India's GST Collections Surge in December 2024 to INR 1.77 Trillion India's GST collections for December 2024 reached a record ₹1.77 trillion, marking an 8% year-over-year increase. This growth reflects… Read More
GSTN Advisory on the Waiver Scheme under Section 128A, issued on January 14, 2025: Taxpayers should review their eligibility and take immediate steps to leverage the waiver scheme for smoother… Read More
Private placement procedure in a Private Limited Company in India The private placement procedure in a private limited Company in India is governed by Section 42 of the Companies Act,… Read More
Guidelines for members to complete their CPE activities The Institute of Chartered Accountants of India has issued a notification u/s 15(2)(fa) of the Chartered Accountants Act, 1949 (as amended by… Read More
Deductions from Income from Other Sources: Section 57 Income from Other Sources includes incomes not classified under other heads like Salary, House Property, Business or Profession, & Capital Gains. Examples… Read More
Long-term capital loss on reduction of share capital, allowable The Mumbai Bench of the Income-tax Appellate Tribunal has provided an important ruling regarding the treatment of losses arising from the… Read More
Delay in registration of property cannot not be a ground to deny exemption under Section 54 & 54F: Question : Assessee sold vacant land in October/November 2016 purchased a house… Read More
FCRA Audit Guidelines for NGOs - Disclosure by CAs on violated any provisions of FCRA law The updated FCRA compliance guidelines will likely have significant implications for both NGOs and Chartered… Read More
Section 87A tax rebate is a significant relief for eligible taxpayers. The Income Tax Department's update regarding Section 87A tax rebate is a significant relief for eligible taxpayers. The Income Tax… Read More
Deduction for Bad Debts : explanation of Section 36(1)(vii) What is a Bad Debt? Bad debt refers to an amount owed to a creditor that is no longer collectible… Read More