Blogs

05 Nov 24

Delhi High Court Upholds Reassessment by Jurisdictional AO – Distinguishes from Hexaware Ruling

The case concerns a writ petition challenging the reassessment initiated under Section 148 by the Jurisdictional Assessing Officer (JAO). The central question was whether a notice issued by the JAO complied with the requirements of the Faceless Scheme of Assessment, introduced under Sections 144B and 151A – T.K.S. Builders Pvt.…

01 Nov 24

CIBIL Score Calculation and Its Importance for Financial Health

CIBIL score is a critical financial metric calculated by analyzing factors like payment history, credit utilization, credit length, credit mix, and recent credit inquiries. Each of these elements is assigned a specific weight, and together they form a holistic view of an individual’s creditworthiness. Key Factors Affecting Your CIBIL Score:…

26 Oct 24

SBI MSME Loans: Empowering India’s Small and Medium Business

SBI MSME Loans: State Bank of India (SBI) plays a significant role in supporting the growth of India’s Micro, Small, and Medium Enterprises (MSMEs) by providing specialized loan products tailored to meet the unique needs of these businesses. With a variety of loan options, SBI’s MSME loans enable entrepreneurs to…

26 Oct 24

MSME – Micro, Small & Medium Enterprise

MSME India – The Backbone of India’s Economic Growth Micro, Small, and Medium Enterprises (MSMEs) are a crucial component of India’s economy, often celebrated as the “backbone” of the nation’s industrial structure. With over 63 million MSMEs employing over 110 million people, these businesses play a significant role in the…

17 Oct 24

Credit Guarantee Scheme for Micro & Small Enterprises (CGTMSE)

Ministry of MSME started Credit Guarantee Scheme for Micro & Small Enterprises (MSEs) (CGTMSE) in the year 2000. In order to implement the Credit Guarantee Scheme, Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) was setup by the Ministry of MSME, GoI and SIDBI. Credit Guarantee Scheme aims…

24 Jun 24

GST Council waives interest, penalty on tax demands between FY18 and FY20

The Goods and Service Tax (GST) Council in its 53rd meeting on June 22 waived off interest and penalty on tax demand notices for the period 2017-2020, provided the assessee pay the tax by March 31, 2025, The Goods and Services Tax (GST) Council Saturday empowered tax authorities to waive interest and penalties on…

22 Jun 24

SC Uphold Validity of I-T Provisions on Interest-Free Loans to Bank Employees Under Rule 3(7)(i)

The appeals filed by staff unions and officers’ associations of various banks, impugning judgments which dismiss their writ petitions, where the vires of Section 17(2)(viii) of the Income Tax Act, 19611 or Rule 3(7)(i) of the Income Tax Rules, 19622 , or both, were challenged The applicants along with the…

18 Jun 24

Tax Exemption for Startups under Section 80 IAC under Income Tax Act

Newly established and incorporated startups often face shortage of financial resources during their initial stages of operations. This further has a negative impact on their sales and profits. The situation further gets worsened when out of the minimal income they earn, a huge chunk is paid as taxes. Hardly, any…

09 Jun 24

Minimum Alternate Tax (MAT)

Minimum Alternate Tax (MAT) is a tax effectively introduced in India by the Finance Act of 1987, vide Section 115J of the Income Tax Act, 1961 (IT Act), to facilitate the taxation of ‘zero tax companies’ i.e., those companies which show zero or negligible income to avoid tax. The Minimum…

09 Jun 24

Point to keep in mind while buying property in an auction / e-auction from Banks/NBFCs

Banks or Non Banking Financial Institutions (NBFCs) funds loans against property taking property as a collateral security. In case of default in repayment of loan as pre- decided and agreed by borrower, Banks or NBFCs, after reasonable reminders as mentioned in SARFAESI Act. Banks auction such properties in a final…

05 Jun 24

CANCELLATION OF AGREEMENT FOR SALE DUE TO DEFAULT OF ALLOTTEE OF PROPERTY under RERA Act

RERA Act provides safeguards to developers & customers in India. Today every developer and customer has to be govern by RERA Act and its provisions while developing projects by developers or while purchasing or booking property at under-construction stage with developers. As per RERA Act, No promoter shall advertise, market,…

04 Jun 24

RBI Fair Practice Code: Now Interest will be charge by Lenders from the date of receipt of funds in Bank Account

Home Loans, Mortgage Loans or any type of Loans, customer usually starts to make payment of Interest from the date of disbursement of loan even though they don’t receive actual funds in their bank accounts. Banks/NBFCs loan management system (LMS) starts charging interest on principal amount disbursed as per repayment…

