How to Handle Income Tax Notices: A Step-by-Step Guide
How to Handle Income Tax Notices: A Step-by-Step Guide Handling income tax notices can frequently feel threatening for people and businesses alike. In any case, it is a reasonably common event and can be settled easily if approached systematically. In this comprehensive guide, we will explain the different types of income tax notices issued under […]
Digital Transformation in Accounting: How CAs Are Adopting Technology
Digital Transformation in Accounting: How CAs Are Adopting Technology In today’s fast-paced and technology-driven world, the accounting profession is undergoing a seismic shift. The advent of advanced digital tools and platforms has transformed the way Chartered Accountants (CAs) work, enhancing efficiency, accuracy, and client satisfaction. This article explores the profound impact of digital transformation on […]
Sale of Capital Goods Under GST
Sale of Capital Goods Under GST: There has always been uncertainty regarding the taxability of capital goods sales. This article attempts to address some of the questions around this problem. Capital goods are frequently sold across company lines in a variety of situations, such as when they are out-of-date, outmoded, or have reduced production capability. […]
Advantages of Single Entry System
Understanding Single Entry System A single-entry system is a straightforward accounting system that requires little training or expertise. For small firms without the funds to hire a professional accountant, this makes it perfect. Because it takes less time and effort to maintain, it is far less expensive than double-entry bookkeeping. Errors are less likely to […]
RCM on Rent of Commercial Property
RCM on Rent of Commercial Property: The GST Council’s most recent notification altered the taxation of rental income from commercial property. This adjustment is anticipated to raise tax revenue for the government, but experts warn that it might increase renters’ expenses. Following the Council’s 54th meeting on September 9, it was declared that the tenant […]
How to Close a Private Limited Company?
How to Close a Private Limited Company: In today’s ever-changing business environment, entrepreneurs frequently look for the best structures for their projects. The Close Private Limited Company is a growingly popular alternative. This legal framework combines a close-knit ownership arrangement with the advantages of restricted liability. This article will examine the steps, required paperwork, requirements, […]
TDS on Reimbursement of Expenses
TDS on Reimbursement of Expenses: Suppose you have ever received a reimbursement for expenses incurred and TDS was deducted from it. In that case, this article will help explain several aspects of this topic by providing detailed insight into the circumstances under which TDS applies to reimbursements—exceptional cases in point: payments to non-residents, contractors, and travel expenses. What […]
Capital Gain on Depreciable Assets
Capital Gain on Depreciable Assets: If the person sells a capital asset that forms part of the block of assets on which depreciation has been allowed as per the provisions of the Income Tax Act, the income from such sales is a capital gain. In this article, we will discuss Section 50, which provides for […]
Difference Between Public and Private Trust
Difference Between Public and Private Trust: An individual, referred to as the trustor or settlor, transfers the title of their property or assets to another individual, referred to as the trustee, for the benefit of a third party, referred to as the beneficiary. This fiduciary relationship is known as a trust. The author’s property is […]
Rule 42 of GST Annual Return | Reversal of ITC
Rule 42 of GST Annual Return: When paying taxes to the government for purchases of products and services, such as labor or raw materials used in the manufacturing or sale of commodities, businesses are eligible to claim the GST credit. It’s called an input tax credit (ITC). If the input tax credit is wrongly claimed, […]