CRF Form for Updating Master Data on MCA Portal
The CRF form to change master data on the MCA portal is a special request form used when any information shown on the MCA website is incorrect, incomplete, or does…
Angel Tax Exemption in India: Eligibility, Declaration & Application Process
What is Angel Tax? Angel Tax was introduced under Section 56(2)(viib) of the Income Tax Act, 1961. It applies to unlisted companies (startups whose shares are not publicly traded) when…
Angel Tax in India: Exemption, Applicable Rate & Example
If you are an entrepreneur, you’ve likely heard of “Angel Tax.” Under Section 56(2)(viib) of the Income Tax Act, an unlisted company or startup in India was required to pay…
GST Refund: Process, Eligibility, Time Limit & How to Check Status
A GST refund is an important feature under the Goods and Services Tax system that allows taxpayers to claim back extra tax they have paid or unused Input Tax Credit…
What Is a Family Trust in India? Meaning, Benefits & How to Set It Up
A family trust is a legal arrangement in which a person, known as the settlor, transfers assets such as property, investments, or money to a trustee who manages them for…
ITR-U – What Is ITR-U Form and How to File ITR-U?
ITR-U – What Is ITR-U Form and How to File ITR-U? ITR-U, or Updated Income Tax Return, is a form that allows taxpayers to correct errors or omissions in their…
GST Refund on Flat and Insurance Cancellations for Unregistered Buyers
GST Refund on Flat and Insurance Cancellations for Unregistered Buyers The Goods and Services Tax (India) applies to many transactions, including the purchase of flats and insurance policies. However, complications…
VAT Registration – How to Apply Online, Process & VAT Number Search
VAT (Value Added Tax) is an indirect tax levied on the sale of goods and services. It is charged at every stage of value addition and ultimately borne by the…
Taxation of Private Trust under Indian Income Tax Act
With the introduction of e-filing, income tax return compliance for private trusts has become more structured. However, trustees often face confusion regarding: The correct method of tax computation Whether beneficiaries…
Section 147 of the Income-tax Act, 1961 (ITA) Demystified
The Finance Act, 2021 significantly overhauled the reassessment framework under Section 147 of the Income-tax Act, 1961, replacing the earlier provisions relating to income escaping assessment. Before understanding Section 147,…
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