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 […]
Maximize Your Startup’s Growth with Section 80 IAC Tax Benefits-Apply Before March 31, 2025
“80 IAC Tax Break for Startups: Deadline March 31, 2025!” India’s startup ecosystem has grown rapidly in recent years. This growth is partly due to several government initiatives aimed at encouraging innovation and entrepreneurship. One important initiative is the income tax exemption under Section 80 IAC of the Income Tax Act. This provision offers crucial […]
Navigating Tax Returns as a Representative Assessee: Essential Tips and Steps
Filing income tax returns as a representative assessee may seem challenging, but it is an important task when the original taxpayer cannot handle their own taxes. This situation can arise if the taxpayer is a minor, incapacitated, deceased, or a non-resident. In such cases, the representative is responsible for ensuring the tax obligations are met. […]
The Ultimate Accounting Guide to Efficient and Effective Financial Audits
Introduction Preparing for an audit can be overwhelming, but with a structured approach, you can simplify the process and gain valuable insights into your financial health. This guide outlines essential steps to ensure your accounting records are in excellent shape. By following these steps, you’ll streamline your accounting records and facilitate a smooth audit process. […]