External Commercial Borrowings- A pathway for businesses in India
Have you ever wondered why running a company in India could be challenging? Financing is the first thing that comes to your mind when you think about the challenges that a company particularly a start-up company may face in India. Getting funds for your business is one of the main issues that all businesses face. […]
5 Things to Know About GST Audit by Tax Authorities
1. What is GST Audit? As per Section 65 of CGST Act 2017, The Commissioner or any officer authorized by him may undertake an audit of any registered person for such period, at such frequency and in such manner as may be prescribed. Audit means the examination of records, returns and other documents maintained or […]
Know How to Get GST Refunds
A timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernization of existing business. Refund provisions in GST are more transparent as compared to provisions contained in the earlier indirect tax regime. Also, the claim and sanctioning procedure are primarily online […]
Differences between Form 10B, 10BB, 10BD, 10BE for Trusts and Charitable Organizations
Form 10B Every organization or trust registered under Section 12 must file Form 10B. Here are some of the situations where filing form 10B is mandatory: Gross total income of the trust or institution, before applying deduction under section 11 of Income tax act, 1961 exceeds Rs.5 crore during the previous financial year. A […]
How to reduce tax deduction (TDS) on Sale of Property by Non Resident Indians
Every person making specified payment for Goods/services received shall be held responsible for deducting the tax at specified rates either at the time of credit in the books or payment to the recipient, whichever is earlier and only pay the balance amount to the recipient. This ensures tax is collected in advance, checks tax evasion […]
Understanding the Benefits of Outsourcing Accounting Services in Chennai
Introduction: In today’s rapidly evolving business landscape, companies face numerous challenges, and one critical aspect that demands careful attention is accounting. Proper financial management is crucial for the growth and success of any organization, regardless of its size or industry. Chennai, the bustling capital city of Tamil Nadu, has emerged as a prominent hub for […]
Understanding the Role of Auditors in Chennai’s Financial Landscape
Introduction: Auditors play a critical role in ensuring the accuracy, reliability, and transparency of financial information. Their work is essential for maintaining the integrity of the financial landscape in any city, and Chennai is no exception. As a bustling metropolitan city and a major economic hub in India, Chennai’s financial sector relies on auditors to […]
Maximizing Your Financial Potential: The Importance of Tax Consultant Services
Introduction: Navigating the intricate world of taxes can be a daunting task for individuals and businesses alike. With ever-changing tax laws, regulations, and complex filing requirements, it is no wonder that many people seek the assistance of tax consultants. These professionals possess a deep understanding of the tax landscape and can provide invaluable guidance to […]
How Property Owners Can Avoid Cracks in Joint Development
Property is illiquid, more so if it is high-value. Rather than sell your plot or redevelop an old home, you may want to consider joint development. One clear advantage is getting a home that fits your current needs, without spending money for construction. Also, it can enable one to partly cash-out on the asset. But […]
Annual Return on Foreign Liabilities and Assets
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA Act Which companies are required to submit the FLA Return? The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas […]
Best CA Firm for your Articleship in Chennai
How to Choose Right CA Firm in Chennai for your Articleship: Choosing the right CA firm for your articleship is an important decision that can have a significant impact on your career as a chartered accountant. Here are some tips to help you select the best CA firm for articleship: Key tips to select right […]
Property Sale Sans Pain for NRIs
HOME TRUTHS. There are many tax implications in property sale if you are a nonresident This article was published in The Hindu Businessline dated Feb 12, 2023, here is the link With the pandemic highlighting the need to stay physically closer to one’s family and the many impediments to this, seniors whose children are abroad […]
Director’s Registration in MCA V3 Portal
Please be informed that the Ministry of Corporate Affairs (MCA) has mandated that every Director of a company register themselves on the government portal in their personal capacity as a business user and associate their DSC (Digital Signature Certificate) with filing any ROC forms. Given below are instructions for setting up an account in the […]
NRI Income Tax Filing – NRI Tax Consultants In Chennai
Taxation is the primary source of revenue for any government and is based on the theory of the maximum welfare of society. The rates of income tax are different for people who are residing in India and for those who live overseas.
Electronic Filing Of Form 10F For Foreign Remittances is Now Mandatory
According to Section 90(5) of the Income Tax Act, a non-resident must provide specific information in Form 10F along with the Tax Residency Certificate (TRC) in order to claim the benefits of any Tax treaty in respect of any income earned in India. This benefit may be claimed at the time of tax withholding by […]
