Tax Connect
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Category: Uncategorized
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Understanding Difference between NRE & NRO Accounts
NRE V/s NRO For NRIs, managing finances between India and abroad can be tricky. To help, Indian banks offer two key accounts: the NRE and NRO accounts. Here’s key difference:
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GSTR – 3B & New Invoice Management System (IMS)
Invoice Management System (IMS) has been made available on the GST Portal from 14th October, 2024 wherein the recipient taxpayer can accept, reject or keep the invoices pending which are saved/filed by their suppliers in their respective GSTR-1/1A/IFF. This is to further inform you that the first GSTR-2B on the basis of such actions taken…
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Removal of GST Data from GST Portal
Removal of GST Data from GST Portal. Data archival process was implemented on a monthly basis.
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Income Tax Refund Processing & Vigilance
Refund Processing & Vigilance 👉 Refund Process Timing >> Starts after e-verification of the return. >> Takes 4-5 weeks to receive the refund. >> If delayed, check for discrepancies in ITR via email from the IT Dept. 👉 Pre-requisites for Refund >> Valid User ID and Password. >> PAN linked with Aadhaar. >> ITR filed…
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Nominee in share doesn’t grant inheritance rights – Supreme Court
Nominee in share doesn’t grant inheritance rights – Supreme Court In a recent judgement delivered on 14th Dec, the Supreme Court has ruled that ownership of financial instruments like shares and debenture certificates should pass to the successor through legal or testamentary means, rather than to the nominee. The Court said being a nominee in…
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Branch Office (BO) / Liaison Office (LO) / Project Office (PO) in India by foreign entities
Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities (Updated as on March 29, 2019)
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ICAI revises SA 720 the Auditors Responsibilities Relating to Other Information
ICAI revises SA 720 the Auditors Responsibilities Relating to Other Information
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Start Up Guide – Points to Ponder Upon Before You Finalize a Business StartUp
The Blog will provide Answers to the many Questions in the Mind of anyone who wishes to start his/her own Business but has no past experience. Here are Some Points to Ponder Upon if you Planning to Start Your Business Step 1- Decide whether Entrepreneurship would be appropriate for you – as a career option…
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Blocking of E-Way Bill (EWB) generation facility for taxpayers
the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more.
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Taxation of Gifts
A very common and frequent question running in the mind of taxpayers is the taxability of gifts. In this part, you can gain knowledge about various provisions relating to taxability of gift received by an individual or a Hindu Undivided Family (HUF) i.e. sum of money or property received by an individual or a HUF…