Resource Library
  • May 16, 2024

    Top 6 Most Impactful Benefits of Payroll Outsourcing in 2024

    The payroll process plays a crucial role in an organization and is one of the critical processes since it is directly linked to employee satisfaction, legal and regulatory compliance, and financial budgets. We need to implement strong control to enhance the payroll functions ...

  • May 15, 2024

    5 Essential Strategies to Overcome Bookkeeping Challenges for Small Businesses

    Maintaining accurate financial books is of utmost importance to becoming a successful business. Bookkeeping refers to the process of recording, arranging, and upkeep of all financial transactions of a company. It involves an array of transactions ...

  • April 17, 2024


    The exponential rise of digitalization in the Indian economy has posed a formidable challenge in the realm of taxation, particularly concerning digital transactions. This challenge transcends national boundaries, creating a global conundrum within the legal and regulatory ...

  • April 17, 2024

    Dirty Dozen Tax Scam

    The Dirty Dozen represents the worst of the worst tax Scams. It typically refers to the annual list of the top tax scams identified by Internal Revenue Services (IRS) in the United States. Because of all the scams which is taking place during Tax ...

  • February 19, 2024

    CBIC's Tax Litigation Breakthrough: App Rapidly Slashes Dispute Time

    It's impressive to see the Central Board of Indirect Taxes and Customs (CBIC) taking such proactive steps towards modernization and efficiency in tax administration with the introduction of the SAMAY app. This innovative tool seems poised to revolutionize the tax ...

  • January 30, 2024

    Anticipated Trends for Business Setup in Financial Year 2024-2025

    In the dynamic landscape of global business, setting up a new entity requires careful consideration of emerging trends. In order to accelerate the growth of companies, there are several expectations from the upcoming budget on 1st February 2024. Expectations ...

  • January 18, 2024

    Angel Tax Methods

    The Central Board of Direct Taxes (CBDT) has formally introduced the revised Rule 11UA for foreign investments in startups based in India. These revisions are a response to the inclusion of non-resident investments in Section 56(2)(vii)(b) of the Income-tax Act 1961, ...

  • November 03, 2023

    IRS announces relief for Israel Attack-Affected Taxpayers: Filing Deadline Extended

    The ongoing conflict between Israel and Hamas has indeed had a profound impact on the lives of people in the region. In recognition of the challenges faced by individuals and businesses, the Internal Revenue Service (IRS) has extended the filing deadline to October 7, 2024. ...

  • October 24, 2023

    Power under Section 50 of PMLA to issue summons cannot be restrained on apprehension that it could l

    Power under Section 50 of PMLA to issue summons cannot be restrained on apprehension that it could lead to arrest by invocation of powers under Section 19: Delhi High Court holds while denying quashing of ECIR.

  • October 23, 2023

    Govt. amends PML (Maintenance of Records) Rules, 2005, to ensure strict compliance by Reporting Enti

    The Govt. amended PML (Maintenance of Records) Rules, 2005, to ensure strict compliance by Reporting Entities while reporting suspicious transactions

  • October 13, 2023

    Hon'ble High Court clarifies on the limitation period for TDS proceedings involving Non-resident pay

    Hon'ble High Court clarifies on the limitation period for TDS proceedings involving Non-resident payees

  • October 13, 2023

    Update For companies that have received GST notices from the GST department

    Update For companies that have received GST notices from the GST department

  • October 09, 2023

    The 52nd GST (Goods and Services Tax) Council Meeting Highlights

    The 52nd GST Council meeting was held on 07th October 2023 in New Delhi, wherein the council made the key recommendations such as eligibility and age of President and Members of GST Appellate Tribunal, changes in GST rates on such goods, ...

  • October 06, 2023

    Non-residents can file form 10F without Indian PAN now

    Non-residents can file form 10F without Indian PAN now

  • September 27, 2023

    Choosing the Most Effective Valuation Method by Sector

    In the ever-evolving landscape of finance and investment, determining the true value of a company or asset is a pivotal task. Investors, analysts, and financial professionals alike are continually seeking the most accurate and effective methods for valuing entities across ...

  • September 26, 2023

    Update on Angel tax rules released via a notification dated 25th September 2023.

