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Optimising tax returns is one of the best decisions a business owner can make. Although saving money is undoubtedly beneficial, it's equally important to make sure your company is set up for long-term success. Efficient tax preparation may optimise deductions, guarantee adherence to constantly evolv...

Overview The Goods and Services Tax (GST), introduced in July 2017, revolutionized India's tax system by consolidating multiple indirect taxes into a single, unified framework. Its primary objectives are to streamline GST compliance and enhance transparency across the corporate ecosystem. For busin...

The Goods and Services Tax (GST) is an indirect tax that has streamlined India's taxation system, replacing multiple levies with a unified structure. For businesses, registering for GST is a legal requirement to collect and remit this tax. In this blog, we’ll walk you through the GST Registrat...

Introduction MGT-7 and MGT-7A are crucial annual return forms that every company incorporated under the Companies Act, 2013, must file to maintain compliance with Indian corporate law. These forms capture key information about the company’s financial health, management structure, and shareh...

An allowance refers to a fixed sum of money provided by an employer to an employee to cover specific expenses. Typically, this amount is given to the employee to manage their expenditures independently. In other words, if an employer provides a certain amount on a regular basis (e.g., monthly) to co...

Introduction On July 11, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 225/19/2024-GST, addressing various issues concerning the taxability and valuation of corporate guarantees under the GST framework. This article delves into the key clarifications provided in...

Filing Income Tax Returns (ITR) is a crucial annual task for every responsible taxpayer in India. Despite the detailed processes and stringent deadlines, many individuals often overlook or forget to disclose certain crucial details in their ITR. Such omissions can lead to discrepancies, legal issues...

Paying taxes is a fundamental duty for individuals and businesses alike, ensuring the smooth functioning of a country's economy. One crucial aspect of the tax system that often goes under the radar is Advance Tax. This blog aims to demystify Advance Tax, its importance, who needs to pay it,...

In today's fast-paced financial environment, a growing number of salaried individuals, freelancers, self- employed persons, professionals in India are turning to trading, including derivatives trading, as a means to supplement their income. While this can be a lucrative venture, it also brings w...

Maintaining the complexities of income tax can be difficult for small business owners and professionals. To ease this burden, the Indian Income Tax Act offers a simplified presumptive taxation scheme under Sections 44AD and 44ADA. These provisions are designed to streamline tax compliance and reduce...