A liaison office is a vital communication bridge between a foreign company’s head office and the Indian market. It facilitates market research, information dissemination, and promotion of the parent company’s products without engaging into revenue-generating activities in India. Let's deep dive into the essential steps and compliance requirements to establish a liaison office in India....
The overall plan for an audit serves as a roadmap by providing direction and guidance for the audit process. With the audit plan as a base, an auditor conducts a comprehensive and efficient examination of the entity’s financial statements. Auditor is responsible to provide true and fair view on the financial statements as a whole...
The 50th GST council meeting marked a significant milestone in the journey of Goods and Services Tax (GST). Led by Union Finance & Corporate Affairs Minister Nirmala Sitharaman, the council discussed and recommended changes in GST tax rates, measures to facilitate trade, and streamline compliance processes. Find below the key highlights from the meeting: Changes in...
Through the Government notices, you surely must have heard of instances concerning unscrupulous elements obtaining fake/bogus registration under GST and defrauding the Government exchequer. This menace of fake registrations and issuance of bogus invoices for passing of fake ITC has become a serious problem, wherein fraudulent people engage in dubious and complex transactions, causing revenue...
Earlier, it was the Commissioner (Appeals) who was the first appellate authority for a taxpayer or an aggrieved assessee to file appeal against an order. Hence, Commissioner of Appeals were invariably overburdened with huge pendency of appeal cases. Therefore, the Finance Ministry has introduced the e-Appeals Scheme, 2023 under which aggrieved assesses can appeal against...
What are Reassessment IT Notices Being Sent to NRIs? Income Tax Return processing are subject to assessment by Income Tax Department. The Income Tax return could get picked for reassessment on fulfillment of certain predefined criteria by issuing notice under section 148 by the Assessing Officer (AO) for Income Escaping Assessment. Section 148 notices are...
What is the GST Amnesty Scheme? Government announces the benefit of Amnesty Scheme for small businesses, non-filers of final returns, and taxpayers whose Goods and Services Tax (GST) registration has been cancelled. Accordingly, the Central Board of Indirect Taxes & Customs (CBIC) notifies that on timely payment of due taxes, interest & penalty they can...
Email Skim Reading occurs when individuals quickly scan or skim through their emails without thoroughly reading the content, leading to missed information and subsequent questions that could have been answered within the email itself. Whilst email skim reading may have become a deeply ingrained habit for many individuals due to the fast-paced nature of modern...
Filing income tax returns is a fundamental obligation for every individual in India. Beyond ensuring compliance with the law, it presents an opportunity to leverage deductions, exemptions, and refunds. However, the process can be complex and riddled with potential pitfalls. To navigate it successfully, it is crucial to adopt precautionary measures. The tips below will...
India, one of the world's fastest-growing economies, implemented the Goods and Services Tax (GST) system in 2017 with the aim of simplifying the indirect taxation structure. While GST has undoubtedly brought numerous benefits to businesses and taxpayers, it has also created opportunities for unscrupulous individuals to engage in fraudulent activities such as fake GST registrations...