    Update on Angel tax rules (draft rules were released in May 2023) released via a notification dated 25th September 2023. A few salient features:

  • September 21, 2023

    Show Cause Notice under Section 8 of PMLA has to be issued by a judicial member of Adjudicating Auth

    Show Cause Notice under Section 8 of PMLA has to be issued by a judicial member of Adjudicating Authority

  • September 16, 2023

    To constitute cheating, the deception must be done with a dishonest or fraudulent intent

    To constitute cheating, the deception must be done with a dishonest or fraudulent intent: Kerala HC observes while allowing regular bail application under PMLA (Prevention of Money Laundering Act).

  • September 15, 2023

    CIT(A) upheld principle of Real Income Theory

    CIT(A) upheld principle of Real Income Theory

  • August 08, 2023

    Seizure of cash by GST authorities in a tax evasion investigation under GSI Act is uncalled for espe

    Seizure of cash by GST authorities in a tax evasion investigation under GSI Act is uncalled for especially when cash do not form part of the stock in trade of business: Supreme Court while dismissing Revenue's SLP.


  • July 24, 2023

    Lower Tax Deduction Certificate (LDC) Online

    As per the provisions of the Income-tax Act, 1961 (the Act) certain persons who are responsible for paying certain sums viz. dividends, rentals, payment for professional services, etc. to a resident or a non-resident taxpayer are required to ...

  • June 01, 2023

    Angel Tax Methods

    CBDT Notification (Inviting public comments) dated 26th May, on valuation rule (Rule 11UA) that provides the method for computation of the fair market value of unquoted shares issued by a company in which the public is not substantially interested has prescribed five more ...

  • May 29, 2023

    Beta: Major input in Discounted Cash Flow Valuation

    When it comes to valuing a company, one of the most widely used methods is the discounted cash flow (DCF) analysis. This method involves estimating the present value of a company's ...

  • May 08, 2023

    Relative Valuation and It’s Nuances

    Relative Valuation method is that approach to valuation that compares the value of the company with its competitors and industry peers to arrive at a valuation for the company. This is an alternate method that is used in place of “Absolute Value Models” ...

  • May 08, 2023

    IFSC in India: GIFT-City

    International Financial Service Centre (“IFSC”) is a hub of financial services within a territory which caters to deal with the flow of finance, financial products and services across borders outside the jurisdiction of the domestic economy. IFSC has been set up ...

  • May 02, 2023

    How to Determine the Valuation of a Company

    A business valuation, also known as a company valuation, is the process of determining the economic value of a business. During the valuation process, all areas of a business are analyzed to determine its worth and the worth of its units.

  • April 20, 2023

    Weighted Average Cost Of Capital

    When it comes to valuing a company or an investment, the discounted cash flow (DCF) valuation method is widely used and quite frankly is one of the most dependable methods that helps define a base fair valuation for any company or asset. One of the key components of the DCF ...

  • January 13, 2023

    Valuation Of Real Estate Investment Trust

    Real Estate Investment Trusts are the type of companies that own, operate, and/or finance Income Generating Real Estate. REITs can be considered to be a mutual funds for the real estate investment sector. REITs provide their investors (“Unitholders”) with a ...

  • December 23, 2022

    What is Annual Information Statement (AIS) Income tax?

    Annual Information Statement (AIS) is a comprehensive view of the information for the taxpayer displayed in Form 26AS. It is a tool that informs the taxpayer’s about the information that Income-tax department has about them. 

  • December 06, 2022

    Advantages of Auditing Services in India

    Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the ...

  • October 19, 2022

    Incorporating a Discounted Cash Flow model for Startups Valuation

    In valuation, ordinarily, the majority of the work is based on what has happened. A big part of valuation is to estimate future cashflows. Common Industry practice for valuation is to value a company using the Discounted Cash Flow (DCF) Method or ...

  • October 03, 2022

    SEBI’s recent grown interest in Start-up Valuations

    As per the recent communication by the capital market regulator, Securities and exchange board of India (SEBI), is seeking transparency in valuation of start-ups by asking private equity (PE) and venture capital (VC) funds to share details of valuers employed and practices ...

