Current Account Rules & Transactions to Avoid Scrutiny Applicability of Current Accounts : Current accounts are generally used by businesses, professionals, and entities for frequent and high-value transactions & No interest is paid on balances (unlike savings accounts). Subject to stricter Income Tax and RBI compliance checks because of large inflows/outflows. Following are the basic …
GST applicability for supplies made from cold storage facilities The Central Board of Indirect Taxes and Customs has issued a clarification on GST applicability for supplies made from cold storage facilities. GST Registration Requirement: If goods are stored in a cold storage located in another state (e.g., Haryana) and supplied from there, then such a …
Jio Finance Tax Filing + Advisory Plan (INR 25,000) What’s Included in Jio Finance Tax Filing + Advisory Plan Unlimited video calls for tax filing assistance Tax calculation walkthroughs Next year tax planning with monthly advisory video calls Dedicated priority support That plan Covers NRI income, ESOPs & RSUs, Foreign income & Business income Pricing …
New Deadline of Tax Audit from 30th September 2025 to 31st October 2025 The Central Board of Direct Taxes has extended the due date for filing Tax Audit Reports under the Income Tax Act, 1961, for the Assessment Year 2025-26. Previous Due Date: 30th September 2025 Revised Due Date: 31st October 2025 The due date …
Strategy of How I pick dividend-paying stocks for passive income. What Are Dividend Stocks : Dividends = Profit Sharing: Companies reward shareholders with a portion of profits. Stable Companies: Often large, established firms with consistent performance. Why Dividend Stocks Work for Passive Income Regular Income – Quarterly or monthly payouts. No Need to Sell – …
Bank Account Frozen in GST for Over 1 Year? Under the Goods and Services Tax law, the authorities have powers under Section 83 of the CGST Act, 2017 to provisionally attach the bank accounts of taxpayers to protect government revenue during ongoing proceedings. However, such provisional attachment is valid only for 1 year from the …
Rs 800-crore Corporate Social Responsibility funds misuse racket uncovered by Tax Dept Section 135 of the Companies Act, 2013 mandates certain companies to spend at least 2% of their average net profits on CSR activities. Many companies allegedly used fake trusts to show compliance while routing money back. Scale of Fraud: Over ₹800 crore CSR …
Taxation Applies Only on Sale of Inherited Assets Current Position in India on Inherited Assets India does not have inheritance tax (estate duty was abolished in 1985).Hence, there is no tax liability at the time of inheritance. India does not levy inheritance tax. Assets received through inheritance are not taxable under the Income Tax Act, 1961. …
Commissions to own subsidiaries which makes mis-selling by banks The numbers from FY24 commissions show a massive reliance by banks on distribution income — especially from their own subsidiaries which makes the “mis-selling” concern very real. Let’s break it down: 1. HDFC Bank alone earned nearly 30% of the total commissions (INR 6,467 cr out of …
Comprehensive checklist of compliance requirements for Resolution Professionals Comprehensive checklist of compliance requirements for Insolvency Professionals acting as Resolution Professionals (RPs) under the Insolvency and Bankruptcy Code 2016. Here’s a structured summary of its contents: Comprehensive guide for Insolvency Professionals acting as Resolution Professionals under the Insolvency and Bankruptcy Code (IBC), 2016. Here’s a structured …