Non-editable of auto-populated liability in GSTR-3B
Updation on GSTR-3B Vide a recent advisory issued on the GSTN portal regarding non-editable of auto-populated values in GSTR-3B. The key points of advisory have been provided below: 1.The advisory states that from July 2025 tax period, for which GSTR-3B will be filed in August 2025, the auto-populated liability in GSTR-3B will become non-editable. 2.If any adjustments […]
How GST Applies to Corporate Guarantee Transaction
Understanding/ Background: A Corporate Guarantee is a legal promise or commitment made by one person (the guarantor) to assume responsibility for the debts, obligations, or liabilities of another (the beneficiary or principal debtor) if the principal debtor fails to meet its financial obligations. Essentially, it’s a form of financial support or assurance provided by a financially stable or creditworthy […]
Understanding International Transactions in the Context of Transfer Pricing
Transfer pricing refers to the pricing method used when goods or services are exchanged between associated enterprises. The purpose of transfer pricing laws is to ensure that such transactions are conducted at a fair and unbiased price, similar to what would be charged in a transaction between unrelated parties. The objective of Transfer Pricing Laws The primary goal of transfer […]
How to Choose the Best Online Services for GST Registration and Private Limited Company Registration
Starting a business in India is a thrilling experience, but it also entails navigating essential formalities such as GST registration and Private Limited Company registration. These are required for enterprises to ensure compliance with legal and tax rules, resulting in seamless operations. While the procedures may appear challenging, online service providers’ expertise and technology-driven solutions make them simpler […]
A Comprehensive Tax Planning Strategies for Businesses in Gurgaon
Tax planning is a crucial factor in any firm’s financial management. Whether you run a small or medium-sized business, effective tax planning may help you manage your responsibilities, utilize your resources, and stay in compliance with local legislation. In Gurgaon, a bustling business hub, adopting effective tax planning strategies is especially crucial given the region’s competitive landscape and […]
How to File Income Tax Returns Online: A Simple Guide for Beginners
Filing Income Tax Returns (ITR) is a legal responsibility of every individual or business earning above a certain threshold in India. While the process may appear frightening to novices, online tax filing, or e-filing, has made it simple, efficient, and time-saving. The blog makes the tax filing process easier for beginners by providing step-by-step instructions and essential information for a […]
Top 10 GST Registration Challenges and Solutions
The Goods and Services Tax is one of the revolutionary innovations that has significantly impacted India’s tax landscape since its launch. GST has simplified the procedure by combining multiple indirect taxes, but for most businesses, navigating the complexities of GST registration remains a challenge. Several challenges happen during the registration procedure, ranging from paperwork problems to technical issues. In this comprehensive […]
Section 194T Explained: TDS on Payments by Partnership Firms to Partners
The Finance Act, of 2024 has brought a significant change in the taxation of payments made by partnership firms to their partners by introducing Section 194T. This provision ensures that payments like salary, remuneration, commission, bonus, and interest to partners are now subject to TDS (Tax Deducted at Source), which was previously not applicable. Background: Before the enactment of the Finance Act, […]
TDS under section 194M of the Income Tax Act, 1961
Tax Deduction at Source (TDS) For quick and efficient tax collection, the Income Tax Act has incorporated a tax deduction system at the point of income generation. This system is termed “Tax Deducted at Source,” or TDS. Under this method, tax is deducted from the source of income. Tax is deducted by the payer and is remitted to […]
Company Registration Fees in India: Everything You Need to Know
Starting a business in India may be thrilling and challenging. One of the first and most crucial steps is company registration. It establishes the legal framework for your business operations and ensures that the government recognizes your initiative. However, the registration procedure can be complex, and the expenses associated with it can vary significantly depending […]