Prem Prakash Gupta v. ITO – ITAT Jaipur Ruling on Turnover Definition for Stamp Vendors 

Introduction The concept of turnover under the Income-tax Act often appears straightforward, until it is applied to agency-based businesses. For licensed stamp vendors, where sales...

AI Hallucination in Court: ITAT Recalls Order Over Fake ChatGPT-Generated Case Laws in Buckeye Trust Tax Dispute

A recent tax tribunal order, hastily withdrawn after citing non-existent court judgments, has sparked concerns over the possible use of generative AI—a groundbreaking technology...

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Government Schemes and Incentives for Private Limited Companies in India

India is an entrepreneurial powerhouse, offering countless opportunities for businesses to grow and thrive. The government provides many schemes and incentives for Private limited...

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...

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...

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...

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...

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...

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...

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...

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