• Foreign Subsidiary Company Compliances in India

    All companies incorporated in India must comply with the rules and regulations laid down by the Indian government. Foreign-owned subsidiary companies, however, have additional compliance requirements compared to domestically owned companies. What is a Foreign Subsidiary Company? A foreign subsidiary company is a company in which 50% or more of its equity shares are held…

  • What is a Net Worth Certificate?

    A Net Worth Certificate is an official financial document that provides a detailed snapshot of an individual’s or company’s financial health at a specific point in time. It lists all assets (what you own) and liabilities (what you owe) and calculates the net worth as: Net Worth = Total Assets – Total Liabilities This certificate…

  • Various Aspects of Taxation on IT Services – GST and Direct Taxation

    The earlier VAT and service tax system in India was complex due to the presence of multiple taxes, extensive compliance requirements, and the issue of tax cascading. The introduction of GST has streamlined the tax structure, making it simpler and more efficient, particularly for the IT sector. Under the previous tax regime, the sale of…

  • Tax on Consultancy Services: Applicability, Tax Rates, and Benefits

    Understanding the provisions of the Income-tax Act, 1961 is crucial for consultants to ensure proper compliance and effective tax planning. Familiarity with the applicable tax rules helps consultants manage their liabilities efficiently and make informed financial decisions. Who Is a Consultant? The Income-tax Act, 1961 does not specifically define the term consultant. However, consultancy services…

  • Tax Guide for Indian Freelancers Receiving Foreign Payments

    Being a freelancer in India means handling more than just client work and deadlines—you also need to deal with tax compliance, especially when you earn from international clients. Foreign payments can make taxation feel complicated, but understanding the applicable rules is essential to stay compliant, avoid penalties, and optimise your earnings. This guide explains how…

  • Presumptive Taxation for Business and Profession

    The presumptive taxation scheme makes income tax compliance easier for small businesses, professionals, and freelancers by allowing them to declare income at a fixed percentage of turnover, without the need to maintain detailed books of accounts. Covered under Sections 44AD and 44ADA, this scheme lowers compliance burden, removes audit requirements in most cases, simplifies record-keeping,…

  • TDS on Sale of Property by NRIs in India

    TDS on Sale of Property by NRIs in India When an NRI sells property in India, the profit earned is classified as capital gains. The type of capital gain—short-term or long-term—depends on how long the property has been held. Capital Gains Classification for NRIs Tax Rates on Property Sale for NRIs TDS on Sale of…

  • NRO to NRE Transfer: A Complete Guide for NRIs

    Managing finances across countries can be challenging for Non-Resident Indians (NRIs). With over 15.85 million NRIs worldwide, keeping track of income earned both in India and abroad is crucial. One of the important aspects of NRI banking is transferring funds between NRO and NRE accounts—a process that requires compliance with regulations and careful planning. Understanding…

  • NRI Return to India Consultancy

    NRI Return to India Consultancy In an increasingly interconnected world, many Indian citizens explore opportunities abroad for work, education, or business. Non-Resident Indians (NRIs), along with Persons of Indian Origin (PIOs) who have acquired foreign citizenship, and Overseas Citizens of India (OCIs), often maintain strong connections with India. Many choose to return to the country…

  • Family Trust & Taxation: How to Register a Private Trust in India

    Family trusts in India play a crucial role in protecting wealth, planning succession, and optimizing taxes. Many families use them to secure assets, ensure smooth transfer of wealth across generations, and maintain long-term financial stability. Setting up a family trust, however, requires a clear understanding of legal formalities, taxation rules, and compliance obligations. This guide…

  • Why Ecommerce Accounting Is Crucial for Your Online Store’s Growth

    Why Ecommerce Accounting Is Crucial for Your Online Store’s Growth With the rapid expansion of the ecommerce sector, competition is fiercer than ever. For your online store to thrive, every aspect of your operations must be efficient and precise—especially accounting. In this blog, we break down what ecommerce accounting entails, the challenges unique to online…

  • How to Download and Fill Form 26QB for TDS Payment on Purchase/Sale of Property

    Form 26QB is required to be filed at the time of purchasing an immovable property. When a property is purchased for a value of ₹50 lakh or more, the buyer must deduct TDS at 1% under Section 194-IA and deposit it with the government using a challan-cum-statement known as Form 26QB. This form must be…

  • How to Manage Income Mismatch in ITR Filing

    How to Manage Income Mismatch in ITR Filing An income mismatch in ITR filing arises when the income reported by a taxpayer differs from the information available with the Income Tax Department through records such as Form 16, Form 26AS, AIS, or TIS. These inconsistencies are commonly flagged by the system and may result in…

