The Indian government has introduced Forms 15CA and 15CB to regulate foreign remittance reporting and ensure tax compliance under the Income-tax Act, 1961. These forms are crucial for individuals and businesses making cross-border payments. Filing these forms ensures tax liabi...

Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, driving innovation, job creation, and GDP growth. The Micro Small and Medium Enterprises Act (MSME Act 2006) has been instrumental in fostering their development. One of the most significant fina...

The Goods and Services Tax (GST) framework requires businesses to adhere to various compliance mandates, including the filing of annual returns through GSTR-9 and GSTR-9C. Despite their overlapping purposes, these forms serve distinct roles. This guide unravels the key differe...

Non-Resident Indians (NRIs) often encounter challenges when dealing with Indian income tax laws. This guide on Income Tax for NRIs simplifies your tax filing obligations and highlights key considerations for compliance. Understanding NRI income tax rules can save you from pena...

In the current business environment, accurate financial statements are crucial for effective decision-making and ensuring financial stability. One of the key practices to achieve this is conducting receivable audits and obtaining external confirmations. These steps are essenti...

Common mistakes frequently observed in financial statements as per ICAI’s publications and reviews include: 1. Disclosure of Accounting Policies (AS 1) Inadequate disclosure of significant accounting policies, especially those governing primary operations. Policies merely stat...

The Real Estate (Regulation and Development) Act (RERA) has been a game-changer in bringing transparency and accountability to the real estate sector. However, with these regulations come mandatory compliances that developers and promoters must adhere to. One such crucial comp...

For NRIs selling immovable property in India, navigating tax-related complexities, especially regarding Tax Deducted at Source (TDS), can be challenging. Applying for a Lower or NIL TDS Certificate provides an efficient solution to prevent excess tax deductions. J D Shah Assoc...

For professionals and entrepreneurs, understanding the audit requirements for a Limited Liability Partnership (LLP) is crucial to ensuring compliance with the law. LLPs are separate legal entities, which means they are subject to various compliance regulations, including audit...

Credit rating exercises undertaken by banks and external credit rating agencies play a significant role in determining a business’s ability to borrow and the cost of borrowing. These ratings are influenced by various factors such as industry risk, government policy, market pos...

What is a Slump Sale? According to Section 2(42C) of the Income Tax Act, 1961, a ‘slump sale’ refers to the transfer of one or more undertakings as a result of the sale for a lump sum consideration, without individual values being assigned to the assets and liabilities. This m...

A Sole Proprietorship is a business entity wholly owned and controlled by an individual. It is ideal for those starting small businesses, but as the business grows, transitioning to a more structured entity like a Private Limited Company offers significant advantages. In this...

Legal provision – Section 43B(h) 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006),shall be allowed (irrespective of the previous yea...

Cash transactions have long been a subject of scrutiny by the Indian Income Tax Department due to their potential for tax evasion and unaccounted money circulation. It is important for taxpayers to know these limits in order to make sure their expenditure does not get disallow...

When entrepreneurs embark on their business journey, forming a partnership firm often serves as a straightforward initial step. However, as businesses expand, partners may contemplate transitioning into a company. This transformation, while seeming daunting, offers significant...