What is Electronic Cash Ledger? Before the introduction of GST, taxes or duties were paid manually through bank challans. Once the payment was made, the bank would allocate the funds to the respective tax heads. However, with the implementation of GST, the entire process has been automated. The traditional system of manual tax payment has been replaced by the GST portal, which handles all transactions…
Tax Deducted at Source (TDS) plays a crucial role in the Indian taxation system by facilitating the timely collection of taxes directly at the point of income generation. However, inaccuracies in TDS filings are a frequent occurrence, often necessitating subsequent rectifications. Currently, there are no time restrictions for filing correction statements for TDS returns. These corrections are often made to address various errors, such as…
With the final quarter of the financial year (January to March) upon us, the process of submitting proof for tax-saving investments takes center stage for both employees and employers.
The Government has boldly embarked on the long-awaited revamp of the Income Tax Act, 1961, a law conceived over six decades ago, which no longer suits the complexities of today’s economy.
In today’s tax environment, assessments are becoming a regular part of business operations. With direct and indirect tax authorities stepping up scrutiny on filings, maintaining flawless records has never been more critical.
In recent years, India’s startup ecosystem has experienced remarkable growth, driven by innovation and a supportive policy framework.
Managing tax compliance in India is a challenging task for corporates due to the complex tax structure, which includes corporate income tax, GST, TDS, Labour Laws and various other Central…
For multinational corporations (MNCs) with subsidiaries or branch offices in India, navigating the country’s complex tax environment requires both strategic planning and meticulous execution. India’s tax authorities have ramped up scrutiny on cross-border transactions and international tax compliance, making it essential for MNCs to understand the potential areas of litigation and how to mitigate risks. Here are the key areas of tax litigation for MNCs in India…
A share buyback occurs when a company repurchase its own shares from shareholders, reducing the number of shares on the market. This strategy helps the company reclaim ownership and strengthen its control. Share buybacks have traditionally been used to reward shareholders and manage surplus capital, but recent tax changes have significantly altered the landscape, especially concerning how taxes are levied on buyback transactions. Here is…
