Under the Income Tax Act of India, the late fee for not filing the TDS (Tax Deducted at Source) return is levied at ₹200 per day until the return is...
Read MoreWhen filing GST returns, businesses often encounter several pitfalls. Avoiding these common mistakes is crucial for compliance and to prevent unnecessary penalties: Avoiding these mistakes can help ensure smooth compliance...
Read MoreGST (Goods and Services Tax) on international transactions in India is determined by the nature of the transaction:- In summary, international transactions involving goods and services are subject to specific...
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Income Tax Act 1961
What are the tax implications of leaving a company in India?
Read MoreQuery – If a customer does partial payment of the invoice amount but GST has been paid fully, how can excess GST be recovered? Ans – When a customer makes...
Read MoreThe Reverse Charge Mechanism (RCM) in GST (Goods and Services Tax) is a system where the recipient of goods or services is liable to pay GST instead of the supplier....
Read MoreThe ITAT sustained the addition made by the ITO to the extent of Rs. 20,50,000, reducing it from the original Rs. 23,00,000 by acknowledging the availability of Rs. 2,50,000 as...
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Income Tax Act 1961
Blank Cheques Assumed for Debt Unless Proven Different - Kerala High Court
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Direct Tax
In India, taxes are broadly classified into two categories: direct taxes and indirect taxes. Let’s break down the differences in simple terms: Direct Taxes: Examples: Indirect Taxes: Examples: Key Differences:...
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Cash Credit
Unexplained Cash Credit or Cash Gift - Sec. 68 of Income Tax Act
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