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, […]
53rd GST Council Meeting Highlights
53rd GST Council Meeting: Almost eight months after the previous one, on June 22, 2024, in New Delhi, the 53rd GST Council meeting took place. This meeting was presided over by Nirmala Sitharaman, the recently appointed Union Finance Minister. This is the inaugural meeting of the GST Council following the Lok Sabha elections of 2024. […]
NOC for GST Registration | How to Perfect Your NOC
NOC for GST Registration: In the age of e-commerce, when aspiring business owners operate remotely or from their homes without an office, there are situations in which companies are required to register under the GST and declare a location of business that they do not own or rent out. It refers to using the letter […]
Budget Gst Highlights 2024
Budget Gst Highlights 2024: Finance Minister Nirmala Sitharaman presents an interim budget for 2024 that addresses numerous plans, projects, and economic development in light of the impending elections. Information on GST and the suggested amendments mentioned in the Finance Bill and Budget 2024 are provided in this article. Budget 2024 Highlights Budget 2024: GST Rates […]
Budget 2024 Highlights Income Tax
Budget 2024 Highlights Income Tax: In India, people look forward to Budget Day with great anticipation, as businesses and the public alike are anxious to learn about the policies and programs that may be of use to them. The announcement of Budget 2024 was made on February 1, which is later than normal this year […]