Income Tax Settlement Commission (ITSC): Abolished — Options Now Quick Answer The Income Tax Settlement Commission (ITSC) — which allowed assessees to settle pending tax disputes by making full and true disclosure of undisclosed income — was abolished with effect from 01-02-2021 by the Finance Act, 2021. No new applications can be filed. Cases pending […]
Category Archives: Business Model
Business Model
Vivad Se Vishwas 2.0: Direct Tax Dispute Resolution Scheme Quick Answer The Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV 2.0) — introduced by the Finance (No. 2) Act, 2024 — allows taxpayers with pending income tax appeals to settle disputes by paying the disputed tax. Penalty and interest are waived (fully or partially). The […]
Trust & NGO Taxation: 12A Registration, 80G & Compliance Quick Answer Charitable trusts and NGOs in India can claim tax exemption on their income under Sections 11 and 12 of the Income Tax Act, 1961 — but only if they are registered under Section 12A/12AB. Additionally, to enable donors to claim tax deductions, the trust […]
ROC Annual Filing: AOC-4 & MGT-7 — Due Dates, Penalties & Process Quick Answer Every company registered under the Companies Act, 2013 must file two annual forms with the Registrar of Companies (ROC): Form AOC-4 (financial statements under Section 137) within 30 days of the AGM, and Form MGT-7 (annual return under Section 92) within […]
IBC Valuation Under Regulation 35: Liquidation vs Going Concern 📌 Quick Answer: What is IBC Regulation 35 Valuation? IBC valuation under Regulation 35 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 requires the Resolution Professional to appoint two IBBI Registered Valuers who must independently determine both the fair value (going-concern value) and […]
TDS on Property Purchase: Section 194-IA Compliance — Form 26QB, Rate & Threshold Quick Answer Under Section 194-IA of the Income Tax Act, 1961, every buyer of immovable property (other than agricultural land) is required to deduct TDS at 1% of the consideration or stamp duty value (whichever is higher) if the amount equals or […]
Tax Audit Under Section 44AB: Applicability, Due Date & Penalties Quick Answer Section 44AB of the Income Tax Act, 1961 mandates tax audit for businesses with turnover exceeding Rs.1 crore (or Rs.10 crores if cash transactions do not exceed 5% of total transactions) and professionals with gross receipts exceeding Rs.50 lakhs. The audit report must […]
New Tax Regime vs Old Regime 2026: Which to Choose — Section 115BAC Post-Budget 2025 Quick Answer For FY 2025-26 (AY 2026-27), the new tax regime under Section 115BAC is the default regime, with significantly revised slabs announced in Union Budget 2025 — the basic exemption limit is now Rs.4 lakhs, the highest slab (30%) […]
GST Classification & HSN Code Disputes: Appeal Strategy Quick Answer GST classification disputes arise when the department and the taxpayer disagree on the HSN code (for goods) or SAC code (for services) applicable to a supply, resulting in a differential tax demand. Classification is governed by Section 9 of the CGST Act read with rate […]
GST for Real Estate: Builder Compliance, ITC & Anti-Profiteering 📌 Quick Answer GST on real estate underwent a fundamental overhaul on 1 April 2019 through Notification 3/2019-Central Tax (Rate). Under-construction residential apartments attract 1% GST (affordable housing) or 5% GST (non-affordable), both without ITC. Builders must maintain project-level accounts, comply with the 80% registered procurement […]