Section 270A of the Income Tax Act was introduced to curb tax evasion and bring discipline among taxpayers. It replaces the old penalty provision under Section 271(1)(c) from AY 2017-18 onwards. Earlier, penalties were based…
Financial statements of companies and lays down the form, content, and compliance requirements for preparation and presentation of such statements. The aim is to ensure standardized, transparent, and true disclosure of a company’s financial position.…
The appointment of auditors is a key compliance requirement under the Companies Act, 2013. Auditors are responsible for examining and expressing an opinion on the truth and fairness of the financial statements of a company.…
Under the Goods and Services Tax (GST) law, Section 45 of the CGST Act, 2017 mandates that every registered person whose GST registration has been cancelled or surrendered must file a Final Return in Form…
Who is an E-commerce Operator (ECO)? As per Section 2(44) of the CGST Act, 2017: E-commerce means the supply of goods or services or both, including digital products, over a digital or electronic network. An…
As we enter the tax audit season for Assessment Year (AY) 2025–26, tax professionals and businesses must take note of the significant updates brought in through CBDT Notification No. 23/2025 dated March 28, 2025. These…
An Independent Director (ID) is a non-executive director of a company who does not have any material or pecuniary relationship with the company, its promoters, or its management. The concept of Independent Directors was introduced…
Under the GST regime, a Casual Taxable Person (CTP) or a Non-Resident Taxable Person (NRTP) is granted temporary registration for a specified period and location. However, if the business or event extends beyond the approved…