Did you know that the interest you earn from your savings bank account is taxable? Many of us maintain savings accounts but are unaware that the interest received from them…
Timely and accurate tax payments, along with consistent filing of returns, are essential to ensure the government has sufficient funds for public welfare initiatives. To discourage taxpayers from delaying payments…
India, being a developing nation, has a high demand for construction services due to continuous infrastructure development. Many businesses also focus on demolishing older structures and rebuilding them with modern…
The Companies Act, 2013 introduced the term "small company" to extend benefits to privately held businesses with lower revenue brackets. These small entities contribute significantly to India’s economic growth by…
Striking off a company’s name is an alternative method to formally close its operations. The Registrar of Companies (ROC) may initiate this process by issuing a notice to remove a…
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,…
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…