GST TDS vs GST TCS: Complete Guide for Businesses Many taxpayers, accountants, and business owners often confuse GST TDS (Tax Deducted at Source) with GST TCS (Tax Collected at Source) because both involve deduction or collection of tax at the source and subsequent deposit with the government. However, these provisions operate in entirely different scenarios …
Overview on FEMA Compounding & Late Submission Fee (LSF) Here is a comprehensive understanding of the compounding of contraventions under the Foreign Exchange Management Act (FEMA), 1999, along with the Late Submission Fee (LSF) mechanism introduced by RBI. It is particularly relevant for chartered accountants, company secretaries, CFOs, compliance professionals, FDI/ODI consultants, and businesses dealing …
Import & Export Compliance Under FEMA: Key Regulatory Changes Every Business Must Know International trade has become a critical growth driver for Indian businesses. However, with increasing scrutiny from regulatory authorities such as the Enforcement Directorate (ED), Directorate of Revenue Intelligence (DRI), RBI, Customs, and DGFT, businesses engaged in imports and exports must strengthen their …
Liberalised Remittance Scheme: A Complete Guide for Indian Residents Comprehensive overview of the Liberalised Remittance Scheme (LRS) under the Foreign Exchange Management Act (FEMA), 1999. LRS has become increasingly important as more Indians invest globally, pay for overseas education, travel abroad, purchase foreign assets, and engage in cross-border transactions. What is the Liberalised Remittance Scheme? …
ESG: From CSR to the Boardroom – Why Delhi Businesses Can No Longer Ignore ESG Environmental, Social, and Governance has rapidly evolved from being a Corporate Social Responsibility (CSR) discussion topic to a critical boardroom agenda. Today, investors, regulators, banks, customers, and supply-chain partners expect companies to demonstrate sustainable and responsible business practices. The presentation …
Net Zero: From Corporate Responsibility to Competitive Advantage Net Zero Is No Longer Optional Climate change is no longer just an environmental issue; it is a business issue, an investment issue, and increasingly, a compliance issue. Around the world, companies are committing to Net Zero targets as governments, investors, customers, and regulators demand greater climate …
Salary up to INR 12.75 lakh? You May Still Need to Pay Tax (AY 2026-27) A salaried person earning up to INR 12.75 lakh may have zero tax liability under the New Tax Regime, but certain types of income can still attract tax. 1. Zero Tax on Salary up to INR 12.75 Lakh (Subject to …
TCS Return New Deadlines for Tax Year 2026-27 Under the Income-tax Act, 2025, quarterly TCS returns are to be filed using the new Form 143. The revised compliance framework provides additional time for filing, as TCS returns are now due on the last day of the month following the relevant quarter. Quarterly TCS Return Due …
Overview on Income Tax Audit – Threshold Limits (When Tax Audit Is Not Required) A tax audit u/s 44AB may not be required if the taxpayer falls within the prescribed turnover/gross receipts limits and complies with the relevant presumptive taxation provisions. Tax audit applicability depends not only on turnover or gross receipts but also on …
All about Depreciation Rates Under the Income-tax Act, 1961 Depreciation Under Section 32 of the Income Tax Act, 1961 Section 32 of the Income Tax Act allows businesses and professionals to claim depreciation as a tax deduction on assets used for business or professional purposes. Depreciation is generally calculated using the written-down value method, where …