GST Filing Essentials for Growing Businesses
The Goods and Services Tax (GST) has streamlined India’s indirect tax regime; however, for growing businesses, compliance can still feel complex. Missing a return deadline or an incorrect filing can result in penalties, blocked credits, and operational bottlenecks. Here’s a practical guide to GST filing essentials that every business must know. Know Your GST Return […]
How to Register a Private Limited Company in India
Establishing a private limited company in india is one of the most preferred business structures among entrepreneurs and startups in India. This model not only provides the advantage of limited liability protection to its shareholders but also enhances the company’s credibility and opens doors to easier fundraising opportunities from investors and financial institutions. Despite these […]
TDS Return Filing: Common Mistakes Businesses Make
TDS (Tax Deducted at Source) is a critical part of your business’s compliance responsibility. Yet, many SMEs make avoidable mistakes that can lead to penalties, interest charges, and notices from the tax department. In this blog, we highlight the most common errors in TDS return filing and how to stay compliant with confidence. Missing or […]
Significant Economic Presence (SEP): Implications for Non-Residents in India
Understanding SEP in Tax Laws This article sheds light on the concept of Significant Economic Presence (SEP) under Section 9 of the Indian Income Tax Act, 1961, and its implications for non-residents. Defining SEP: SEP, as per the tax laws, covers transactions carried out by non-residents in India, such as goods, services, or property dealings, […]
Understanding the applicability GST on Corporate Guarantees: A Comprehensive Analysis
In the intricate realm of taxation, the application of Goods and Services Tax (GST) on corporate guarantees has sparked significant debate and scrutiny. This analysis delves into the complex landscape surrounding the taxation of these transactions under GST, considering evolving legislative provisions and judicial interpretations. Consideration in GST Applicability: A Historical Perspective & Recent Circular […]
TDS on Purchase of Goods
Section 194Q analysis and its interplay with other provisions of the Income Tax Act, 1961: Brief about Section 194Q (TDS on Purchase of Goods) Date of Applicability: It is applicable from 01.07.2021 Who needs to comply:- Buyer of Goods having total sales, gross receipts or turnover from the business of more than Rs.10 crores during […]
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Corporate Tax Rates in India & Deduction for donation to PM Cares Fund for Corporate Entity
Introduction: The Government of India specified Corporate Tax Rates in Income Tax Act, 1961 and Finance Act through schedules thereto. Income Tax Act, 1961 covers sections i.e. Section 115BA, 115BAA& 115BAB though which corporate tax rate has been specified and further tax rates are also specified in finance act through first schedules thereto. […]
Is GST under RCM applicable on remuneration paid to the Directors?
Concept of RCM: Section 9(3) of the CGST/SGST (UTGST) Act reads “The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all […]
CBIC Clarification
CBIC Clarification in respect of various measures announced by the Government for providing relief to the GST taxpayers in view of spread of Novel Corona Virus (COVID-19) vide Circular No. 136/06/2020-GST dated 3rd April, 2020. Summary of various Notifications: Conditional waiver of GSTR-3B late fees and interest: (Notification No. 31/2020 & 32/2020- Central Tax, dated […]