The Indian Customs Department is responsible for regulating and controlling the import and export of goods into and out of the country. In order to facilitate the smooth movement of goods across borders, the customs department has set up various infrastructure facilities like Inland Container Depots (ICDs), Container Freight Stations (CFSs), and Air Freight Stations…
Buying a home is a significant investment for most people. To ensure that the investment is safe, the government has introduced various regulations to protect the interests of homebuyers. Two important regulations that a homebuyer should be aware of are the Real Estate (Regulation and Development) Act (RERA) and Income Tax laws. In this article,…
When someone passes away, their legal heirs have to apply for registration as legal heirs with the Income Tax Department to inherit their assets and file their tax returns. However, sometimes the application for registration as legal heir may be rejected due to various reasons, including incorrect or insufficient documentation. In such a scenario, it…
The Income Tax Act of 1961, contains various provisions related to the filing of income tax returns and assessment procedures. One such provision is Section 139(8A) which pertains to the rectification of mistakes in the tax return. Section 139(8A) of the Income Tax Act, 1961, was introduced by the Finance Act, 2020, and came into…
Tax planning is a financial procedure that looks at taxation options to determine the conduct of business to reduce or eliminate taxes. Tax planning is extremely important for new business entities to be set up in India and has become extremely important after increasing market competition and post-pandemic implications. To achieve the desired goal, professional…
The Union Budget also known as Annual Financial Statements, is presented to parliament each year by the finance minister in the month of February. The Union Budget plays a crucial role in shaping the economic policies of the government and is eagerly awaited by Economists, business leaders, and ordinary citizens alike. It provides insight into…
April is the start of the new financial year in many of the countries. During this time Individuals and businesses typically review their financial performance from the previous year and set goals and budget for the coming year. It becomes crucial for businesses and individuals to keep track of their compliance requirements to ensure they…
The Union Budget plays a crucial role in shaping the economic policies of the government and is eagerly awaited by Economists, business leaders, and ordinary citizens alike. It provides insight into the government’s economic priorities, plans, and strategies, for the future. In this article we will discuss about “Analysis of Amendment in CGST and IGST…
Section 148 of the Income Tax Act 1961 gives the income tax department the power to issue a notice for the reassessment of income tax returns. This notice can be issued if the income tax department has reason to believe that an individual or entity has not fully disclosed their income or has underreported it….
The Annual Information Statement (AIS) is an important document that provides transparency and accountability for tax-exempt organizations. It is a requirement for certain types of nonprofit organizations that are recognized as tax-exempt by the Internal Revenue Service (IRS). While many organizations diligently file their AIS each year, some may be surprised to find unexpected information…