23 Mar, 2024
Introduction In the realm of corporate governance, the appointment of directors plays a pivotal role in steering the direction and success of a Private Limited Company. Directors are the backbone of a company’s strategic planning and decision-making. This blog post delves into the nuances of appointing directors in Private Limited Companies in India, outlining the […]
Read More22 Mar, 2024
Introduction In a pivotal judgment that underscores the evolving nature of compliance in the digital age, the Allahabad High Court has quashed a penalty order against a taxpayer for not carrying physical copies of the e-Invoice and e-Way Bill during goods transportation. This ruling, Hemant Taneja vs State of Uttar Pradesh (Writ Tax No. 1031 […]
Read More22 Mar, 2024
Good news for MSMEs! The Finance Act 2023 introduced a new provision, Section 43B(h) of the Income Tax Act, that aims to improve their cash flow. But how does this impact your business? Let’s break it down. What’s the Change? Previously, businesses could deduct expenses related to goods or services purchased from MSMEs in the […]
Read More18 Mar, 2024
Introduction In a significant development, the popular online food delivery platform Zomato has been hit with a Goods and Services Tax (GST) penalty by the Gujarat Tax Authority. This move underscores the stringent measures being taken by Indian tax authorities to enforce compliance with the nation’s tax regulations. Background of the Case Zomato, a household […]
Read More14 Mar, 2024
Outline Analysis Introduction Electoral bonds, introduced by the Indian government, serve as an instrument for citizens and corporate entities to donate to political parties anonymously. The scheme has been subject to scrutiny and legal challenges, culminating in a landmark Supreme Court ruling deeming it “unconstitutional” and mandating full disclosure of transaction details. Recent Developments Following […]
Read More05 Mar, 2024
The Income Tax Department’s recent announcement regarding mismatches in Income Tax Returns (ITR) for the Assessment Year 2021-22 has underscored the critical importance of accurate and timely tax filing. With the department reaching out to relevant taxpayers through e-mail communication, individuals need to understand the implications of these mismatches, how to resolve them, and the […]
Read More22 Feb, 2024
Understand the Notice: Respond Within the Timeframe: Gather Required Documents: Submit Documents Online: Revised Return Clarification: Seek Professional Help (Optional): Important Points: Remember, responding promptly and accurately to this notice is crucial to avoid penalties and ensure smooth processing of your tax assessment.
Read More07 Feb, 2024
The composition scheme under GST is a simplified tax compliance system meant for small businesses with an annual turnover below a certain limit (currently Rs. 1.5 crore in most states, Rs. 75 lakh in some). Instead of calculating and paying GST at regular rates on individual sales and purchases, businesses under this scheme pay a […]
Read More25 Jan, 2024
Breathe Easy, Seniors: Skipping Advance Tax Payments Made Easier! For many senior citizens, managing finances can be a balancing act. Thankfully, the Indian government provides some helpful tax exemptions, including the one on advance tax payments. Here’s a handy guide for our esteemed seniors to navigate this benefit with ease: Who Qualifies? What Does This […]
Read More25 Jan, 2024
January 24, 2024: Attention ambitious companies! The Ministry of Corporate Affairs (MCA) just unveiled game-changing rules allowing you to list your equity shares on international stock exchanges, opening doors to global growth and exciting possibilities. efiletax, your trusted corporate compliance partner, breaks down the details and shows you how to leverage this revolutionary opportunity. Key […]
Read More