Code of Conduct in Forensic Audit: Introduction: A forensic audit is a specialized examination that investigates financial records to uncover potential fraud or illegal activities. Given the sensitive nature of this work, a strict code of conduct is essential to ensure integrity, professionalism, and fairness throughout the audit process. The Association of Certified Fraud Examiners …
When is the cancellation revocation applicable? Procedure for Implement Revocation for GST cancellation This applies only if, on its own motion, the tax officer has cancelled the registration of a taxable person. Such taxable person may apply to the cancellation officer within 30 days from the date of the cancellation order. Note: Application for revocation …
Enhancement Made to the GST Portal – Significant Update Goods and Services Tax Network is pleased to inform that an enhanced version of the Goods and Services portal would be launched on 3rd May 2024. Goods and Services Tax Network is rolling out significant enhancements to the GST Portal, aimed at improving user experience and …
ITC Mismatch GSTR-2B vs GSTR-3B – DRC-01C Intimation under Rule 88D New mechanism to deal with Input Tax Credit mismatches between form GSTR-2B and form GSTR-3B was recommended. Accordingly, CGST Rule 88D was notified on 4th August 2023 vide CGST notification 38/2023 to allow GST system to send automatic intimations to taxpayers for major ITC discrepancies …
Hurdles with Hindu Undivided Family Dissolution: The Hindu Undivided Family (HUF) is a recognized legal entity under the Income-tax Act, 1961. It is treated as a separate ‘person’ for tax purposes, distinct from its individual members. While HUF offers significant tax planning benefits, there are challenges in its dissolution: Dissolving a Hindu Undivided Family can …
MSME-Buyer fails to make payment in 45 days MSME APPLICABILITY CRITERIA All manufacturing, service industries, wholesale, and retail traders that fulfil the revised MSME classification criteria of annual turnover and investment can apply for MSME registration. Thus, the MSME registration MSME registration: Individuals, startups, business owners, and entrepreneurs Private and Public limited companies Sole proprietorship …
What are the tax implications of online gaming? Introduction: In this article we are giving a clear overview of the taxability of online winnings before the introduction of specific sections in the Income Tax Act, and then introduces the provisions of sections 115BBJ and 194BA, which were brought in to address the taxation of income …
How you’re taxed when you are: The resident person on a foreign temporary assignment: Rohit worked for four months out of Singapore on a temporary assignment and received during that time in Singaporean dollars. He has attributed this income to a bank account here in India. He has now returned home. How does he file …
Key Differences Between New & Old Tax Regimes (FY 2024–25) Particulars New Tax Regime Old Tax Regime Rebate u/s 87A INR 7,00,000 INR 5,00,000 STCG (Section 111A) Rebate Not Available Available LTCG (Section 112A) Rebate Not Available Available Standard Deduction INR 75,000 INR 50,000 House Rent Allowance (HRA) Not Available Available Leave Travel Allowance (LTA) …
Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act Section 44AD of the Income Tax Act provides for a presumptive taxation scheme for businesses. This scheme offers a simpler method for calculating taxable income by allowing taxpayers to declare their income at a prescribed rate based on turnover or gross receipts. By opting …