Incomplete Income Information in Form 26AS: What You Need to Know
What is Form 26AS? Form 26AS is a tax credit statement issued by the Income Tax Department, providing a consolidated summary of the tax-related information for a taxpayer. It includes details of: Issue with Form 26AS for Q4 For the financial year ending March 2024, the 26AS available in June 2024 may have incomplete income […]
Streamline Your Startup Journey: Why Rajesh Chose Pitchers Global Consultancy for Hassle-Free Company Registration, LLP Formation, and MSME Certification
Are you an aspiring entrepreneur looking to turn your vision into reality and streamline your startup journey? The complexities of legal formalities can often overshadow the excitement of starting a new venture and streamlining your startup journey. Registration, LLP formation, and MSME certification can be daunting, especially for those juggling multiple responsibilities. This is where […]
India Budget Update 2024 – An Overview
In this article we are going to talk about the new budget update 2024 for India. India Budget Update 2024 – Full Highlights Income Tax Capital Gain Tax Customs Duty GST Indian Budget Update 2024 and its Support for MSMEs So that was all about the India Budget Update for 2024.
53rd GST Council meeting: Key recommendations and decisions
The Goods and Services Tax (GST) Council held its 53rd meeting on 22 June 2024, whereinthe Council inter-alia proposed various tax-friendly measures, including an extension of theinput tax credit (ITC) timeline, conditional waiver of interest and penalty, reduction in pre-depositamount, sunset clause for anti-profiteering provisions, changes in the GST rates on goods andservices, etc. Clarifications […]
PGC Streamlines Tax & Business Operations for Renowned Musician – A Case Study
Client: Renowned Musician (Name withheld for privacy) PGC Streamlines Tax & Business Operations for Renowned Musician The Problem Navigating complex tax regulations for self-employed income, royalties, and touring revenue.Lack of a dedicated system for tracking income and expenses.Missed tax deadlines and potential penalties due to manual record-keeping.Limited time and resources to focus on business growth […]
Understanding Financial Activities for LLPs: Navigating Regulations
A Limited Liability Partnership (LLP) is a registered business entity under the Ministry of Corporate Affairs (MCA), functioning as a body corporate and engaging in lawful business activities in India. The LLP can undertake various operations such as trading, manufacturing, providing services, professional services, etc., but certain activities require prior approval from relevant authorities. These […]
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 […]
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 […]
Decoding Form MSME-1: Compliance & Deadlines
In January 2019, the Ministry of Corporate Affairs (MCA) introduced a notification mandating certain companies to disclose their outstanding dues to Micro, Small, and Medium Enterprises (MSMEs) by filing the MSME-1 Form with the Registrar of Companies (ROC). Why should we file the Form MSME-1? Companies must check if their suppliers are registered under the […]