The company comes into existence through a prescribed legal process of company registraion as provided under the Companies Act. Hence the same incorporated Private Limited Company or the OPC can be closed only by following the methods prescribed under the Companies Act 2013. Striking-off a company simply implies that the name of the company added in the […]
The GSTR 9 is a GST annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. GSTR 9 is a return form that provides a detailed summary of supplies and the applicable taxes on them. It also provides a
INDIA’S GDP EXPECTED TO GROW BETWEEN 6.3 & 6.8 PER CENT IN FY26 REAL GDP ESTIMATED AT 6.4 PER CENT IN FY25, CLOSE TO ITS DECADAL AVERAGE REAL GVA ESTIMATED TO GROW BY 6.4 PER CENT IN FY25 CAPEX GROWS AT 8.2 PER CENT IN JULY – NOVEMBER 2024 AND EXPECTED TO PICK UP FURTHER
The State Finance Commission (SFC) is a constitutional body established under Article 243-I of the Indian Constitution to review the financial status of local governments (Panchayats and Municipalities) and recommend measures to improve their financial health. Every five years, each state appoints an SFC to prepare a report on revenue-sharing between the state government and
Appointment of Valuation Officers 1) The Central Government may appoint as many Valuation Officers as it thinks fit. (2) Subject to the rules and orders of the Central Government regulating the conditions of service of persons in public services and posts, a wealth-tax authority may appoint as many overseers, surveyors and assessors as may be
Tax deducted at source (TDS) can be a hassle for taxpayers, especially those suffering from excess TDS deductions. Sometimes TDS deducts from the taxpayer’s income more than they are liable to pay to Income tax authorities. Overpayment of taxes can be a nightmare for taxpayers. However, Form 13 of Section 197 of the Income Tax
The Indian government has introduced Section 285BAA in the Income-tax Act, making it mandatory for reporting entities to disclose details of crypto transactions. This section will come into effect from April 1, 2026. If you are a crypto exchange, broker, or any entity involved in crypto transactions, here’s what you need to know about the
What is ITR U? ITR U is a form introduced by the Income Tax Department of India that allows taxpayers to file an Updated Return. If you made a mistake in your original tax return or forgot to report some income, you can correct it using ITR U. This form was introduced under Section 139(8A) of
The Indian government has introduced Section 44BBD in the Income-tax Act, which will take effect from April 1, 2026. This section provides special provisions for computing profits and gains of non-residents engaged in providing services or technology for setting up electronics manufacturing facilities or producing electronic goods in India. Key Highlights of Section 44BBD Who
The Finance Bill, 2025 has introduced several amendments to the Income-tax Act, 1961 that will impact taxpayers for Assessment Year (AY) 2026-27 and AY 2025-26. These changes aim to simplify tax provisions, provide relief to taxpayers, and improve compliance. This article provides a clear breakdown of the revised tax slabs, surcharge limits, tax deductions at
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