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Income Tax
Section 194T: Scope and Application of Section 194T
Presently there is no provision for deduction of tax at source (TDS) on payment of salary, remuneration, interest, bonus, or commission to partners by the partnership firm. In ACIT v. Dhar Construction Company 146 taxmann.com 81 (Gauhati...
GST
The Reverse Charge Mechanism (RCM) Under GST
The GST has simplified India's indirect taxes. It introduced the Reverse Charge Mechanism (RCM) to boost tax compliance and widen the tax base. RCM shifts the responsibility of tax payment from the supplier to...
Company Law and IBC
Private Limited Company and its Registration Process
What is a Private Limited Company?
Private company means a company having a minimum paid-up share capital as may be prescribed, and which by its articles
(i) restricts the right to transfer its shares;
(ii) except in...
GST
Input Tax Credit in GST: Eligibility and Conditions
The Goods and Services Tax (GST) has revolutionized the way businesses operate in India. One of its most significant benefits is the Input Tax Credit (ITC) mechanism, which can drastically reduce your tax liability...
Startups
The Startup India Scheme and Section 80-IAC Tax Exemption
The entrepreneurial spirit in India is flourishing like never before. With innovation and ambition at its core, the government has launched initiatives to empower new entrepreneurs. A key initiative is the Startup India Scheme....
Income Tax
SECTION 47: CERTAIN TRANSACTION NOT REGARDED AS TRANSFER (EXEMPT TRANSFER)
What is section 47 of Income Tax Act?
Section 47 of the Income Tax Act, 1961 (India) specifies transactions that are not regarded as transfers for the purposes of capital gains tax. Under normal circumstances,...
Startups
Startup Tools for Success in India
Starting a startup is a thrilling journey, especially in India. Its vibrant ecosystem is full of entrepreneurial opportunities. However, to move from idea to execution, you need the right tools in your arsenal. Whether...
GST
GST Notices: Types of GST Notices & How to Reply to Them?
In the ever-evolving landscape of taxation, receiving a Goods and Services Tax (GST) notice can be both perplexing and daunting. However, taxpayers can navigate the situation with confidence if they understand these notices. This...
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