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ICAI President’s August 2024 Message: Exam Results & Economic Insights
In August 2024, ICAI President CA. Ranjeet Kumar Agarwal underscores India’s economic transformation, driven by a robust 8.2% GDP growth in FY24 and favorable budget proposals. Celebrating India’s pro...
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GST Registration Cancellations: Reasons & 2021-2024 Data
From 2021 to mid-2024, GST registration cancellations in India have been influenced by various factors. In the last three years, the number of cancellations varied significantly across states, with ma...
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Tax Liability on Haircuts under IBC: Clarifications by MCA
The Ministry of Corporate Affairs (MCA) addressed an important question regarding tax liability on haircuts taken by banks, financial institutions, and other creditors for companies resolved under the...
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Form GSTR-1 & GSTR-1A: Monthly Statement of Outward Supplies
OverviewForm GSTR-1 is a crucial monthly or quarterly statement of outward supplies that registered taxpayers must file electronically on the GST Portal. It includes detailed information on outward su...
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Taxation of Alternative Investment Funds (AIFs): A Comprehensive Overview
IntroductionAlternative Investment Funds (AIFs) are investment vehicles that pool funds to invest in various financial instruments. Governed by the Securities Exchange Board of India (SEBI), AIFs can...
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Reporting Requirements under Clause 22 of Form 3CD: Ensuring Timely Payments to Micro and Small Enterprises
IntroductionThe Central Board of Direct Taxes (CBDT) has introduced significant amendments to Form 3CD, effective from the Assessment Year (AY) 2024-25. These changes focus on the reporting requiremen...
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Union Budget 2024: Clause-by-Clause Analysis
The Indian tax regime has undergone significant updates to align with the evolving economic landscape and government policies. This article provides a comprehensive analysis of the tax rates, deductio...
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Property Taxation: Understanding the Latest Changes
What is Property Taxation?Property taxation refers to the tax levied on the profit or gain arising from the transfer of capital assets, including immovable properties. As per the Income Tax Act, 1961,...
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TDS on Payments to Partners by Firms: Understanding Section 194T
Introduction to Section 194TPrior to the introduction of Section 194T, Tax Deduction at Source (TDS) was not applicable on partner's remuneration, interest, commission, and other payments. However, TD...
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Equalization Levy under Union Budget 2024: A Journey of Evolution
The Union Budget 2024 has partially abolished the equalization levy, also known as the Google Tax, which was introduced in 2016 to tax income arising from e-commerce transactions with foreign entities...
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Budget 2024: Impact on Firms and Partners
IntroductionThe recent budget has introduced significant changes to the taxation aspect of firms in India. This article aims to raise awareness about the less discussed provisions related to Tax Deduc...
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A Critical Analysis of Key Amendments
Indexation Removal: A Step Backwards?The Budget 2024 has introduced several significant amendments, two of which have sparked intense debate among taxpayers and financial experts. One such amendment i...
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Reassessing Tax Notices: Understanding Section 148 and Section 135A
Recent Developments in Tax ReassessmentRecently, a surge in notices has been issued for reopening cases under Section 148 read with Section 135A, highlighting the need to comprehend the changes introd...
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Urgent Request for Amendment to Section 43(B)(h) for MSMEs
The Punjab Accountants Association, registered under the Societies Registration Act, 1860, has submitted a representation to Finance Minister Nirmala Sitharaman, expressing appreciation for her suppor...
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Amendment to Section 55: Clarifying Cost of Acquisition for Equity Shares
The Finance Act, 2018 amended Section 10(38) of the Income Tax Act, removing long-term capital gains exemption for equity shares unless STT was paid both at acquisition and transfer. Subsequently, Sec...
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MSME Suppliers Get Timely Payments with Section 43B(h) Amendments
HighlightsEffective Date: The amendment to Section 43B(h) of the Income Tax Act comes into effect from April 1, 2023, and is applicable for the financial year 2023-24 and onwards.Payment Deadlines: Pa...
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Amnesty Provisions Under Section 128A: A Relief for Taxpayers
Understanding the Proposed Section 128AThe Finance (No.2) Bill -2024 has introduced a new Section 128A, which provides amnesty to taxpayers in certain financial years, from 2017-18 to 2019-20. This se...
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Budget 2024-25: Impact on TDS and TCS Regulations
The budget proposals for 2024-25 bring significant changes to the Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) regulations, affecting various sections and compliance requirements....
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CGST Act: New Sub-Sections 16(5) & 16(6) Offer ITC Relief
A Sigh of Relief for TaxpayersThe Finance Minister has proposed the insertion of new sub-sections 16(5) and 16(6) in Section 16 of the CGST Act, 2017, to regularize the Input Tax Credit (ITC) taken af...
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Reforming Long-Term Capital Gains Taxation: Key Changes in Finance Bill 2024
The Finance Bill 2024, introduced in Parliament on July 23, 2024, proposes significant reforms to the taxation of long-term capital gains arising from assets other than financial assets. The bill aims...