MAT stands for “Minimum Alternate Tax,” which has been introduced to collect tax from companies that have been enjoying tax benefits or tax exemptions despite having huge profits. These companies distribute considerable dividends to shareholders but take advantage of various income tax law provisions, such as exemptions, deductions, etc., to avoid paying taxes. Such companies […]
The World Intellectual Property Organization (WIPO) is a specialized agency of the United Nations (UN) responsible for promoting and protecting intellectual property (IP) rights worldwide. It was established in 1967 and is headquartered in Geneva, Switzerland. Key Functions of WIPO WIPO plays a crucial role in: Developing international IP laws and policies. Managing global IP
Depreciation is discussed in Section 32 of the Income Tax Act of 1961. Depreciation is characterised as a decrease in the value of an object caused by wear and tear. People claim depreciation deductions only for accounting or taxation purposes The concept of depreciation is allowed under the Income Tax Act. Depreciation under the Income Tax
The Unified Payments Interface (UPI) has emerged as a champion of convenience and speed. In 2025, the State Bank of India (SBI) implemented specific limits for UPI transactions to ensure secure and efficient digital payments. Understanding these limits is crucial for users to manage their transactions effectively and avoid any inconvenience. The State Bank of India
India-EFTA Desk will function as a single-window mechanism to provide support to EFTA businesses looking to invest, expand, or establish operations in India Business Roundtable Witnessed Participation from Over 100 Companies from India and EFTA Nations India and the European Free Trade Association (EFTA) – comprising Switzerland, Norway, Iceland, and Liechtenstein – have taken a
The Rajasthan Information Commission (RIC) was established on April 18, 2006, under the Right to Information Act (RTI), 2005. It is responsible for ensuring the effective implementation of the RTI Act in Rajasthan and acts as the final appellate authority for RTI-related matters in the state. Role & Responsibilities of RIC The RIC primarily functions
Inspection, etc., of reports No person shall be entitled to inspect, or obtain copies of, any reports made by any wealth-tax authority to the Settlement Commission ; but the Settlement Commission may, in its discretion, furnish copies thereof to any such person on an application made to it in this behalf and on payment of
Naming a business or product is never easy, there are so many things to be considered. And it doesn’t always come easily. Some may say it’s the difference between success and failure – the choice in name can make or break a business. No pressure then. Company name is very important to define your business and to create
Jaipur, January 3, 2024 – In a significant ruling today, the Jaipur Bench of the High Court of Judicature for Rajasthan directed the Enforcement Directorate to release the seized currency assets of M/s Harish Forex Services Pvt. Limited and other petitioners within four weeks. The court held that the prolonged detention of these assets violates
Modernizing India’s tax system is on the agenda. For decades, the Income Tax Act, 1961 has governed direct taxation. However, mounting complexity and compliance challenges have spurred calls for a simpler, more transparent framework—the Direct Tax Code (DTC). This guide explains both systems, compares their key features in an at-a-glance table, and outlines what the changes
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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