Author: Runita bezalwar

All taxpayers having aggregate turnover up to ₹5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis. Persons availing QRMP Scheme are required to pay tax due, in each of the three months …

Since income from whatever source derived is included in the Income Tax Act, 1961, and supply of any service, if not specifically exempted, is taxable under Goods and Services Tax (GST), the gains from cryptocurrency (crypto) trading and services by crypto exchanges are liable to be …

Schedule III of the Companies Act 2013 contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company. Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by …

The Appellate Authority for Advance Ruling (AAAR), Uttar Pradesh, has modified an earlier order by the Authority for Advance Ruling (AAR), exempting tax on delayed payment interest or penalty charged by a broker from clients for undertaking share sale and purchase activity. The AAAR order came …

India’s Comptroller and Auditor General (CAG) before Parliament admonished the government for being slow in implementing technology and simplified filing process for Goods and Services Tax (GST) as it said detecting evasion has improved. Report No 1 of 2021 on “Indirect Taxes – Goods and Services Tax, …

BJP leader Sushil Kumar Modi said that it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of ₹2 lakh crore to all states. Centre and states collectively collect …

Actor Taapsee Pannu opened up about the Income Tax department raids against her and said that she has “nothing to fear”. She added that she and her family co-operated with the officials. On 3rd March, as a part of a tax evasion probe against the now, …