Understanding the Ministry of Corporate Affairs Notification: G.S.R. 630(E) In July 2024, the Ministry of Corporate Affairs (MCA) issued a notification that directly impacts the Companies (Adjudication of Penalties) Rules, 2014. If you are wondering how this affects companies, adjudicating officers, and corporate professionals, we’ve got you covered. This notification introduces amendments that modify the way penalties are managed under
Income Tax Exemption for Senior Citizens: Benefits You Shouldn’t Miss in 2024 As India’s senior citizen population continues to grow, the government has introduced several measures to ease the financial burden on this group, especially through income tax exemptions. These benefits are aimed at reducing the tax liability for those who have retired or are nearing retirement. It is essential
CBIC Waives Late Fees for TDS Filers u/s 51 of CGST Act on Delayed GSTR-7 Filings Since June 2021 In a significant relief for taxpayers who are required to deduct tax at source (TDS) under section 51 of the Central Goods and Services Tax (CGST) Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No.
CBDT Extends Form 10B/10BB Filing Deadline to November 10, 2024 In a significant and much-needed relief for organizations, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 10B and 10BB to November 10, 2024. This move comes as a response to concerns raised by trusts, institutions, and funds that were unable to meet the original
Introduction The Indian government has recently opened discussions with private equity and venture capital industries to examine the taxation of ‘carry income,’ specifically the application of Goods and Services Tax (GST) on the profits fund managers and key employees receive. These talks have generated significant interest due to the possible repercussions for Alternative Investment Funds (AIFs) in India. Given the
How the Different Types of Assessment in Income Tax Affect Your Business Filing For businesses, income tax filing isn’t just a legal obligation—it’s also essential for financial health and compliance. Understanding the different types of assessments in income tax is key to ensuring that your filings are accurate, compliant, and legally sound. The Income Tax Act, 1961, offers various methods
Introduction In a significant development, the GST Network (GSTN) has issued an advisory regarding biometric Aadhaar authentication for GST applicants in Kerala, Nagaland, and Telangana. This advisory aims to streamline the GST registration process and enhance compliance among taxpayers. Key Changes to GST Registration Process The amended Rule 8 of the CGST Rules, 2017 allows for a more efficient
How Section 194F Impacts Mutual Fund Investment Process in India Mutual funds are one of the most popular investment vehicles in India, providing opportunities for higher returns with professional management. However, like other investment options, mutual funds are subject to specific tax regulations that can influence investor returns. One such regulation is Section 194F of the Income Tax Act, which
International financial dealings can be confusing, especially when it comes to taxes. If you’re managing money abroad, knowing how to claim the Foreign Tax Credit (FTC) using Form 67 is crucial. This guide will help you navigate Form 67, ensuring you optimize your tax position and avoid double taxation. Why Is the Foreign Tax Credit Important? When earning income
The Union Budget 2024 brought several changes that will affect the Tax Deducted at Source (TDS) rates starting from October 1, 2024. These modifications are designed to simplify taxation and provide relief in certain transactions. Let’s explore the revised TDS rates and understand how these changes impact taxpayers. What is TDS? Tax Deducted at Source (TDS) is a
