Recently, various micro food processing enterprises are in trend, and access to financial resources can often determine the trajectory of success or being stagnant. By recognizing the need of financing for the micro food processing enterprises, the government has launched a scheme of Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFME), which has a…
This article is about Refunds of deposits during investigation. In a recent case, Lovelesh Singhal Prop. Shivani Overseas v. Commissioner, Delhi Goods and Services Tax & Ors. [W.P.(C) 16353/2022 dated December 05, 2023] in the Delhi High Court said a taxpayer was forced to pay money during a tax investigation. The court decided the taxpayer…
CBIC Circular on GST Reimbursements :The Goods and Services Tax (GST) has seen a constant evolution and one area, which has enhanced attention, is the taxation of reimbursements. Recent circular issued by the Central Board of Indirect Taxes and Customs (CBIC) has injected new challenges and opportunities into the GST aspect. In the current guide,…
The recent ruling made by the 52nd GST Council meeting causing an exemption of GST on Extra Neutral Alcohol (ENA) employed in alcoholic beverages has led to considerable deliberation and conversation. This decision is significant because even though the goods and services tax (GST) does not include alcoholic drinks for people, taxing ethyl alcohol (ENA)…
Got a mountain of unpaid bills from your smaller suppliers? Section 43B(h) of the Income Tax Act is shaking things up, meaning delays in settling those MSME bills can now hurt your own business. This blog dives into the explanation regarding Section 43B(h) applicability and why paying your MSME suppliers promptly is no longer just…
In the realm of corporate taxation in India, deemed dividend has emerged as significant and complex aspect. Deemed dividend refers to such transactions or situations where a company’s payment or distribution is treated as dividend, even if they are not explicitly declared as such. The concept aims to control tax evasion and ensure that shareholders…
In the world of finance, changes happen—sometimes in IAS accounting policies, estimates, or even errors. It’s like adjusting the recipe for financial reporting to make it more accurate. In this blog, we’ll unravel the simplicity behind accounting policy changes, adjustments in estimates, and the unexpected errors that can pop up in the world of numbers….
ITR-U means updated Incomе Tax Rеturn. This is introducеd in India’s Union Budgеt 2022 to allow the taxpayеrs to rеctify еrrors or omissions in their previous filеd incomе tax rеturns. It offеrs a chancе to voluntarily disclosе any additional incomе that might have been missеd іn thе original rеturn. Income tax department under section 139(8A)…
Madurai, with its rich cultural heritage, provides an environment that supports the growth of businesses. The process of Company Registration in Madurai is simple and aims to encourage entrepreneurial mindsets. The municipal authorities of this city extend their assistance throughout the registration procedure. With its flourishing economy and supportive infrastructure, Madurai stands as an optimal destination…
For many, the dream of owning a home is a significant financial endeavour. But being a homebuyer makes you a financial creditor? In this blog, we’ll understand the connection between homebuyers and financial creditor status, exploring the implications and roles they might play in the realm of financial dealings that is we will get to…