Blog

Introduction of ‘Import of Goods’ section in IMS The Invoice Management System (IMS) was introduced on the GST portal from the October 2024 tax period. It enables recipient taxpayers to accept, reject, or keep pending individual records uploaded by suppliers through GSTR-1/1A/IFF. This functionality empowers recipient taxpayers to manage their inward supplies by taking actions […]

SECTION 194Q – TDS ON PURCHASE OF GOODS The introduction of Section 194Q under the Income-tax Act 1961 represents a significant step by the government towards enhancing tax collection, increasing transparency in transaction flows and curbing revenue leakage in high-value goods purchases. Effective from 1 July 2021, this provision places the burden of tax deduction

What should NRIs/OCIs do to inherit and sell property in India? Many NRIs and OCIs inherit ancestral, residential, commercial, or even agricultural property in India through generations or by way of a Will. However, once they move abroad, managing and safeguarding such property becomes a major challenge because Indian property laws, documentation requirements, and compliance

applicability TDS on EPF contribution above 2.5 lakh The Employees’ Provident Fund (EPF) continues to be one of the most trusted retirement savings tools for salaried individuals in India because of its tax-efficient nature, long-term compounding benefits, and statutory protection. Both the employee and employer contribute monthly to the EPF account, and until recently, the

“GSTR-9C & GSTR-9 – Know Before You File!” The Goods and Services Tax (GST) regime in India introduced several return-filing requirements to promote transparency, ensure proper reconciliation between accounting books and GST filings, and minimize tax leakage. Two important forms in this context are Form GSTR-9 (the annual return) and Form GSTR-9C (the reconciliation statement).

What to do when Karta Dies of HUF A Hindu Undivided Family (HUF) is a distinct legal and taxable entity recognized under Hindu law as well as the Income-tax Act, 1961, comprising the lineal descendants of a common ancestor together with their wives and unmarried daughters, and it continues as long as there are at