Articles by CA. Bhavik P. Chudasama

ITC on Motor Vehicles under GST: A Detailed Analysis

Posted by CA. Bhavik P. Chudasama 22 April 2024 13094 Views

This article delves into the eligibility of ITC on motor vehicles, with a particular focus on exceptions for vehicles exceeding 13 seating capacity and the scenario of renting motor vehicles.

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

Posted by CA. Bhavik P. Chudasama 11 April 2024 3676 Views

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

Posted by CA. Bhavik P. Chudasama 30 March 2024 3647 Views

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

Posted by CA. Bhavik P. Chudasama 27 March 2024 567 Views

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

GST on Corporate Guarantees: A Comprehensive Guide

Posted by CA. Bhavik P. Chudasama 22 March 2024 2578 Views

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

Posted by CA. Bhavik P. Chudasama 09 March 2024 5352 Views

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

Posted by CA. Bhavik P. Chudasama 08 March 2024 865 Views

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

Posted by CA. Bhavik P. Chudasama 24 February 2024 1581 Views

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

Posted by CA. Bhavik P. Chudasama 22 February 2024 912 Views

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

Posted by CA. Bhavik P. Chudasama 21 February 2024 531 Views

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