Taxes are a normal part of life, but they can often be challenging and confusing. For this reason, it’s crucial to handle your taxes correctly. Whether it is for your company or you personally, effective tax planning from a tax consultancy firm is one method. But why is tax preparation so important to someone’s finances? Let’s review…
In India, tax litigation is like a maze that takes up much of the judges’ time. This is because of the complicated, constantly changing legislation and structural flaws. Aside from that, there are variations in rules and jurisdictions depending on the sort of tax. The finance ministry has 1,59,240 cases outstanding in which it is…
The handling of accounting or tax management practices of companies as well as private individuals is a difficult task that requires maximum precision. By relying on GST compliance outsourcing, you will receive an impeccable tax and commercial assistance service. Tax advice is changing- and with it the profession of a tax advisor. Instead of traditional…
The tremendous potential to make a business run at a global level has broken the barrier. This has led to the adoption of a broad horizon in promoting the business worldwide. Therefore, it is clear that even if there is an issue in one part of the globe the factors of production and demand get…
With the advent of Financial Year 2020-21, dividend taxation in India has completely gone upside-down. The new provisions have again asked the recipient of dividend to pay taxes instead of the company who was distributing the dividends. The changes in the Income tax law which brought the above change are as under: Dividend Distribution Tax…
Covid-19 has created a havoc worldwide and people are struggling hard to barely survive in this uncertain environment. People are stranded in different parts of the world on account of lockdown, quarantine and suspension of travel both domestic and international. Due to this, people are facing difficulties even in completing their tax compliances under the…
Addressingto challenges faced by taxpayers, FINMIN has proposed some changes in GST provisions through Finance Bill,2020 which majorly relates to restrictions in respect of availment of input tax credit (referred to as ‘ITC’) and cancellation of voluntary registration. To make headway against refinement of GST Act, following are amendments proposed in finance bill 2020: Entry…
The Union Finance Minister Nirmala Sitharaman delivered budget speech breaking all previous records w.r.t. time. The budget speech began with a homage to late Mr Arun Jaitley with emphasis on Sabka Saath, Sabka Vikas, Sabka Vishwas. Synopsis of budget proposals in direct tax has been categorized here under: Direct tax rate card: New tax scheme…
The Ministry of Corporate Affairs (MCA) has notified Ind AS 116, the new Indian Accounting Standard on Leases as on 30th March 2019. This Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. This amendment is effective from on 1st April 2019. Ind AS Definition: Ind AS-116 defines a lease as a contract, or part of a…
As a normal practice, it is the employee who bears the tax on the salary earned by it, while the employer withholds such tax on salary and deposits it with income tax authorities. However, sometimes employees move across borders and work in different tax jurisdictions. In such a situation, it is a global practice for…
