Comparison of Fixed Deposits (FDs) and Life Insurance Plans Under this blog, we provide the details of the comparison of Fixed deposits and Life Insurance Plans as financial tools for achieving specific objectives. Both fixed deposits and Life insurance plans serve distinct purposes. FDs are reliable for saving and securing capital, while Life insurance addresses …
Taxation of property transactions where the consideration is less than stamp duty value Section 56(2)(x) of the Income Tax Act was introduced to address the taxation of gifts or property received without adequate consideration. It replaced the earlier provisions under Section 56(2)(vii) and (viia) and widened the scope to include all categories of taxpayers (individuals, …
Supreme Court: Stay INR 1.5 trillion worth of GST notices against Online Gaming Co. The recent Supreme Court decision to stay INR 1.5 trillion worth of goods and services tax notices against online gaming companies has significant implications for both the gaming industry and tax authorities. Here’s a detailed breakdown of the developments Key Details …
Credit Note Disclosure in GSTR-9 Annual Return Filing Under GST, suppliers of goods or services must issue a tax invoice for every taxable supply. However, when the taxable value of the supply decreases due to specific circumstances, the supplier is required to issue a credit note. This ensures proper adjustment of tax liability and helps …
GST Compliance for Credit Notes: a separate SAC or HSN code In GST, credit notes for trade discounts and cash discounts are linked to the original transaction and are not assigned a separate SAC (Service Accounting Code) or HSN (Harmonized System of Nomenclature) code. Here’s how it works: Reference to the Original Invoice: A credit note …
GSTN advisory on implementation of reporting HSN codes in GSTR-1 & GSTR-1A GSTN advisory issued by GSTN regarding the implementation of Phase-III for reporting HSN codes in GSTR-1 and GSTR-1A introduces significant enhancements to streamline the reporting process. The advisory regarding HSN code reporting in Table 12 of GSTR-1/1A highlights several changes introduced in Phase-3 …
Comprehensive Breakdown Critical Analysis of Sec 29A of the IBC code The introduction of Sec 29A in the IBC, 2016, marked a critical step in preventing errant promoters and connected parties from misusing insolvency proceedings to regain control of their defaulting businesses. Sec 29A of the IBC outlines the ineligibility criteria for resolution applicants during …
Certification of Provisional Financial Statements for Non-Corporate Entities (except LLPs) w.e.f. 01.04.2024 The Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued Guidance Note on Financial Statements of Non-Corporate Entities, prescribing standardized formats for presenting financial statements of such entities. Scope of Applicability: This Guidance Note applies to: Sole Proprietorships …
Difference between Financial Intelligence Unit (FIU) & Foreign Assets Investigation Unit (FAIU): The Financial Intelligence Unit (FIU) and the Foreign Assets Investigation Unit (FAIU) serve distinct roles in India’s financial and tax enforcement system. FIU is centered on suspicious financial transactions within the country and ensuring compliance against financial crimes. FAIU specifically deals with foreign …
Compliance Calendar: January 2025 Compliance Deadlines for January 2025 7 January 2025 TDS/TCS Deposit Deposit TDS/TCS deducted or collected for December 2024, except for Sections 194-IA, 194-IB, 194M, and 194S. Quarterly TDS Deposit for October to December 2024 for taxpayers permitted under Sections 192, 194A, 194D, and 194H. GST Filing (GSTR-7 & GSTR-8) File returns …