  • GST on Health Insurance 2025: Rates, Effects & Tax Relief

    GST on Health Insurance 2025: Rates, Effects & Tax Relief When GST was first applied to health insurance premiums, it increased the overall cost for policyholders. However, major changes announced in the 56th GST Council Meeting held in September 2025 aimed to reduce this burden and improve affordability. This article explains how GST impacts health…

  • How to Check GST Registration & ARN Status Online – A Step-by-Step Guide

    How to Check GST Registration & ARN Status Online – A Step-by-Step Guide Typically, a GST registration application is processed within 3 to 7 working days after submission. However, it is advisable to regularly check your GST registration status online on the GST portal to ensure smooth processing and avoid unnecessary delays. What is GST…

  • GST Reforms in India 2025: New Rates, Slabs, and Key Changes

    GST Reforms in India 2025: New Rates, Slabs, and Key Changes India has introduced significant GST reforms in September-October 2025, aiming to simplify the tax system, reduce compliance burden, and boost economic growth. These reforms focus on rate rationalisation, structural changes, and improved ease of living for taxpayers. What Are the 2025 GST Reforms? Prime…

  • GST Amnesty Scheme: Eligibility, Benefits, and Challenges

    GST Amnesty Scheme: Eligibility, Benefits, and Challenges The GST Amnesty Scheme provides relief to taxpayers who missed filing certain GST returns or whose registrations were cancelled. It allows waiver or reduction of interest and late fees, aiming to reduce litigation and promote compliance. What is the GST Amnesty Scheme? The scheme was initially introduced for…

  • All About Reverse Charge Mechanism (RCM) Under GST

    All About Reverse Charge Mechanism (RCM) Under GST The Reverse Charge Mechanism (RCM) under GST is a system where the responsibility to pay tax is shifted from the supplier to the recipient of goods or services. This mechanism is mainly used in situations where tax collection from suppliers is difficult, such as in unorganised sectors…

  • GST on Gold in India 2025: GST Rates on Gold Purchase, Jewellery, Coins & Bars

    With the introduction of the Goods and Services Tax (GST), the tax structure on gold in India has undergone major changes. At present, a uniform 3% GST is applicable on both 24 carat and 22 carat gold, impacting the cost of physical gold purchases. The implementation of GST has brought clarity and uniformity to gold…

  • Debit Note vs Credit Note: Key Differences

    Debit Note vs Credit Note: Key Differences Businesses use debit and credit notes as formal accounting documents to manage purchase returns and sales returns. These notes indicate to the buyer or seller how much credit is available or how much is owed. Understanding the difference is important, especially for businesses that frequently handle both types…

  • Section 11 of the Income Tax Act: Tax Exemption for Charitable Trusts

    Section 11 of the Income Tax Act: Tax Exemption for Charitable Trusts To encourage the work of religious and charitable organizations, the Indian government offers tax exemptions under Section 11 of the Income-tax Act. These benefits apply only to specific types of income, and eligible entities must meet certain conditions to claim them. Budget 2025…

  • Section 80EEA – Additional Deduction on Home Loan Interest for Affordable Housing

    Section 80EEA – Additional Deduction on Home Loan Interest for Affordable Housing Overview: Section 80EEA provides an extra deduction of up to Rs. 1.5 lakh per year on home loan interest, in addition to the benefits available under Sections 24 and 80C. This deduction applies to loans sanctioned between 1st April 2019 and 31st March…

  • Section 43B(h) of the Income Tax Act: Applicability, Due Date, Limit & Example

    Section 43B(h) of the Income Tax Act: Applicability, Due Date, Limit & Example Section 43B(h) provides that any amount payable to Micro and Small Enterprises (MSEs) for goods supplied or services provided will be allowed as an expense in the same financial year only if it is paid within the time frame specified under the…

  • Section 36 of the Income Tax Act: Deductions for Business Expenses

    Section 36 of the Income Tax Act: Deductions for Business Expenses The Income Tax Act, 1961 provides several deductions to help taxpayers reduce their tax burden. Section 36 lists specific expenses that can be claimed as deductions from income earned through business or profession. Below are the types of expenses covered under this section. Expenses…

  • Section 112A of Income Tax Act – Long-Term Capital Gains on Shares

    Section 112A of Income Tax Act – Long-Term Capital Gains on Shares Long-term capital gains (LTCG) on shares refer to profits earned from selling equity shares or units of equity-oriented mutual funds held for over 12 months. Section 112A governs LTCG arising from listed equity shares, equity-oriented mutual funds, and units of business trusts. These…

  • Income Tax Clearance Certificate: Meaning, Importance & Download Process

    Income Tax Clearance Certificate: Meaning, Importance & Download Process Certain transactions in India require obtaining an Income Tax Clearance Certificate (ITCC). This certificate, issued by the tax authorities, acts as proof that all your tax dues are settled. But who is required to get it—and why? This blog explains what an ITCC is, why it…