GST RETURNS FOR NIL/ZERO TURNOVER—AS PER CGST Act, 2017 Is a return mandatory if turnover is NIL under GST? YES – Filing of Return is Mandatory. Legal provision is given in Section 39(1) of the CGST Act, 2017. Every registered person shall, for each tax period, furnish a return, whether or not any supplies of …
Delaying Term Insurance Can Cost You: Premiums Rise 50% in 5 Years. Making the right financial decision at the right time is very much like catching the right train. Miss it, and the next option often costs more and arrives later. The same applies to term insurance. Many people delay buying a policy, telling themselves …
Which Foreign Assets are to be Declared in Schedule FA of ITR It explains the reporting requirements for resident & ordinarily resident taxpayers who hold foreign assets or income. This is general guidance. Reporting requirements may vary based on residential status and specific facts of the case. Professional advice is recommended before filing the return. …
What Happens After Grant of GST Registration –(Rule 10A – Furnishing of Bank Account Details) What happens after the grant of GST registration What happens after the grant of GST registration, focusing on compliance with Rule 10A regarding furnishing bank account details. It shows timelines, consequences of missing deadlines, and resolution paths. Grant of GST …
US Clarification on Tax Residency May Increase Tax Burden for Returning Indians (RNORs) The India–US Double Taxation Avoidance Agreement provides concessional tax rates on certain income streams, such as dividends, interest, and royalties, to individuals who qualify as tax residents of either India or the United States. Indians returning from the US often qualify as …
New Wage Codes – Impact & Immediate Actions Required India’s four Labour Codes—Code on Wages, 2019, Industrial Relations Code, 2020, Code on Social Security, 2020, and Occupational Safety, Health and Working Conditions Code, 2020—usher in unified definitions and streamlined compliance rules that reshape how organizations design compensation, compute statutory benefits, and run payroll. Effective from …
Common Reasons for GST Notices, Sending & Compliance GST notices are official communications issued by GST authorities for reasons such as non-filing of returns, discrepancies, ITC mismatches, or other compliance issues. They require timely responses to avoid penalties or adverse actions. GST is based on self-assessment and self-certification, requiring taxpayers to comply proactively. Notices under …
All about the Latest GST Amendments for FY 2024–25 & FY 2025–26 GST is firmly moving towards real-time compliance, system-driven checks, and accountability. Businesses must shift from reactive filing to continuous compliance monitoring. The government has introduced far-reaching reforms in the GST framework for FY 2025–26, aimed at improving ease of doing business, tax governance, digital security, …
Overview of CBDT’s Warning Fraudulent Deduction Claims on Donations CBDT has launched a press release as part of an awareness campaign to combat fraudulent deduction claims in income tax returns, particularly those u/s 80GGC (donations to political parties) and 80G (donations to charitable institutions). This targets bogus claims filed through intermediaries who issue fake receipts …
Post-incorporation Compliance of Indian Pvt Ltd company Brief Introduction Getting the Certificate of Incorporation is only the starting point; the company and its directors must thereafter comply with a series of post‑incorporation and annual requirements. Non‑compliance can lead to monetary penalties, disqualification of directors, and even striking off of the company, so understanding timelines and …