A customs duty is a levy placed on products imported into a country. It is a significant source of money for governments and is used to control the movement of products across borders. Importers must calculate customs duty accurately since it affects the entire cost of importing products and their profitability. The goal of this…
Financial planning is one of the most important aspects in achieving one’s life goals. A solid financial plan may help us manage our income, expenses, and investments, allowing us to live the life we want while accounting for shifting expenses, unforeseen expenses, and economic downturns. But how can one develop a plan that controls risk…
Government Securities or G-Secs are debt instruments issued by the Indian government to finance its fiscal deficit. G-Secs are considered safe investments as they carry the sovereign guarantee of the Indian government. One of the key factors that determine the attractiveness of G-Secs is their yield, which is the return that an investor earns on…
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…
The Finance Act of 2021 introduced Section 194P to the Income Tax Act of 1961. This new section deals with the TDS (Tax Deducted at Source) obligations of specified senior citizens. The government introduced this provision to provide relief to senior citizens aged above 75 years and to make the income tax compliance process more…
The Customs Act, 1962 is the primary law that regulates the import and export of goods into and out of India. The Act also provides for the regulation of the movement of passengers and their baggage. The Act empowers the customs authorities to examine passengers and their baggage to prevent the smuggling of goods into…
The Insolvency and Bankruptcy Code (IBC) was enacted in 2016 to provide a legal framework for the resolution of insolvency and bankruptcy cases in India. While the IBC was primarily designed to address the concerns of lenders and creditors, it also provides some relief to home buyers who have invested in under-construction projects that have…
Have you ever heard about customs brokers? Customs brokers are professionals responsible for professional services by handling the process of customs clearance for you during shipping. The customs broker has the task that the shipment meets all regulations for the import or export of goods and its standards. In this article, we will discuss in…
Auditing is an important function for any company that wants to operate within the ambit of law. Auditors help to ensure that company operations are in compliance to applicable laws and regulations, and also identifies potential risks, and recommend corrective actions if necessary. Financial frauds by companies in India are growing. Financial Frauds can occur…
Professional Tax is a tax levied by the state government on individuals and entities engaged in various professions, trades, and employments. It is a state-specific tax, and hence, the rates, slabs, and regulations vary from state to state. Professional Tax is a source of revenue for state governments and is also used for the development…