05 Apr 24

Deemed Resident as per Section 6(1A) Income Tax Act

Section 6(1A) of the Act A new sub-section (1A) to Section has been inserted with effect assessment year 2021-22 to provide that notwithstanding anything contained in sub-section (1), an individual, shall be deemed to be resident in India in any previous year if the following conditions are satisfied: The individual…

11 Feb 24

One Person Company (OPC) in India

One person companies are in existence in certain countries. In India this concept has been mooted by the Ministry of Corporate Affairs by allowing One Person Companies in India in line with UK, China, USA, Australia, Singapore, Qatar, Pakistan and several other countries. It is a right thinking in right…

11 Feb 24

Non Payment of Income Tax cannot be termed as Tax Evasion – Madras HC

The Madras High Court has quashed the prosecution initiated by the income tax department under section 276C(2) of the Income Tax Act, 1961 by holding that there is no willful evasion of tax. Section 276C (2) of the Income Tax Act, 1961 provides that if a person willfully attempts to…

11 Feb 24

Tax Evasion VS Tax Avoidance VS Tax Planning

People always think of how to reduce Tax liability or to avoid tax payment. Payment of Direct Tax reduces their saving or purchasing capacity. But Tax evasion & Tax avoidance are used interchangeably to describe such acts. They are different terms and they have same motive to reduce Tax liability…

17 Dec 23

Step-by-step guide to ‘Faceless Assessment Proceedings’ under Section 144B

Indian government introduced the concept of faceless assessments, whereby scrutiny assessments are carried out in a faceless manner, that is, without any physical meeting or submission of physical documents. The National Faceless Assessment Centre (NFAC), along with other centres and units, have been established by the Central Board of Direct Taxes…

17 Dec 23

Faceless Income Tax Assessment U/S 144(B) of Income Tax Act

After filling Income Tax Return, Income Tax authorities may select certain tax returns for detailed scrutiny and request that the individual submit documents evidencing the claims made in the return of income, referred to as an assessment. Earlier, the assessments were carried out by personal representations/visits to tax offices and…

10 Dec 23

RERA Gujarat (GUJRERA) – Know About RERA Gujarat Before Buying a House in 2024!

In 2017, Gujarat’s state government published the overarching rules for the Gujarat Real Estate (Regulation and Development) Act, putting the Gujarat RERA (GUJRERA) into effect ever since. RERA Gujarat supervises the real estate sector in Gujarat and protects the rights of home buyers. Gujarat’s real estate sector is progressing daily, making the state a…

08 Dec 23

Seller’s Home Loan Balance Transfer with Bank/NBFCs

A home loan is a secured loan that is obtained to purchase property by offering property to be purchase as collateral. Looking at current property rates in different cities and states in India, it may be not possible for middle class or upper middle class buyer to purchase property for…

Delhi High Court Upholds Reassessment by Jurisdictional AO – Distinguishes from Hexaware Ruling

CIBIL Score Calculation and Its Importance for Financial Health

SBI MSME Loans: Empowering India’s Small and Medium Business

MSME – Micro, Small & Medium Enterprise

Credit Guarantee Scheme for Micro & Small Enterprises (CGTMSE)

GST Council waives interest, penalty on tax demands between FY18 and FY20

SC Uphold Validity of I-T Provisions on Interest-Free Loans to Bank Employees Under Rule 3(7)(i)

Tax Exemption for Startups under Section 80 IAC under Income Tax Act

Minimum Alternate Tax (MAT)

Point to keep in mind while buying property in an auction / e-auction from Banks/NBFCs

CANCELLATION OF AGREEMENT FOR SALE DUE TO DEFAULT OF ALLOTTEE OF PROPERTY under RERA Act

RBI Fair Practice Code: Now Interest will be charge by Lenders from the date of receipt of funds in Bank Account

Deemed Resident as per Section 6(1A) Income Tax Act

One Person Company (OPC) in India

Non Payment of Income Tax cannot be termed as Tax Evasion – Madras HC

Tax Evasion VS Tax Avoidance VS Tax Planning

Step-by-step guide to ‘Faceless Assessment Proceedings’ under Section 144B

Faceless Income Tax Assessment U/S 144(B) of Income Tax Act

RERA Gujarat (GUJRERA) – Know About RERA Gujarat Before Buying a House in 2024!

Seller’s Home Loan Balance Transfer with Bank/NBFCs

Delhi High Court Upholds Reassessment by Jurisdictional AO – Distinguishes from Hexaware Ruling

CIBIL Score Calculation and Its Importance for Financial Health

SBI MSME Loans: Empowering India’s Small and Medium Business

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