Book Finalization Requirements for Professionals & Businesses Filing ITRâ3 (FY 2024â25)
Book Finalization Requirements for ITR-3 If youâre a professional or running your own business and filing ITR-3, then Book Finalization is the most important step before filing your return. Donât worry, itâs not as complicated as it sounds. In this guide, Iâll explain book finalization requirements for ITR-3 from basic steps to advanced checks in […]
Tax Benefits for Startups in India: Eligibility, Government Recognition & Application Process
Starting startups in India is like planting a seed, you have got the ideas, the drive, and the vision, but you also need the right conditions to grow. In the first few years, every rupee matters, and heavy taxes on income can feel like a burden. The good news? The Government of India is stepping […]
Is Your Favorite Ice Cream Over-Taxed? The GST Rule Which Affects Buyers &Â Sellers Alike
On 6th October 2021, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 164/20/2021-GST to clarify how GST should apply to ice-creams parlours. According to this Circular, ice-cream parlours sell goods (manufactured), rather than provide services like restaurants. Therefore, these parlours must charge 18% GST instead of the lower 5% GST that […]
Bharat Mint Wins CGST Refund Dispute: Court Rules in Favor of Substance Over Form
Introduction Filing for a GST refund can be a complex process, especially when technical issues or software errors get in the way. One such case recently made headlines when Bharat Mint & Aroma Chemicals, a registered taxpayer, found their genuine CGST refund claim deniedâsimply because the refund was mistakenly filed under the wrong tax head. […]
Startup Schemes for AI Startups in India: Whoâs Actually Funding Innovation?
AI startups in India are growing fast, but turning a great idea into a real product takes more than just ambition hence it needs the right kind of funding and support. To help with this, the Indian government has rolled out several funding schemes designed especially for AI and deep-tech startups. These programs donât just […]
Internal Controls & ICFR Reporting: A Backbone of Corporate GovernanceÂ
Introduction In any business, whether it is a fast-growing startup or a well-established company, having the right systems in place lays the foundation for long-term success. And here the internal controls come in. Think of them as protective measures that help businesses run smoothly and use resources effectively and efficiently. They help spot errors, catch […]
đ Mastering Form 16 â A Practical Guide for Employers & Employees
Every year, when tax season is around the corner, most salaried people will hear the words âForm 16â from their HR or payroll team. In fact, it isnât just some formality â instead, it serves as the paper trail that confirms the TDS mentioned in your payslip has actually made its way to the governmentâs […]
Cash In, Not Out: GST Refund Best Practices for Growing Startups
Introduction Startups in India operate in a fast-paced environment with limited resources and tight cash flows. While GST compliance is mandatory, GST refunds are an often-ignored opportunity to bring much-needed liquidity back into the business. If you’re exporting services, facing an inverted duty structure, or accumulating excess Input Tax Credit (ITC), you may be eligible […]
Big Win for Exporters: No FIRC Needed, Rules Gujarat HC
Introduction In a major victory for exporters, the Gujarat High Court has ruled in favor of Kuehne + Nagel Pvt. Ltd., allowing the refund of unutilized Input Tax Credit (ITC) without the submission of Foreign Inward Remittance Certificates (FIRCs). This judgment will benefit businesses that export services and receive foreign exchange through RBI-approved net-off clearing […]
Bill It, Ship It, Track It: From Dispatch to Destination E-Way Bill Guide
A consignment of goods valued at more than Rs. 50,000 is covered under Section 68 of the Goods and Services Tax Act, along with Rule 138 of the CGST Rules. The registered person or transporter responsible for causing the movement of goods must generate the E-Way Bill from the GST Common Portal (e-Way Bill System) […]