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This article provides a detailed analysis of Section 14 and its implications for businesses.
Understanding your residential status for tax purposes is crucial in India. For individuals and entities operating in the ever-evolving tax landscape of India, determining residential status is paramount. Section 6 of the Income Tax Act, 1961, serves as the cornerstone for navigating this crucial aspect.
The Central Goods and Service Tax (CGST) Act introduced Rule 86B vide Notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021 curb the menace of fake invoicing and tax evasion.
The Goods and Services Tax (GST) regime allows businesses to claim Input Tax Credit (ITC) on purchases used for taxable supplies. However, there are situations where previously claimed ITC needs to be reversed.
This article delves into the eligibility of ITC on motor vehicles, with a particular focus on exceptions for vehicles exceeding 13 seating capacity and the scenario of renting motor vehicles.
The Income Tax Act mandates tenants to deduct Tax Deducted at Source (TDS) on rent payments under certain circumstances. This helps collect tax from landlords at the source of income. Here's a breakdown of TDS on rent under Section 194IB and 195
This article aims to demystify the GST maze for hoteliers, restaurateurs, and caterers, offering a clear and concise guide to ensure smooth compliance and maximize tax benefits.
Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) Appeal Number : ITA No. 2256/MUM/2023
This article dives into the current rules surrounding GST on corporate guarantees in India, explaining the applicable rate, valuation method, and exceptions.
The Institute of Chartered Accountants of India (ICAI) is set to introduce a major reform - A Centralized NOC (Non-Objection Certificate) Policy. This policy aims to simplify the process of obtaining a NOC, a crucial document for auditors taking on new clients. Let's delve into the reasons behind this initiative and how it will benefit incoming Chartered Accountants (CAs).
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