Navigating Export Refund Procedures
“Export of Goods,” as defined in the IGST Act, 2017, involves moving goods out of India. A ruling by the Allahabad High Court clarified that this constitutes an export. Such transactions are zero-rated under GST. Refunds can be claimed either by supplying goods without IGST payment under a bond or by paying IGST and claiming […]
GST In The Hospitality Industry
Introduction The hotel industry holds a dominant position in India, boasting a market size projected to reach 247.31 Billion USD in 2024, with an estimated growth to 475.37 Billion USD by 2029, demonstrating a CAGR of 13.96%. Pre-GST, hotels were subject to municipal taxes such as VAT, luxury tax, and service tax. The disparity between […]
Obligatory Situations for Filing Income Tax Returns in India
Filing Income Tax Returns (ITR) is a vital aspect of every taxpayer’s financial responsibility in India. While many believe it’s only mandatory if one’s income surpasses the basic exemption limit, there are several circumstances where filing an ITR becomes obligatory, even if one’s income falls below the exemption threshold. In this article, we will outline […]
Navigating Property Transactions for NRIs: Simplified Guidelines
Acquiring and selling property in India, as well as repatriating sale proceeds, may seem daunting for NRIs, but adhering to specific rules and regulations eases the process. Governed by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act (FEMA), these transactions entail the following guidelines. Purchase of Property by NRIs NRIs and […]
Navigating Section 153C: Assessments and Controversies
When books of accounts or documents of a non-searched person are found during a search, an assessment is made under Section 153C of the Act. So in this article we will talk about tackling Assessments and Controversies regarding Section 153C! Navigating Section 153C: Assessments and Controversies Issue In the current case [i], writ petitions challenged […]
Interest Income on Fixed Deposits: Insights from Recent Case
The taxation of interest income earned on fixed deposits is a significant subject in the income tax act, involving whether such income should be categorized as a revenue receipt or a capital receipt. A recent case before the Income Tax Appellate Tribunal Ahmedabad Bench ‘B’ addresses this matter. Interest Income on Fixed Deposits – Case […]
The Case for Inheritance Tax: Bridging Wealth Divide
Inheritance tax, a levy on transferred assets posthumously, is a global tool for wealth redistribution. While countries like the UK, US, and France employ it to curb wealth concentration, India abolished it in 1985. Recent discussions, led by figures like Sam Pitroda, advocate its reinstatement in India for fairer wealth distribution. So in this article […]
Decoding CBDT’s Tax Scrutiny: Navigating Compliance in India
In the intricate web of taxation, scrutiny by the Tax authorities often send shivers down the spine of taxpayers. The recent guidelines issued by the Central Board of Direct Taxes (CBDT) regarding the compulsory selection of income tax returns for scrutiny shed light on the evolving landscape of tax compliance and enforcement. Let’s delve into […]
Unlocking Financial Success: The Power of Gratuity Compliance
In the intricate world of financial management, adherence to regulations and standards plays a pivotal role in ensuring organizational success. One area that demands meticulous attention is gratuity compliance—a statutory obligation that holds significant implications for both businesses and employees. In this blog, we delve into the multifaceted benefits of gratuity compliance, exploring how it […]
Demystifying Form 26QB: TDS Essentials for Property Transactions
Introduction Form 26QB is a crucial component of property transactions in India, facilitating the electronic payment of Tax Deducted at Source (TDS). Understanding its intricacies is essential for both buyers and sellers involved in property dealings. In this comprehensive guide, we delve into the nuances of Form 26QB, covering its purpose, TDS deduction requirements, payment […]
