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Articles by CA. Bhavik P. Chudasama

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Differentiating TDS on Rent: Section 194IB vs 195 of IT Act, 1961

  CA. Bhavik P. Chudasama    11 April 2024 at 08:47

The Income Tax Act mandates tenants to deduct Tax Deducted at Source (TDS) on rent payments under certain circumstances. This helps collect tax from landlords at the source of income. Here's a breakdown of TDS on rent under Section 194IB and 195

Simplifying GST on Hotel, Restaurant & Outdoor Catering Services

  CA. Bhavik P. Chudasama    30 March 2024 at 14:24

This article aims to demystify the GST maze for hoteliers, restaurateurs, and caterers, offering a clear and concise guide to ensure smooth compliance and maximize tax benefits.

Exemption u/s 54 cannot be denied merely due to mistake by the developer

  CA. Bhavik P. Chudasama    27 March 2024 at 11:56

Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) Appeal Number : ITA No. 2256/MUM/2023

GST on Corporate Guarantees: A Comprehensive Guide

  CA. Bhavik P. Chudasama    22 March 2024 at 09:35

This article dives into the current rules surrounding GST on corporate guarantees in India, explaining the applicable rate, valuation method, and exceptions.

Streamlining Audits: ICAI's Centralized NOC Policy and its Benefits for Incoming CAs

  CA. Bhavik P. Chudasama    09 March 2024 at 12:44

The Institute of Chartered Accountants of India (ICAI) is set to introduce a major reform - A Centralized NOC (Non-Objection Certificate) Policy. This policy aims to simplify the process of obtaining a NOC, a crucial document for auditors taking on new clients. Let's delve into the reasons behind this initiative and how it will benefit incoming Chartered Accountants (CAs).

A Taxing Tale: Aahil and Vivaan Discuss Advance Tax

  CA. Bhavik P. Chudasama    08 March 2024 at 12:52

Smart thinking! Advance tax can be a bit tricky, but once you understand it, it's actually a good system.

Buying a Property? Hold Up! Let's Talk TDS on Seller's Residency

  CA. Bhavik P. Chudasama    24 February 2024 at 17:18

Whether you're buying from a resident Indian or a non-resident Indian (NRI) seller, different TDS rules apply, and navigating them can be tricky.

Demystifying Section 54F of the Income Tax Act

  CA. Bhavik P. Chudasama    22 February 2024 at 09:47

Selling a capital asset, such as a commercial property or land, often results in substantial capital gains. While exciting, these gains come with the burden of taxation. Fortunately, the Income Tax Act offers solace in the form of Section 54F, which provides an avenue for exemption on long-term capital gains arising from the sale of non-residential assets.

PMFME Loan: A Boon for Micro Food Processing Enterprises

  CA. Bhavik P. Chudasama    21 February 2024 at 09:41

MFME Loan: Empowering Micro Food Processing in IndiaThe PM Formalization of Micro Food Processing Enterprises (PMFME) Scheme is a government initiative in India..

Demystifying Section 80GGC: A Deep Dive with Vivaan & Aahil

  CA. Bhavik P. Chudasama    16 February 2024 at 12:02

The bustling cafe hummed with conversation as Vivaan and Aahil, two college buddies, debated over their tax returns. Aahil, ever the tax-savvy one, mentioned claiming a deduction under Section 80GGC, piquing Vivaan's curiosity.