  • September 22, 2022

    Country Risk Premium

    Country Risk Premium (CRP) is the add on return asked by an investor to compensate them for the additional risk that when thinking of investing in a foreign country. When we compare operating or investing in the domestic market, the risk involved doesn’t change much. ...

  • September 08, 2022


    Foreign Portfolio Investment (FPI) entails offshore investors buying into Indian financial assets. All the investments are passively held by the investors. The different types of securities into which such investment is funneled include but are ...

  • August 18, 2022

    Permanent Establishment in India

    As business entities started expanding their activities globally and began to have an economic presence outside the state of their residence, the problem of double incidence of taxation arose. The source state wished to tax income derived in its jurisdiction basis the source ...

  • August 05, 2022


    Budget 2022-23 introduced a new section in the Income-Tax Act -Section 194R. It requires the deduction of tax at source at 10% by any person who provides any benefit or perquisite exceeding Rs 20,000 in a ...

  • August 05, 2022

    Valuation Insights - Control Premium

    The Central Government is planning to disinvest many companies & set a target to garner Rs. 65,000 Crore from divestment in FY2022-23. As per the latest event happening, wherein the government wants a control premium to part with its holding in IDBI bank and is likely to ...

  • July 06, 2022

    Highlights - 47th GST Council Meetings

    The 47th GST council meeting was held on 28th July and 29th July 2022 in Chandigarh, wherein the council recommended the changes in the GST rates on the supply of a few goods and Services, revise the exemption list, clarified the GST rate of a few goods and Services. The ...

  • April 07, 2022

    3 Golden Rules of Accounting

    Every business entity must present its financial information to all its stakeholders.  The information provided in the financials must be correct and present a true picture of the entity. For this presentation, it must account for all its ...

  • March 09, 2022

    What is Capital Gains Tax in India?

    Any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain comes under the category ‘income’, and hence you will need to pay tax on that amount in the year in which the transfer of the capital asset takes place. ...

  • February 21, 2022

    Income Tax Slabs in India

    Income tax is levied on the income earned by all the individuals, HUF, partnership firms, LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as ...

  • January 04, 2022

    GST Notifications

    CBIC has issued a number of notifications to amend the CGST rules in order to align with the latest GST council meetings held.

  • December 29, 2021

    GST Guidelines Updates

    CBIC has issued a circular to clarify the issues related to services supplied by restaurants through E-commerce operators in order to simplify the new provision inserted through last GST Council meet.

  • November 18, 2021

    GST Judgement Update

    The Hon’ble SC in the case of Bharti Airtel held that assessee cannot be permitted to unilaterally carry out rectification of his returns submitted electronically in Form GSTR 3B, which ...

  • November 15, 2021

    Income Tax Return

    ITR Instructions – Which Type of ITR Should I File? Different Types of ITR, How To File ITR – Which ITR Form to File Filing Income In Tax Return?

  • October 13, 2021

    GST Judgement Update

    In the recent precedent of High Court (TRI), restriction imposed by department on credit usage from Electronic Credit Ledger after expiry of period of one year has been lifted, held that no scope of extension of time limit in Rule 86A of CGST Rules. Furthermore, AAR ...

  • September 22, 2021

    Clarification on GST related Issues

    CBIC has issued circulars giving effect to the 45th GST council meeting wherein the board has clarified definition of Intermediary, conditions of export of services, clarification related to reporting of debit Note and refund of Input Tax credit related issues, an epitome of ...

  • September 19, 2021

    45th GST Council Meeting Update

    The GST Council’s 45th meeting was held on 17th September 2021 in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman, wherein, several amendments have been recommended related to GST rates of assorted goods and ...

  • September 10, 2021

    GST Applicability On Commission Received For Rendering Services As Intermediary

    Andhra Pradesh Appellate Authority for Advance Ruling (AAAR) has upheld that commission received by the Applicant in convertible Foreign Exchange for rendering services as an intermediary between an exporter abroad receiving such services and ...

