Section 263 Income Tax: Revision of Order by Commissioner
Modern tax administration relies not only on the compliance of its taxpayers but also on the robustness and fairness of its assessment processes. As part of this system, Section 263…
Guide to Director’s Remuneration in India: Limits, Conditions etc. (Section 197 & 198)
Understanding the intricate details of directors’ remuneration is crucial for ensuring compliance and fostering a transparent corporate environment. The Companies Act, 2013, along with subsequent amendments, stipulates a comprehensive framework…
Learn All About Form 26AS in Income Tax
Form 26AS, also known as the Tax Credit Statement, is a crucial document for every taxpayer in India. It serves as a comprehensive record of taxes deducted from your income…
Annual Information Statement (AIS): Detailed Understanding
In the realm of taxation, transparency and detailed reporting are crucial for both taxpayers and tax authorities. The Annual Information Statement (AIS), introduced by the Indian Income Tax Department, represents…
All About Sections 269SS & 269T of Income Tax Act
In today’s digital era, the mode of conducting financial transactions has dramatically evolved from the traditional cash-only dealings to include a plethora of digital payment options such as net banking,…
Difference Between TDS and TCS Explained
The Indian tax system is meticulously designed to ensure effective tax collection. Two fundamental mechanisms contributing to this system are TDS (Tax Deducted at Source) and TCS (Tax Collected at…
A Comprehensive Guide to Navigating Cryptocurrency Taxes in India 2024
Cryptocurrency, an innovation of digital technology, is swiftly ushering in a new era in the financial world. Defined as a decentralized digital asset and a medium of exchange, it operates…
Rule 86B of CGST Rules: Restrictions on Input Tax Credit Utilization Explained
The realm of Goods and Services Tax (GST) in India has been continually evolving to plug loopholes and enhance compliance, ensuring a robust taxation environment. One important component of GST…
GST Time Limit Not Mandatory under Sec 62(2): Madras High Court
The Goods and Services Tax (GST) has changed the landscape of taxation in India, integrating various indirect taxes into a single streamlined system. However, the transition hasn’t been entirely smooth…
Supreme Court: Pharma Companies not allowed deduction of Freebies Given to Doctors as Expenses
In a landmark judgment that has drawn significant attention from the healthcare and pharmaceutical sectors, the Supreme Court of India has established a precedent with far-reaching consequences. The case in…
Best Judgement Assessment of Non-Filers under Section 62 of the CGST Act
In the landscape of the Goods and Services Tax (GST), compliance plays an essential role in the seamless functioning of this tax regime. GST is designed to streamline the process…
TDS on Interest – Section 194A Explained
The concept of Tax Deducted at Source (TDS) plays a pivotal role in the Indian tax system. It acts as a method to collect tax at the source of income…
