Windfall tax on crude oil down to nil from Rs 4,100 per tonne
The windfall tax on crude petroleum has been slashed to nil from Rs 4,100 per tonne, as per a notification…
The windfall tax on crude petroleum has been slashed to nil from Rs 4,100 per tonne, as per a notification…
In two significant measures to curb tax evasion and increase compliance under the Goods and Services Tax (GST)…
The waiver of a loan and its effects on tax obligations have long been a subject of interest within the realm of taxation. Tax regulations across various nations primarily aim to gather resources to support governmental initiatives and public welfare. In many prosperous countries, revenue generated from taxation serves as a significant financial foundation for government operations and economic development. At the individual level, small business owners or homeowners often acquire loans for personal or business purposes. However, the waiver of such loans can have varying implications depending on how it is acknowledged by the recipient and recognized by tax authorities….
The Vice President of India, Shri Jagdeep Dhankhar today described Chartered Accountants (CAs) as a finance form of…
In response to the longstanding need for a structured approach to vocational skill training, the government has introduced the ‘Skill acquisition and knowledge awareness for livelihood promotion’ (SANKALP) scheme….
To enhance transparency and accountability within the operations of the Income Tax (IT) department, Finance Minister Nirmala Sitharaman had implemented a new regulation mandating that all communications with taxpayers must include a computer-generated DIN. Later in this article, we delved deeper into these developments….
For a burgeoning enterprise, securing external investments often becomes a pivotal milestone. The necessity for working capital, distinct from profit, persists even in profitable ventures, underscoring the significance of capital funding in unlocking full potential….
The Delhi High Court, in the case of Emco Cables Pvt. Ltd. v. Union of India [W.P. 1622 of 2024, February 27, 2024], addressed the issue of the validity of an assessment order when the Assessee’s response hadn’t been duly considered….
The Income Tax Department has released a recent update, dated March 7, 2024, regarding the provision to submit an Updated Income Tax Return (ITR) under section 139(8A) of the Income Tax Act, 1961….
The reverse charge mechanism (RCM) within the realm of GST has emerged as a transformative aspect of taxation. Departing from the conventional model where sellers manage tax obligations, RCM mandates buyers to assume responsibility for reporting and remitting taxes on specific goods and services. This paradigm shift aims to enhance tax compliance and streamline the tax framework. Understanding the intricacies of RCM is paramount, as it fundamentally alters financial transactions and reporting protocols. …
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