  • September 03, 2021

    Highlights of GST notifications

    Recent GST Notifications

  • August 25, 2021

    Scheme guidelines for remission of duties and taxes on exported products

    Ministry of Commerce and Industry has issued a Notification no

  • August 13, 2021

    Indirect Tax Liability On Venture Capital Funds Operating As Trusts

    Hon’ble Bangalore Tribunal 1 has passed

  • August 13, 2021

    Clarification Regarding Extension Of Limitation Under GST Law

    CBIC has issued a clarification vide Circular

  • August 13, 2021

    Duty Scrips Granted Scrupulously By Designated Officer, Not To Be Rejected Subsequently

    The Hon’ble Madras High Court has upheld that duty scrips

  • August 08, 2021

    New TDS Rule from July’21 - All You Need to Know New TDS Rates

    Every year new provisions are introduced in the Union Budget on the first day of February

  • May 29, 2021

    Minutes of 43rd GST Council Meeting

    The 43rd GST council meeting was held on 28th May 2021, wherein Finance Minister has decided to exempt certain COVID – 19 relief material and certain drugs used to fight black fungus. Rationalisation of late fees by capping a maximum limit and extension of due dates, ...

  • May 11, 2021

    Significant Economic Presence Rules

    The concept of Significant Economic Presence (“SEP”) was introduced by Finance Act 2018 by amplifying the Scope of Business connection in India with the pursuit of bringing income of non-resident operating in the online/digital space within the ambit of ...

  • March 09, 2021

    Payments for Software not Taxable as Royalty

    he Hon'ble Supreme Court  in the case of Engineering Analysis Centre of Excellence Private Limited v.

  • February 23, 2021

    Tax Audit Applicability for Financial Year (FY) 2019-20 (Assessment Year 2020-21)

    Tax Audit Applicability - To reduce the burden on small and medium enterprises, Finance Act 2020 brought a major amendments related to the applicability of Tax Audit for the Financial Year 2019-2020

  • February 03, 2021

    Applicability of Internal Financial Controls For Private Limited Companies

    Threshold Limit for Applicability of Internal Financial Controls (IFC):   Internal Financial controls (IFC) are defined within the explanation to Section 134(5)(e) of the Companies Act 2013 as the policies and procedures adopted by the ...

  • January 29, 2021

    Budget Expectation 2021

    As the Covid -19 is now under control, all eyes are now set on the upcoming Budget. Covid has hit everyone’s life and the government did announce various stimulus packages to give relief to the citizens and to boost the economy. However, there is an immediate need to ...

  • November 03, 2020

    New developments through introduction of Equalisation Levy Rules and LTC Cash Voucher Scheme

    Introduction  When the world was introduced with the phenomenon of virtual reality, no one actually thought that 'virtual' will become such a reality! Technology is all pervasive in the way we shop, consume, entertain, ...

  • October 28, 2020

    CBDT notifies the Equalisation Levy “EL” (Amendment) Rules, 2020 to give effect to EL 2.0 provisions

    The Central Board of Direct Taxes have introduced new equalization levy rules w.e.f Oct 28, 2020. Some key aspects are as follows:

  • October 22, 2020

    MCA Update: Relaxation for Minimum Residency Period-FY 2020-21 u/s 149 of Companies Act, 2013

    Ministry of Corporate Affairs #MCAA) vide its General Circular No. 36/2020 dated 20th October, 2020 has clarified that non-compliance of minimum #residency in India for a period of at least 182 days in a year, by atleast one Director in every Company under Section 149 of ...

  • October 02, 2020

    Tax collection at source on sale of goods w.e.f Oct 1, 2020

    The Finance Act, 2020 has made an amendment by insertion of sub-section (1H) in section 206C of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) which is effective from 01.10.2020. As a result of the said amendment, a seller who receives any amount ...

  • September 28, 2020

    The Companies (Amendment) Act 2020: Updates

    The Companies (Amendment) Bill, 2020 was introduced by the Government in the Parliament on 17th March 2020, and was passed by Lok Sabha on 19th September, 2020 and Rajya Sabha on 22nd September, 2020 which has changed certain amendments in the Companies Act 2013, primarily ...

  • September 21, 2020

    Foreign Contribution (Regulation) Amendment (FCRA) Bill 2020

    The Government has introduced the Foreign Contribution (Regulation) Amendment (FCRA) Bill 2020 in the Lok Sabha on September 21, 2020 with twin objective to make the FCRA law more stringent and to streamline the provision of FCRA by strengthening the compliance mechanism, ...

