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Special Income Tax Benefits for Senior Citizens

India’s history hails from a culturally enriched background in which the elders are regarded in the family with respect. In tandem with keeping the cultural and moral values intact, the Indian government offers special income tax benefits for senior citizens. If your senior citizen parents have been planning their investments and taxes, then it is […]

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A Short Guide for Starting your Business

Entrepreneurship is an idea that may sound appealing to many but starting a business is a very challenging process. It involves planning, making financial decisions, doing market research, and acquiring knowledge in areas of your respective business interest. It is crucial to note that there is no one size fits all model to starting a […]

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How to Check Tax Filing Status for the New Section 206 Compliance

The Finance Act, 2021, has inserted two new Sections 206AB and 206CCA, with effect from 01-07-2021. These sections provide for deduction or collection of tax at a higher rate in the case an assessee has not filed a tax return. CBDT has issued a new functionality on the income tax portal to ease the compliance […]

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GST Impact on Hospitality Industry Business in India

The implementation of GST has had a tremendous impact on the Hospitality Sector. This significant industry is expected to rise to over Rs 32.05 lakh crore by 2028. The major reasons behind this growth are that the GST has helped the hospitality sector, by cutting costs for customers, harmonizing taxes, and reducing business transaction costs. […]

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TDS / TCS New Rules Applicable to Non Filers of Income Tax Returns

The Finance Act 2021 has introduced a new provision relating to withholding tax (Section 206AB) which provides for a higher withholding tax rate in case the vendor to whom the payment is to be made has not filed his tax return for the previous two financial years.

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Return of Outstanding Deposits – DPT 3

On 22nd January 2019, the MCA came up with a new amendment in the Companies (Acceptance of Deposits), Rules, 2014

Every Company other than Government Company shall file a one-time return of outstanding receipt of money/ loan taken by the company but not considered as deposits.

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GST Due Dates Extended in May 2021

GST extension notifications No. 8/2021-Central Tax to 14/2021-Central Tax issued by CBIC on 01.05.2021 by which relaxation has been provided in respect of Various GST Returns and GST Compliances.

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How to Calculate Capital Gains Tax on Sale of Residential Property?

‘Capital Gains’ can be defined as the profits or gains arising from the transfer of capital assets. These are chargeable as the income of the financial year in which the sale or transfer takes place.

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Extension of Certain Income Tax Due Dates on May 1, 2021

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DIR 3 KYC Due Date Sept 30, 2021

Director identification number (DIN) refers to a unique identification number of 8 digits allotted to an individual who is willing to become a director or is an existing director of a company.

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Accounting Standards Applicability for Non Corporates

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Highlights of Schedule III Amendments

In recent years, there have been substantial changes in the reporting requirement by the auditors, but no such corresponding amendments were made in Schedule-III for the preparation of the financial statements.

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Guide to a Successful Financial Audit

Financial audits are one of the biggest reasons why year-end reporting may be stressful. However, these audits establish you as a reliable company in the eyes of banks, government agencies, and shareholders. Generally, a financial audit involves reviewing an organization’s financial statements and related documents to ensure that they are reasonably accurate.

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Remember the March 31, 2021 Tax Deadlines

March 31 is the last date to link aadhaar with your PAN cards. Nonlinking of this will make your PAN inoperative and it will be assumed that your PAN card was not furnished for important transactions.

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NRI’s May Get Lockdown Relief if There is a Double Taxation Issue

The Central Board of Direct Taxes (CBDT) has received various representations requesting for relaxation in the determination of residential status for the previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to the suspension of international flights.

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