The Ministry of Corporate Affairs (MCA) provides a centralized online platform where information about all registered companies and Limited Liability Partnerships (LLPs) in India can be accessed. Through this portal,…
The Income Tax Department treats tax compliance with utmost seriousness and is known for taking swift action against defaulters. For instance, in July 2023 alone, over 1 lakh notices were…
Each state and Union Territory in India is assigned a distinct state code under the GST framework. These GST state codes form a crucial part of a business's GST Identification…
Many taxpayers with dependents suffering from specific illnesses seek guidance on claiming deductions under income tax laws. Section 80DDB offers a tax deduction for expenses incurred on the treatment of…
The GST Composition Scheme is a simplified tax scheme designed to ease the compliance burden for small taxpayers. Under this scheme, eligible taxpayers can pay GST at a fixed percentage…
Section 16(4) outlines a definitive period within which taxpayers must claim Input Tax Credit (ITC). This provision aims to streamline the process and minimize errors in tax reporting. In this…
The Goods and Services Tax (GST) is one of India’s most significant tax reforms, combining various indirect taxes previously levied by both the Central and State Governments—such as excise duty,…
Under the Goods and Services Tax (GST) regime, TDS is required to be deducted at 2% on payments made to suppliers providing taxable goods or services, by specific notified entities.…
A One Person Company (OPC) is a unique business structure introduced under the Companies Act, 2013, allowing a single entrepreneur to operate a corporate entity with limited liability protection. This…
Registrar of Companies (ROC) filing is a mandatory compliance requirement for private limited companies in India. It involves submitting essential documents and financial statements to the Ministry of Corporate Affairs…