  • September 10, 2020

    POSH Compliance Mandatory Requirement in India to Prevent Sexual Harassment of Women at Workplace

    In order to protect the sexual harassment of Women at workplace and the right to work with dignity, the Government of India came up with “THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL (“POSH”) ACT, 2013, which mandated ...

  • August 27, 2020

    Interest on Delayed GST Payment on Net Cash Liability

    Under GST laws, interest was levied on delayed GST payment on gross liability (tax liability paid by cash and input tax credit). Due to the ongoing interest recoveries by GST department for the delayed payments, it was argued that interest must not be levied on the delayed ...

  • August 24, 2020

    GST Registration after Authentication of Aadhar Number or Physical Verification of Place of Business

    Notification No. 62/2020 – Central Tax dated 20th August 2020

  • August 10, 2020

    Are You Intending to Incorporate Company in India? Quick Lookouts!

  • June 11, 2020

    Important GST Updates, June 2020

    1. Circular No. 140/10/2020 – GST dated June 10, 2020 issued clarification on levy of GST on director’s remuneration to put the controversy to rest. It has been clarified that payment made to Independent directors will attract GST levy and payment to director ...

  • June 04, 2020

    New Restriction on FDI where Chinese Companies or Chinese National are Beneficial Owners

    (Having impact on all the foreign investments coming into India)   The Government of India (‘GOI’) had released a Press Note dated April 17, 2020 read with the Foreign Exchange Management (‘Non-debt Instruments’) ...

  • June 04, 2020

    Key Measures Announced Regarding Companies Act and Insolvency & Bankruptcy Code

    The Government of India had already introduced Companies (Amendment) Bill, 2020 to liberalize and decriminalize the strict provisions under the Companies Act, 2013. The said bill was presented with the intent to provide ease of working by taking away number of penal ...

  • June 04, 2020

    Now Start up Companies may Issue Sweat Equity not Exceeding 50% of its Share Capital

    The Ministry of Corporate Affairs has brought amendments in the Companies (Share Capital and Debentures) Rules, 2014 as mentioned below:

  • June 04, 2020

    Suspension of Initiation of Corporate Insolvency Resolution Process During Lockdown

    Amendedment: The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2020
    Effective from June 05, 2020

  • June 04, 2020

    Equalization Levy Note

    Globalization and expansion of Information Technology has increased the supply and procurement of digital services which had laid a significant impact on a country’s corporate income tax regimes. Profit base gets effectively eroded from the country of consumption due ...

  • May 27, 2020

    Delhi High Court ruling allows taxpayers to avail transitional credit upto June 30, 2020

    Recently in the matter of Brand Equity Treaties Ltd. Vs. Union of India {[2020] 116 415 (Del)}, the Hon’ble Delhi High Court (“HC”) held that rule 117 of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) prescribes ...

  • May 27, 2020

    CBDT exempts B2B businesses from requirement of mandatory e-payment facility u/s. 269SU subject to c

    To promote digital transactions in the economy, Government of India introduced section 269SU of the Income-tax Act. Under this section, a person having turnover exceeding Rs. 50 Crore (‘specified person’) in the immediately preceding previous year shall provide ...

  • May 08, 2020

    Holding Annual General Meeting Through Video Conferencing or Other Audio Visual Means

    Till this enforcement of this notification, Companies with financial year ending on 31st December, 2019 were allowed to hold their Annual General Meeting (“AGM”) on by 30th September, 2020. Further, certain relaxations have been provided by the Ministry to ...

  • April 18, 2020

    Review of Foreign Direct Investment (FDI) Policy Due to Current COVID-19 Pandemic

    The Government of India (GOI) released a Press Note dated 17/04/2020 revising the existing FDI policy for Eligible Investors (Para 3.1.1 of extant FDI policy as contained in Consolidated FDI Policy, 2017) as:

  • April 10, 2020

    Taxability on Remuneration Paid to Directors Under GST

    Recently in the matter of Clay Crafts India Private Limited [TS–218–AAR–2020–NT], the Rajasthan Authority for Advance Ruling (“AAR”) stated that consideration paid to directors is against the supply of services provided by them to the ...

