One important measure to stop companies from abusing loss carry-forward processes when ownership changes is Section 79A of the Income Tax Act, 1961. This blog explores the main points of Section 79A, when it applies to mergers, acquisitions, and restructuring, and how it affects companies, particularly small and startup ones. We also look at the section's exclusions and how enterprises, venture capitalists, and investors might use this clause to guarantee legal compliance while implementing smart tax planning.

By simplifying the penalty procedure for non-compliance, the Central Government's New Penalty Adjudication Rules 2024, released in accordance with the Companies Act of 2013, seek to improve corporate governance. To guarantee prompt and transparent corporate responsibility, these regulations provide adjudicating authorities greater authority, establish time-bound processes, and encourage digital recording. This article examines the main points of the new legislation, their implications, and how they enhance investor confidence, mitigate litigation, and enhance corporate governance.

Section 168A of the Income Tax Act provides relief to taxpayers during emergencies like pandemics or natural disasters by allowing the government to extend tax-related deadlines. This section helps avoid penalties and reduces the compliance burden when normal operations are disrupted. It was widely used during the COVID-19 pandemic to extend deadlines for filing returns and completing assessments. While it offers temporary relief, the extensions are time-bound and rely on government notifications. This provision ensures flexibility for taxpayers during challenging times.

Tax authorities may seize and sell a taxpayer's assets in order to collect unpaid taxes, according to Section 39 of the Income Tax Act. Additionally, recovery against other parties holding assets on behalf of the taxpayer is permitted under this clause. To make sure taxpayers understand their obligations and the repercussions of tax defaults, the blog examines the essential components, recovery procedure, and consequences for non-compliance.

The Direct Tax Vivad Se Vishwas Scheme 2024 offers a platform for taxpayers to resolve tax disputes and reduce their financial liabilities. Learn about the key features, benefits, eligibility criteria, and how to participate in this scheme.

This blog gives a complete explanation of Section 40A of the Income Tax Act of 1961, with an emphasis on the disallowance of certain business costs. It describes the major provisions, the sorts of costs that can be rejected, and the percentage restrictions that apply to different enterprises. The blog also discusses exemptions for costs linked to scientific research, social welfare, and export promotion. It emphasizes the significance of compliance and demonstrates how excellent record-keeping may help businesses reduce tax liability under Section 40A.

This blog offers a thorough examination of Section 40 of the Income Tax Act of 1961, with an emphasis on the costs that companies and professions can deduct. Important clauses are outlined in it, such as payments to residents and non-residents, TDS obligations, and restrictions on director and partner salaries. Emphasis is placed on the necessity of compliance as well as the possible repercussions of non-compliance, including higher tax liabilities and prohibited costs. With the help of this thorough tutorial, taxpayers should be able to handle the complexity of Section 40 and keep proper tax records.

This blog post offers a condensed explanation of the new TDS rates, which go into effect on October 1, 2024, along with lower tax deduction rates for certain kinds of payments. In order to assure compliance with the updated tax legislation, it assists businesses and taxpayers in comprehending the ramifications of the changed TDS rates and making wise judgments.

A concise overview of the new guidelines, due dates, and procedures for adhering to the amended requirements is given in this blog article about the resumption of ITC reversal opening balance reporting. It aids companies in comprehending the ramifications of the updated reporting and in acting promptly to avert fines and uphold GST compliance.

This blog post provides a comprehensive guide to the TDS CPC Notice under Section 200A of the Income Tax Act, 1961, explaining the contents of the notice, the procedure for responding to the notice and the consequences of non-response. The article is intended to help taxpayers understand this important tax provision and take the necessary steps to avoid legal action.

The income tax audit process for FY 2023-24 can be challenging, but with the right preparation, businesses and individuals can manage it effectively. This blog explores who is required to undergo an audit, how to prepare by gathering essential documents like Form 16 and Form 26AS, and the steps involved in the audit process. Engaging a Chartered Accountant (CA) is key to ensuring compliance with tax regulations. The audit process also provides opportunities for improving financial record-keeping, tax planning, and dispute resolution. This guide offers insights into navigating the audit process confidently.

For refunds above Rs. 50 crore, non-individual entities such as businesses, partnerships, and trusts are required by the Reserve Bank of India (RBI) to get a Legal Entity Identifier (LEI). The objectives of this action are to improve worldwide compliance, risk management, and financial transparency. Financial firms and regulators may track significant financial transactions with the use of the LEI, a 20-character alphanumeric number. The RBI's announcement, how to get an LEI, and how it affects non-individual companies are all explained in this blog.