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Startup India Registration: A Comprehensive Guide
IntroductionThe Startup India initiative, launched on January 16, 2016, by the Department of Promotion of Industry and Internal Trade, provides a plethora of benefits to eligible startups, including t...
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Intercorporate Investment and Loans under Companies Act, 2013
OverviewSection 186 of the Companies Act, 2013 regulates intercorporate transactions, specifying restrictions and limitations on loans, guarantees, and securities acquisitions among corporate entities...
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LLP Rules 2024 Amendment: Streamlining Dissolution Procedures
The Ministry of Corporate Affairs has introduced significant changes to the Limited Liability Partnership (LLP) Rules 2009, specifically Rule 37, through the Limited Liability Partnership (Amendment)...
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Filing of PAS-6 by Private Limited Companies: A Comprehensive Guide
What is e-Form PAS-6?e-Form PAS-6 is a half-yearly reconciliation report that identifies discrepancies between the issued capital and dematerialized capital. It helps track and report any mismatches i...
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Simplifying Tax and Penalty Determination: Understanding Section 74A of the GST Act, 2017
The Evolution of GST: A New EraThe Goods and Service Tax Act (GST) continues to evolve, with the introduction of Section 74A for the 2024-25 financial year. This new provision replaces the existing Se...
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CBDT Eases TDS/TCS Rules for Death Before PAN-Aadhaar Link
On August 5, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 8 of 2024, easing TDS/TCS provisions for cases where the deductee or collectee has died before linking their PAN and Aad...
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Income Tax Relief to Cooperative Societies
On August 6, 2024, the Ministry of Cooperation introduced significant income tax relief measures for cooperative societies to promote their financial health and support rural communities. Key changes...
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No proposal to reclassify Bengaluru as a metropolitan city for HRA purposes
On August 6, 2024, the Minister of Finance responded to an unstarred question in the Rajya Sabha regarding the inclusion of Bengaluru for House Rent Allowance (HRA) tax exemptions. Currently, under Ru...
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Tax Benefits For Skill Training Institutions
The government currently provides various GST exemptions for skill development training institutions, including those associated with the National Skill Development Corporation and other approved bodi...
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Tax Incentives To Fintech Sector
On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for the fintech sector in India. The government’s policy focuses on phasing...
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Budget 2024 - Side Effects of Indexation Removal for Long-Term Capital Gains
Existing Provision before Union Budget 2024The Income Tax Act, 1961, Section 48, outlines the computation of capital gains by deducting expenditures, cost of acquisition, and cost of improvement from...
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Filing Timeframe Additional Tax Upto 1 year 25% After 1 year upto 2 years 50%Filing Income Tax Returns for Multiple Years: Understanding ITR-U
Filing Income Tax Returns for Multiple Years: Understanding ITR-UFiling income tax returns for 2-3 years at once is not a common practice, but it's essential for individuals who need to provide proof...
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PAN-Aadhaar Linkage failure: Higher TDS/TCS Exemption for Deceased Deductees
Central Board of Direct Taxes issued Circular No. 08/2024 on August 5, 2024, addressing the issue of higher TDS/TCS rates under sections 206AA and 206CC of the Income-tax Act, 1961, in cases where the...
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Due Date Compliance Calendar
Managing Compliance-Related DeadlinesStaying informed about important compliance deadlines is crucial for businesses to ensure smooth operations and avoid penalties. This calendar provides an organize...
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Defective Return Notice under Section 139(9) of the Income Tax Act, 1961
Understanding the ConceptThe non-audit income tax return filing session for AY 2024-25 has concluded, and the Income Tax department has released interesting statistics. Out of the 7.28 crore returns f...
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Consequences of Not Filing Your Income Tax Return on Time and Recommended Actions.
Consequences of Not Filing Your Income Tax Return on Time and Recommended ActionsIn India, the timeline for filing income tax returns (ITR) for the financial year 2023-24, corresponding to the assessm...
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Understanding Anti-Dilution Rights: Types, Significance, and Exemptions
1. Brief OverviewAnti-dilution rights are essential for protecting early investors' stakes against dilution when additional shares are issued at a lower price. These provisions, commonly found in conv...
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Section 43B of the Income Tax Act: Implications for Service Tax/GST
Understanding Section 43BSection 43B of the Income Tax Act, 1961, is a vital provision that ensures deductions for certain expenses are allowed only on actual payment. This section was introduced to p...
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Detailed Manual and FAQs on filing of GSTR-1A
In an effort to enhance transparency and compliance in tax filings, the Government of India, through notification no. 12/2024 dated 10th July 2024, introduced Form GSTR-1A. Effective from the July 202...
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Advisory in respect of Changes in GSTR 8: TCS Rate reduction wef July 10, 2024
On August 2, 2024, the Goods and Services Tax (GST) authorities issued an advisory regarding the reduction in the Tax Collected at Source (TCS) rate. Effective from July 10, 2024, the TCS rate has bee...