CAclubindia Articles

Benefits of filing Income tax return (ITR) on time

Divyanshu Sharma 07 June 2023 at 15:54

Listing some of the benefits of filing an Income tax return on time

GST Registration for OIDAR Services

Ishita Ramani 07 June 2023 at 14:17

The term OIDAR services, which stands for Online Information and Database Access or Retrieval services, pertains to services provided through the internet or electronic networks with minimal human involvement.

General Penalty u/s 125 of CGST Act

Abhishek Raja 07 June 2023 at 08:56

Section 126 of the CGST Act lays down certain guiding principles that must be followed while imposing penalties under the GST regime. These principles ensure that the penalties are imposed fairly, objectively, and in a proportionate manner.

A Comprehensive Guide to Claiming HRA Tax Exemption: Essential Aspects of Your Rent Agreement

Rashmi 07 June 2023 at 08:56

Salaried individuals can avail tax exemption on house rent allowance (HRA) if they live in a rented house, pay rent, and possess the necessary valid documents. However, many people are unaware that their rent agreements should include specific clauses to ensure that their HRA tax exemption, claimed during income tax return (ITR) filing, is not rejected by the income tax department.

SEBI's Informal Guidance: Applicability of BRSR

Antika Mukherjee 06 June 2023 at 13:57

The Company sought an interpretative letter from the SEBI under the SEBI (LODR) Regulations, with a view to seek clarification for the doubts regarding the applicability of Business Responsibility and Sustainability Reporting ("BRSR").

House Rent Allowance and its exemption calculation

CA. Akshat Parakh 06 June 2023 at 09:06

For salaried employees house rent allowance is a component of their salary. Unlike basic salary HRA is not fully taxable, a part of it is exempted u/s 10(13A) of Income Tax Act, 1961.

Incomes which are now reported in AIS for Individuals

CA Umesh Sharma 05 June 2023 at 14:36

The Income Tax Department has announced the roll-out of a statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year.

Conversion of Limited Liability Company (LLC) to S Corporation

Ishita Ramani 05 June 2023 at 14:36

A Limited Liability Company (LLC) is a business structure where the owners are called members. It combines the characteristics of a sole proprietorship, partnership, and corporation.

Can Taxing Agricultural Income Benefit Farmers in India?

CA Pallav Singhania 05 June 2023 at 08:57

Introducing a slab-based taxation system for agricultural income could be a feasible approach. By doing so, the burden of taxation can be adjusted according to the income levels of the farmers.

Unveiling Power of Section 71: Accessing Business Premises under GST Act

CA Harshit Goyal 05 June 2023 at 08:57

Under Section 71 of the GST Act, any officer authorized by a proper officer, not below the rank of Joint Commissioner, has the authority to access the premises of a registered person's business