Depreciation on Fixed Assets: How It Affects Accounting
Introduction Fixed Asset Depreciation is a vital accounting process that reflects the gradual decrease in the value of tangible assets over time. This depreciation is crucial for accurately representing a company’s financial health and profitability. In this blog, we will explore a list of fixed assets, categorize them into tangible and intangible assets, and provide […]
Understanding Advance Tax: A Comprehensive Guide
Advance tax is an essential part of income tax management in India. It allows taxpayers to spread their tax payments throughout the financial year rather than making a large payment at the end. This guide will explain what advance tax is, who needs to pay it, important due dates, and how you can pay it […]
Clarification on Place of Supply for Data Hosting Services in India
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 232/26/2024-GST on September 10, 2024. It gives clear guidance on the place of supply for data hosting services provided by Indian companies to foreign cloud computing providers. The Problem Businesses have raised concerns about whether data hosting services provided by Indian companies to […]
Income Tax Act, 1961 vs. Direct Tax Code, 2025: What’s Changed and Why It Matters
India is preparing for a significant shift in its tax landscape with the introduction of the Direct Tax Code (DTC) 2025. Back in 2017, the Ministry of Finance formed a task force to draft a new direct tax law. The goal of this law is to simplify tax regulations, expand the tax base, and make […]
How to Make Sure You Get Your Tax Refund Without Any Problems
Filing your Income Tax Return (ITR) can sometimes feel confusing, especially when waiting for a refund. If you’ve paid more tax than you needed to during the financial year, you’re likely due a refund. Here’s a simple guide to help you get your refund smoothly and fix any issues if they come up. Steps to […]
What is Section 194J: TDS on Professional and Technical Services
Section 194J of the Income Tax Act ensures timely tax collection by requiring the deduction of Tax Deducted at Source (TDS) on payments made for professional and technical services, royalties, non-compete fees, and director’s remuneration. The section applies to businesses, corporations, or individuals liable for an audit under the Income Tax Act. Key Payments Covered […]
IT/ITES Policy 2022-2027 Transforming India’s Digital Future
IT/ITES Policy 2022-2027 benefits: The IT/ITES Policy 2022-2027 is a game-changer for businesses in the IT/ITES sector. It offers extensive financial and operational support, ensuring that companies can grow, innovate, and remain competitive in the global market. By providing a wide range of incentives under CAPEX (Capital Expenditure) and OPEX (Operational Expenditure), the policy enables […]
Mastering Section 194Q: A Complete Guide to TDS on Goods Purchases
Introduction Section 194Q of the Income Tax Act was introduced to improve tax compliance on business transactions involving the purchase of goods. It requires buyers to deduct tax at source (TDS) when certain conditions are met. Understanding this section is crucial for businesses, as it can significantly impact tax obligations and financial transactions. In this […]
Unlocking SRI India: Summary of Key Guideline
Empowering MSMEs: The Role of the SRI Fund and Investment Banking in Driving Growth India’s startup ecosystem has grown rapidly in recent years. This growth is fueled by innovation, technological advancements, and supportive government policies. The Micro, Small, and Medium Enterprises (MSME) sector, however, remains the backbone of the economy. It contributes significantly to both […]
SuperStree: Empowering Women Entrepreneurs Through Govt. Schemes
SuperStree: Empowering Women Entrepreneurs Through Government Schemes. The entrepreneurial spirit among women in India has gained significant momentum in recent years. Today, women-led startups are leaving a mark across diverse sectors such as technology, fintech, healthcare, and e-commerce. A report by Bain & Company reveals that women-owned businesses now make up 20% of all enterprises […]