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Understanding Input Tax Credit (ITC) on Diwali Gifts: What’s Eligible and What’s Not As Diwali approaches, businesses often celebrate by distributing gifts like sweets, cookies, clothes, firecrackers, and sometimes even bigger items like cars or bikes. However, for organizations registered under GST, the question of claiming Input Tax Credit (ITC) on these gifts often arises. […]
Read MoreAOC-4 Form Due Date, Process, Penalty and more. AOC-4 Form is mandatory for the companies registered under the companies act forms the part of the company compliance. Since this form is an annual return, every company public limited company must submit their financial statements and other documents as per the regulation of the Ministry of […]
Read MoreLLP-8 Form Due Date, Process – Avoid Penalties by Filing on Time! LLPs are required to file LLP-8 Form at the earliest, failing which leads to fines, and the deadline for filing this form is knocking at the door. The last date to file this Form is 30.10.2024 and if any person fails to submit […]
Read MoreNew CBDT Form 12BAA: A Tool to Reduce TDS from Salaries CBDT Issues Form 12BAA for Employers October 15, 2024 Update The Central Board of Direct Taxes (CBDT) has introduced CBDT Form 12BAA, which allows employees to inform their employers about other taxes they’ve paid to reduce their Tax Deducted at Source (TDS) from salaries. This […]
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CBIC Circular Issued on Retrospective Extension of Time Limits for Claiming ITC under Section 16(5) and 16(6) of the CGST Act, 2017 On October 15, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued a circular regarding the implementation of Section 16(5) and Section 16(6) of the Central Goods and Services Tax (CGST) […]
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Procedure for Change of Name of a Company on V3 Portal (MCA) Every organization carries out the process of changing their name with a lot of considerations and as such it is important for organizations to conform to the fundamental legal frameworks provided by the Ministry of Corporate Affairs Act (MCA) of India. The task […]
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Understanding the Creditor-Debtor Relationship When creditor provides debt to a debtor, then in the process of credit transfer, money is lent out or credit is extended with a view of its repayment in the future. Here’s a breakdown of what happens when a creditor gives debt to a debtor: Maintaining proper documentation and Communication records […]
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GST amnesty scheme for 2017-18,2018-19 & 2019-20 In the GST Notification No. 21/2024–Central Tax issued on October 8, 2024 taxpayers are granted substantial relief removing interest and penalties with regard to tax demands claimable under section 73 of the CGST act for the three financial years ending 2017-18, 2018-19 and 2019-20. This notification helps to […]
Read More7 Major Changes in TDS Rates, STT and Aadhaar Amendments Applicable from October 1 2024 Income Tax Update: Starting October 1, 2024, several important changes in tax rules will take effect in India, covering TDS rates, STT, and Aadhaar usage: Securities Transaction Tax (STT): The STT on futures will rise to 0.02% while on options […]
Read MoreCompany Limited by Shares vs Limited by Guarantee: Key Differences Explained Limited by Shares and Limited by Guarantee are two common types of company structures. Here’s how they differ: Nature of Ownership and Purpose Limited by Shares: These companies are owned by shareholders. Shareholders own a portion of the company through their shares and have […]
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