Taxation and Compliance Archives | Page 4 of 7

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…

21 Feb 22

Budget 2022 – Changes in the Customs and Excise Rules

SEZ administration to be reformed Necessary reforms are to be undertaken in Customs Administration of Special Economic Zones (SEZs) to make the same fully IT-driven and function on the Customs National Portal for better facilities and risk-based checks. It is expected that these reforms would be implemented by September 30.…

21 Feb 22

Budget 2022 – Changes in the Goods and Services Tax (GST) Rules

No two-way communication in GST returns Section 38 has been substituted whose title is now ‘Communication of details of inward supplies and input tax credit’. The section prescribes the manner, conditions and restrictions for availing input tax credit and also governs the communication of details of inward supplies and input…

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

Budget 2022 – Changes in the Customs and Excise Rules

Budget 2022 – Changes in the Goods and Services Tax (GST) Rules

Contract Drafting for Indian Businesses: Employment, Vendor, and Service Agreements Explained

How to Structure Intragroup Transactions to Minimize Risks of Transfer Pricing

Understanding Purpose Codes for Outward Remittances: A Guide for Foreign Subsidiaries

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