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 India’s robust economic performance and improved tax compliance, affirming the efficacy of the GST framework. The December 2024 GST collections exemplify India’s economic progress and …
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 GST compliance. For more details, visit the advisory section of the GST portal. For guidance on filing applications and other updates, refer to the GST …
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, 2013 and the relevant rules under the Companies (Prospectus and Allotment of Securities) Rules, 2014. Not more than 200 persons in a financial year (excluding …
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 the Chartered Accountants (Amendment) Act, 2022) regarding the “Statement on Continuing Professional Education, 2023.” The statement, introduced at the 426th Council meeting of ICAI, outlines …
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 of such income include dividends, interest, lottery winnings, family pensions, etc. Section 57 provides deductions for expenses incurred in earning such an income. This includes …
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 reduction of share capital, Treatment of long-term capital loss arising from the reduction of share capital. This judgment reinforces taxpayers’ rights to fair treatment under …
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 property, and paid the entire sale consideration on 14-11-2016. 2. The possession of the property was also given to the assessee on the same day …
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 Accountants as the regulatory framework becomes more stringent. Changes to the Foreign Contribution (Regulation) Act, 2010 compliance guidelines for NGOs, as mandated by the Ministry …
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 Department has updated ITR forms for FY 2023-24 to ensure eligible taxpayers can claim the Section 87A rebate, a crucial relief for individuals with modest …
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 and is deemed worthless. It arises when the debtor is unable to repay the debt due to financial difficulties, such as insolvency or bankruptcy, or …