The government now has designated Finance Professionals such as Chartered Accountants, Company Secretaries and Cost & Works Accountants as “Reporting Entities” under the Prevention of Money Laundering (PML) Act, if they carry out certain “financial transactions” on behalf of their clients. Until recently, PML Act covered entities such as financial institutions, including banks, operators of...
GST registration is mandatory for businesses that have an annual turnover exceeding a certain threshold limit. And, the cancellation of GST registration is a process of de-registering a business entity from the Goods and Services Tax (GST) system. The two categories of cancellation of GST Registration are: Cancellation by the Registered Person Cancellation by the...
One needs to be alert for over the past few years, Revenue Authorities has brought into the radar & have been monitoring lot of High-value and cash transactions. High-value transactions beyond a specific limit are constantly being monitored by the Income Tax Department. Failing to mention such transactions in Income Tax Returns (ITR) filing may...
What is TDS on Immovable Property? Under the Income Tax Act in India, the sale of immovable property is subject to tax deduction at source (TDS). It is a mechanism in which the payer deducts a certain percentage of tax from the payment made to the recipient and deposits it with the Government on behalf...
When is Interest levied under GST Law? Taxpayers and companies would be required to pay interest on the amount due if the GST liability is not paid on time. Thus, businesses must file their GST returns and pay their Tax liabilities under the GST regime on time. While paying their GST interest liability, the tax...
Tax season can be a stressful time for many taxpayers, but it doesn't have to be. By taking the time to plan ahead and make informed decisions, you can maximize your tax savings and reduce your stress levels. In this guide, provided are some helpful tips and factors to consider when choosing between the old...
As the new Financial Year 2023-24 begins, individual taxpayers in India will be affected by some major changes to the income tax rules. These were announced by Union Finance Minister Nirmala Sitharaman vide the annual Union Budget in February, taken effect from April 1. Here are the twelve consequential Income Tax changes to watch out for:...
Investments assume vital role in our lives today. There are plenty of options to invest at present but stock markets and mutual funds are very popular. Taxability of gains from investments in the form of interest, dividend or capital gains is one of the key factors while selecting a class of investment. The latest amendments...
The MCA vide its notification dated 24th March, 2021 had introduced the concept of audit trails by inserting proviso to rule 3(1) of the Companies (Accounts) Rules, 2014. It mentioned that “for the F.Y. commencing on or after 1st April, 2021, every company which uses accounting software for maintaining its books of account, shall use...
We all are aware about the phenomenal and inspirational three monkeys of the great Mahatma Gandhi. One of them covering his eyes (symbolizing See no Evil), second one covering his ears (symbolizing Hear no Evil) and the third one covering his mouth (symbolizing Speak no Evil). Contemplating with a different perspective, nature has made it...
