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When Does Section 112A of Income Tax Act Apply?
The section 112A of income tax act plays an important role in taxation of long term capital gains from equity investments in India. This provision has a direct impact on…
gst billing software
How Does Hedge Accounting Reduce Financial Risk?
Indian businesses are dealing with daily currency fluctuations, changes in interest rate and price volatility. Exporters charge in dollars in hedge accounting, manufacturers borrow at floating rates and infrastructure companies…
How Does Cess in GST Affect the Final Invoice Value?
Running a business in India means that you have to deal with a number of tax layers. It is important to understand how each charge affects the value of your…
How Does GSTR 2 Work Under the GST System?
Understanding purchase-side compliance is essential for any GST-registered business that desires to maintain clean records and hassle-free tax credits. The GSTR 2 has been created to get inward supply details…
What are the Due Dates for GSTR 3 Filing & Returns?
Every GST registered business has to know the working mechanism of return filing even if certain returns are not actively used. GSTR 3 continues to be part of the GST…
Why is the Structure of GST in India Designed This Way?
The structure of GST in India was so designed to integrate the system of indirect taxation and ensuring there is fair balance of federalism. Before the advent of gst, Indian…
When is a Notice Issued Under Section 156 of Income Tax Act?
A notice under section 156 of income tax act is an official notice sent by the Income Tax Department, demanding payment of tax, interest, penalty, or an amount due following…
How Does Section 142(1) of Income Tax Act Affect Assessment?
Assessment proceedings often start with a formal solicitation of facts, records and explanations. For the Indian taxpayers, a proper understanding of the working of section 142(1) of income tax act…
What Happens After a Penalty Under Section 73 of GST Is Issued?
A notice or an order that bears a Penalty Under Section 73 of GST often places a dilemma in the minds of Indian businesses. Traders, manufacturers and service providers are…
When Should a Taxpayer Use Section 73(5) of GST?
GST law is such that taxpayers do not have to wait for an enforcement action and can make corrections in respect of truly made mistakes. Section 73(5) of GST serves…