenue, after refunds, stood at ₹1.65 lakh crore, marking […]
Read More31 Mar, 2024
✅ Invoice checks, revenue reconciliation, ITC verification & more. GST
Read More30 Mar, 2024
The Finance Act of 2023 has introduced a pivotal amendment to the Income Tax Act, specifically through the addition of Section 43B(h). This legislation mandates that payments owed by businesses to Micro and Small Enterprises (MSEs) for goods supplied or services rendered can be deducted within the same fiscal year, provided these payments are made […]
Read More30 Mar, 2024
In the intricate world of business taxation, understanding the nuances of deductions is paramount for maintaining compliance and optimizing tax liabilities. The Income Tax Act of 1961, a cornerstone for tax regulations in India, outlines various provisions for deductions, adapting to the evolving business landscapes. A pivotal aspect under this act is Section 43B, specifically […]
Read More29 Mar, 2024
In a significant move against corruption and financial fraud, the Enforcement Directorate (ED), Jalandhar, has initiated a thorough search operation across Punjab, spotlighting a complex Guava Orchard Compensation scam. This comprehensive action, taking place on 27th March 2024, spanned 26 residential and business premises linked to Bhupinder Singh, other private individuals, and notably, two Senior […]
Read More29 Mar, 2024
What is a Hindu Undivided Family (HUF)? At its core, a HUF is a collective approach to family finances under Indian law, rooted deeply in familial bonds. For instance, consider the Sharma family: Mr. Sharma, his wife, and their children constitute a HUF by default. This entity transcends the concept of individual ownership, where assets […]
Read More29 Mar, 2024
Introduction In a significant development that has caught the attention of the nation, the Congress party has been issued a fresh income tax notice of Rs 1700 crore. This move comes after the Delhi High Court’s decision to reject the party’s plea against reassessment of its finances. This article delves into the details of the […]
Read More29 Mar, 2024
Introduction: The world of taxation and legal compliance in India witnessed a noteworthy development as the Income Tax Appellate Tribunal (ITAT) issued a mandate for the reassessment of the Institute of Company Secretaries of India’s (ICSI) claim for income tax exemption. This move underscores the intricate compliance requirements and documentation needed for educational bodies to […]
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