In the 48th GST Council meeting, one of the decisions taken by the Council was for the government to lay down the rules for unregistered persons to file a refund application under GST. This decision was taken due to several instances taking place where an unregistered buyer had entered into a construction agreement or contract with […]
Section 194R of the Income Tax Act deals with the taxation on any kind of benefits and perquisites received by an individual from a business or profession. This section applies to both monetary and non-monetary benefits and perquisites Scope And Coverage Of Section 194R The deductor is not required to check whether the benefit or
Launched by Prime Minister Narendra Modi on February 15, 2024, with a budget outlay of ₹75,021 crore, the initiative aims to provide free electricity to households by facilitating the installation of rooftop solar panels. The Union Budget 2025 on Saturday (February 1) has increased the allocation for PM Surya Ghar Muft Bijli Yojana (SGMBY) scheme
The Government has introduced Tonnage Tax System (TTS) for taxation of income derived from shipping activities by an Indian Company. The Tonnage Tax Scheme is an optional scheme for qualifying Indian shipping company. Elements of the Scheme the Basic Training Commitment (BTC), an annual plan produced by the company, setting out the tonnage tax company’s
An Electrical Inspectorate Certificate is an approval issued by the Electrical Inspectorate Department of Rajasthan. It certifies that electrical installations comply with safety standards as per the Electricity Act, 2003 and relevant state regulations. Who Needs an Electrical Inspectorate Certificate? Industries & Factories Commercial Buildings & Establishments High-rise Residential Buildings Public & Government Infrastructure Electrical
Assessment (1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4),— (i) if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then,
A non-disclosure agreement is a contract whereby two parties signing it agree not to disclose any confidential information outside of work. Non-disclosure agreements are generally made to protect business confidential. Non-Disclosure Agreement A Non-Disclosure Agreement (NDA), also known as a confidentiality agreement, is a legally binding contract between two or more parties designed to protect
Finance Minister Nirmala Sitharaman presented the Finance Bill 2025 on 01.02.2025, introducing several amendments to the Central Goods and Services Tax Act (CGST). These amendments clarify definitions, ITC distribution, compliance requirements, penalties, and track & trace mechanisms. Below is a detailed breakdown: Key Amendments and Their Impact Amendments to Definitions (Clause 116) Section Amendment Effective
In the evolving realm of corporate sustainability, transparency and accountability are key. To address this need, India’s Business Responsibility and Sustainability Reporting (BRSR) framework offers various reporting formats catering to diverse company sizes and complexities. This system allows companies to communicate their environmental, social, and governance (ESG) efforts through different levels of detail, ensuring inclusivity and accessibility
In recent years, India’s startup ecosystem has experienced rapid growth, with entrepreneurs exploring a range of legal structures—from corporations and Limited Liability Companies (LLCs) to partnerships and Limited Liability Partnerships (LLPs). Despite the operational and compliance advantages of LLPs for small-scale or professional service businesses, venture capitalists tend to favor corporate entities (such as private
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