  • April 09, 2020

    Taxability on Remuneration Paid to Directors Under GST

    Taxability on Remuneration Paid to Directors Under GSTRecently in the matter of Clay Crafts India Private Limited [TS–218–AAR–2020–NT], the Rajasthan Authority for Advance Ruling (“AAR”) stated that consideration paid to directors is ...

  • April 09, 2020

    One Time Relaxation to Employers, Taxpayers and Business Entities

    The outbreak of the Novel Corona Virus (COVID-19) across many countries of the world including India has caused immense economic and business loss. Amid this difficult situation, the Government has announced below one time relaxations for Employers, Taxpayers and Business ...

  • April 08, 2020

    MCA Allows Holding Of EGMs In Companies Through VC Or OAVM Facility

    Please be informed that the Ministry of Corporate Affairs has allowed the companies to hold their Extraordinary General Meetings (EGMs) through Video Conference (VC) or Other Audio Visual Means (OAVM) along with e-Voting facility/simplified voting through registered emails, ...

  • April 03, 2020

    MCA Update for DIN Activation and Active Filing

    Big Opportunity by the Ministry of Corporate Affairs to the Directors and Companies to remove their status as Deactivated/ non-compliant.

  • March 31, 2020

    Companies Fresh Start Scheme, 2020 (CFSS-2020)

    In the wake of COVID 19, the Ministry of Corporate Affairs, has introduced the “Companies Fresh Start Scheme, 2020 (CFSS-2020)” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a ...

  • March 25, 2020

    Updates of 39th GST Council Meeting Decisions

    GST council in its 39th meeting held on 14th March 2020 recommended extension of due dates of filing GSTR 9 and 9C (GST Annual return and Audit report), extended implementation date of E-invoicing and GST Simplified new returns, recommended changes of GST rates of certain ...

  • March 06, 2020

    MCA Update: LLP settlement Scheme, 2020

    MCA has introduced LLP Settlement Scheme, 2020. Through the Scheme, One-Time relaxation in additional fees has been provided to the defaulting LLPs to make their default good by filing pending documents with the ROC and to serve as a compliant LLP in future.

  • March 05, 2020


    Upon incorporation of an Indian Company and Opening of its Bank Account, a Declaration is required to be filed by the Directors in prescribed e-form within 180 days from date of Incorporation of Company with the ROC along with a proof that every subscriber to the Memorandum ...

  • March 03, 2020

    Amendments to Vivad Se Vishwas Scheme

    The Indian Finance Minister announced the introduction of the Vivad Se Vishwas scheme during her budget speech with a view to “provide for resolution of pending tax disputes”.  The scheme was introduced after the success of “Sabka Vishwas ...

  • February 12, 2020

    Governmeent eases Winding Up of Indian Companies.

    The Ministry of Corporate Affairs has notified rules for winding up and provide an option to the small companies to shut their companies without going to the National Company Law Tribunals (NCLTs). The Companies (Winding Up) Rules, 2020, signed off on 24th ...

  • February 11, 2020

    New Process of Incorporation of Entity in India

    Stakeholders may kindly note that the Ministry of Corporate Affairs has updated the process of incorporating Companies in India to encourage Ease of Doing Business (EODB) initiative. The new web Form ‘SPICe+’ for incorporating Indian Companies shall be deployed ...

  • February 04, 2020

    Analysis of proposed amendments vide the Finance Bill, 2020 under Customs

    The Finance Bill, 2020 was introduced on 1st February, 2020. A number of amendments were proposed in The Costumes Act, 1962. A summary of these amendments and the impact thereof has been discussed herein.

  • February 04, 2020

    Analysis of proposed amendments vide the Finance Bill, 2020 under Goods and Services Tax

    The Finance Bill, 2020 was presented on 1st February, 2020. A number of amendments were proposed in The Goods and Services Tax Act, 2017 and The Customs Act, 1962 respectively. A summary of these amendments and the impact thereof has been discussed herein.

  • January 23, 2020

    Insertion of rule 119A, prescribing Electronic modes of accepting payments u/s 269SU

    To encourage digital economy and move towards a less-cash economy, Section 269SU was introduced in Finance (No. 2) Act, 2019, whereby every person carrying on business, having a turnover of more than Rs.50 Cr. [‘specified person’] shall mandatorily provide ...

