Taxation and Compliance Archives | Page 4 of 7

10 Feb 23

Budget 2023 – Summary of key changes in the Customs law

Following are the key changes relating to the customs laws – Certain exemptions will not expire automatically In 2021, the Central Government introduced a new section 25(4A) in the Customs Act, to make all conditional exemptions to be valid only for two years. The provision aimed to eliminate outdated exemptions…

30 Dec 22

GST Annual Returns and the preparation for Departmental Audits

Background It’s been more than five years since the implementation of the new Goods and Services Tax (GST) law in July 2017. The new regime of indirect taxes brought a paradigm shift in the way businesses conduct their operations across India. However, the journey has been full of uncertainties and…

09 Sep 22

Section 194R – A Brief Analysis of New TDS Compliance

Introduction of of New TDS Compliance Many companies often transfer benefits arising out of sales or services directly to their agents. It is a common practice for many corporates to gift cars, trips, laptops, mobiles etc. to their stakeholders for achieving targets or as incentives. These people may be selling…

30 Jun 22

New VPN Rules – Is the Government stretching too far?

Background Indian Computer Emergency Response Team (CERT-In), India’s cybersecurity watchdog, has issued new directives for companies offering Virtual Private networks (VPN). Under the new directive, VPN provider companies are required to store user data for at least five years, amongst other rules. These companies are now mandated to collect specific…

30 May 22

Income Tax – The art of computing Capital Gains!

Introduction If you see the income tax act as a law, it’s complex, lengthy and tedious. However, if you see it as an art, you will find a humongous space for creativity. The Chartered Accountants are well versed with the latter part, as they understand the intricacies of the law.…

30 Apr 22

Complete guide to filing income tax returns for 2022

Introduction An Income Tax Return or ITR as many people call it is a form where the taxpayers are expected to declare their taxable income and the tax due to the government as per the income tax laws. Besides, the taxpayer is also expected to mention all the eligible deductions…

21 Feb 22

Budget 2022 – Comprehensive analysis of budget announcements

“There’s no surprise, that’s the surprise.” Preface Cut your coat according to your cloth, because if you don’t, you will lose them both! Budgeting is an essential part of our lives. We are budgeting all the time, knowingly, unknowingly, as it helps us in keeping our expenses in tandem with…

21 Feb 22

Budget 2022 – New Faceless Assessment Scheme

More time to release new faceless assessment schemes The scheme for faceless assessment for determination of arm’s length price under section 92CA, dispute resolution panel under section 144C and appeal to the appellate tribunal under section 253, were required to be issued by March 31, 2023; and for the procedure…

21 Feb 22

Budget 2022 – Concept of ‘Updated Returns’ explained

After filing the return, a taxpayer has an option to file a revised return or if not filed altogether, an option of filing of belated return. The period to file such returns is 5 months in the case of the individual assessee, 2 months for audited businesses, and 1 month…

21 Feb 22

Budget 2022 – Changes in the Income Tax Rules

New option to file ‘Updated Return’ after paying 25 – 50% additional taxes Under new section 140B, for filing an updated return, a taxpayer has to mandatorily disclose additional income that has to mandatorily result in additional taxes. You cannot file a loss return, or decrease your income, the income…

Budget 2023 – Summary of key changes in the Customs law

GST Annual Returns and the preparation for Departmental Audits

Section 194R – A Brief Analysis of New TDS Compliance

New VPN Rules – Is the Government stretching too far?

Income Tax – The art of computing Capital Gains!

Complete guide to filing income tax returns for 2022

Budget 2022 – Comprehensive analysis of budget announcements

Budget 2022 – New Faceless Assessment Scheme

Budget 2022 – Concept of ‘Updated Returns’ explained

Budget 2022 – Changes in the Income Tax Rules

The Indian Defence Manufacturing Ecosystem: Between Ambition and Execution

Building a Finance Function in India – In-house vs Outsourced

Repatriation of Profits from India – Legal & Tax Considerations

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