  • January 18, 2020

    Tax & Regulatory Updates: January 2020

    Section 195 of the Income-tax Act had been amended to empower CBDT to prescribe the form and manner of filing of application to Assessing officer to determine the appropriate proportion of such sum upon which tax shall be liable to be deducted u/s 195. Further, CBDT was also ...

  • December 04, 2019

    Restriction in the availment of the Input Tax Credit (“ITC”) in terms of Rule 36(4) of the CGST Rule

    With a view to ensure timely filing of return “GSTR 1” by the taxpayers, the Central Government has introduced a new Rule 36(4) which provides restriction in the availment of ITC with respect to the invoices or debit notes which have not been uploaded by the ...

  • October 11, 2019

    Recent Updates Under GST

    CBIC has issued certain notifications issued on 9th October, 2019 and various circulars on 3rd October and 11th October, 2019, inter alia, to facilitate filing of GST returns for the next six months, amendment in some of the ...

  • October 11, 2019

    Tax & Regulatory Updates: October- 2019

    Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg In Circular No. 23/2019 dated 6th September 2019, CBDT has clarified regarding bogus Long-Term Capital Gain (LTCG)/Short Term ...

  • October 06, 2019

    Clarification on Availability of MAT Credit for Companies Opting for Lower Corporate Tax Rate

    CBDT has provided clarification dated 2nd October, 2019 for the domestic companies regarding the decision to switch to the lower rate of 22% from the existing rate of 30%. Board has addressed the concerns in respect of option exercised under section 115BAA of the ...

  • September 30, 2019

    Tax & Regulatory Updates: September- 2019

    In Circular No. 19/2019 dated 14th August 2019, CBDT has clarified regarding no communication shall be issued by any income tax authority relating to assessment, appeals, orders, statutory, exemptions, enquiry, investigation, verification of information, penalty, ...

  • September 24, 2019

    E-assessment Scheme

    Notification no. 61/2019 dated 12th September, 2019

  • September 22, 2019

    Major Tax Reforms in India announced on 20th Sept, 2019

    Indian Government has come up with the Taxation Laws (Amendment) Ordinance 2019 to amend the Indian corporate tax rate and provide other major relief for certain companies on 20th September 2019.

  • September 13, 2019

    Procedure for identification and processing of cases for prosecution under Direct Tax Laws

    CBDT has come up with certain initiatives to make the regime more tax friendly and to ensure that the rigorous measures should be used in certain limited cases. One such measure is extension of compounding procedures and other is restriction on initiating prosecution ...

  • September 13, 2019

    Measures By CBDT For Tax Friendly Regime

    CBDT has come up with certain initiatives to make the regime more tax friendly and to ensure that the rigorous measures should be used in certain limited cases. One such measure is extension of compounding procedures and other is restriction on initiating prosecution ...

  • August 31, 2019

    Tax & Regulatory Updates: August -2019

    In Circular No. 14 /2019 CBDT has clarified regarding taxability of income from investment made by the non –resident investor through these AIFs , outside India (off-shore investment).The Board is of the view that the investment made by category I or category II AIFs ...

  • August 30, 2019

    Cabinet approves proposal for Review of Foreign Direct Investment ('FDI') policy on various sectors

    On August 28th 2019, the Union Cabinet chaired by the Prime Minister Shri. Narendra Modi approved proposal for review of the current Foreign Direct Investment (“FDI”) policy on various sectors. In respect of the above, the proposed changes in the FDI policy are ...

  • July 31, 2019

    Tax & Regulatory Updates: July 2019

    In Circular No. 13/2019 , CBDT has clarified that pensions granted to members of His Majesty 's naval, military or air forces who have been invalided for naval, military or air force service on account of bodily disability attributable to or aggravated by such service ...

  • July 31, 2019

    Tax & Regulatory Updates: June 2019

    In this notification CBDT seeks to amend form 15H (To prevent TDS on your Income). This amendment seeks to clarify the filling procedure of Form 15H. Person shall accept declaration in case where his income is less than rebate available under 87A of income tax act. This ...

  • July 21, 2019

    Updates For 35th G.S.T. Council Meeting

    The GST council held its 35th meeting on 21st June 2019 and made certain decisions and recommendations relating to changes in law and procedure and tax rates on goods and services. It also involved consideration of simplified new GST Returns ...

  • May 31, 2019

    Tax & Regulatory Updates: May 2019

    In this notification, CBDT seeks to amend Form 16 (TDS certificate for salaries) and Form 24Q (quarterly TDS statement in respect of salaries). The amended forms seek more details especially about exempt allowance u/s 10. The amendments shall come into force on 12th day of ...

  • April 01, 2019

    Updates for GST Council 32nd meeting

    In the 32nd GST Council meeting, held on January 10, 2019, the council proposed various relief for MSME sector and other decisions all of which would be effective from the April 1, 2019. Key takeaways of 32st GST Council meeting are as follows:

  • February 25, 2019

    New Compliance Of MCA Applicable On Indian Companies To Be Followed From 2019

    This is to inform you that the Ministry of Corporate Affairs has come up with various new compliance applicable on the Indian Companies to be followed from 2019. Accordingly, we have prepared a chart including all the deadlines (One-time or Annually) along with the necessary ...

  • February 22, 2019

    Active Company Tagging Compliance By MCA To Be Followed By Companies Formed Before 31st Dec 2017

    There has been a very important update from the Ministry of Corporate Affairs vide new Companies (Incorporation) Amendment Rules 2019 dated 21st February, 2019: Pursuant to which, every company incorporated on or before the 31st December, 2017 shall file the particulars of ...

  • December 22, 2018

    GST Updates - 31st Meeting

    The 31st meeting of Goods and Service Tax (‘GST’) Council took place at New Delhi on Saturday, 22nd December 2018. The Council while announcing several reliefs and measures for the taxpayers has slashed the GST rates on various ...

  • November 12, 2018

    Beneficial Ownership

    The Ministry of Corporate Affairs has notified the new Section 90 of the Companies Act, 2013 and Companies (Significant Beneficial Owner) Rules, 2018.

  • August 01, 2018

    GST Audits

    A business under Goods and Services Tax ('GST') is supposed to get varied kind of audits done.

  • May 04, 2018

    GST Updates - 27th Meeting

    The 27th meeting of Goods and Service Tax(‘GST’) Council took place at New Delhi on Friday, 04th May, 2018. The GST Council has recommended significant measures in order to attenuate the concerns of the taxpayers pertaining to ...

  • April 01, 2018

    Implementation Update on E-Way Bill

    CBIC has notified 1st April 2018 for implementation of e-way bills mandatory for inter-state movement of goods throughout India vide Notification no 15/2018 Central Tax on 23rd March 2018.

  • November 10, 2017

    Updates for GST Council 23rd Meeting

    The 23rd meeting of Goods and Service Tax (‘GST’) Council took place at Guwahati on Friday, 10th November 2017. The GST Council in order to alleviate the concerns of the taxpayers pertaining to return filing glitches and higher tax ...

  • January 03, 2017

    How can a foreign entity/investor open a company in India?

    A step by step guide to open a company in India. The process discusses the nuances for applying DIN, DSC, Name & filing various registration documents.

  • January 03, 2017

    Starting Operations in India

    India has become the fastest growing country in the world. With the new economic reforms with respect to ease of doing business, India is now considered as the most attractive country for business expansion. There are various options for MNC’s to route their Foreign ...

  • October 31, 2016

    Tax & Regulatory Updates: October 2016

    The CBDT has issued a notification clarifying special provision regarding the determination of the cost of acquisition of shares received in different cases which are subject matter of buy-back. Such as shares received through employee stock option or sweat equity shares, ...

  • September 19, 2016

    New guidelines regarding establishment of Liaison Office (LO), Project Office(PO) and Branch Office

    India is one of the fastest growing economy in the world. The government is making all the efforts to make it one of the best places for doing business. The latest RBI guidelines regarding establishment of Liaison Office, Branch Office, Project Office have been issued with ...

  • September 17, 2016

    Due date for filing tax returns for Businesses extended from 30th September to 17th October

    Due Date for filing income tax returns for businesses that are required to get their accounts audited under the Income Tax is 30th September.  CBDT has extended the due date of return filing (FY 15-16) from 30th September to 17th October for businesses ...