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September 09,2022 Section 40A(3): Disallowance of Cash Expenses & Exceptions

A business incurs a range of expenses in a single day. It could include things like paying for services, making repairs, paying employees, and buying raw materials. Since it is impossible to compile a complete inventory of such expenses or to establish their veracity, Section 40A(3) of the Income Tax Act was introduced.According to section 40A(3), business expenses paid in cash that total more than Rs 10,000 are not deductible for income tax purposes. Additionally, there are certain...Read More

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September 09,2022 CREDIT SCORE

Your creditworthiness is essentially quantified by your credit score. This rating demonstrates to lenders or other financial institutions your capacity to pay back the amount borrowed. A three-digit CIBIL Score typically ranges from 300 to 900.The terms "Credit Score" and "CIBIL Score" are frequently used synonymously. However, one of the most reputable credit information businesses in the nation is CIBIL, also known as TransUnion CIBIL Limited. Millions of people's credit histories and...Read More

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December 12,2021 GST Notice Reply

Response to the GST Demand NoticeThe current article covers the various methods of serving the demand notice and the processes to read the notice on the GST portal, responding to the demand notice in Form GST DRC-06, and taking action after the defense has been filed. Form GST DRC-06 is used to respond.Various methods of delivering the demand notice to the taxpayer are available.Central Goods and Service Tax Act, 2017 specifies various methods for serving the demand notice to the...Read More

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December 12,2021 GST Certification

According to the GST Act, every GST-registered taxpayer must get a GST registration certificate (RC of GST). GST registration is required for all organizations in India, with annual Turnover of more than Rs.20 lakh for service providers and Rs.40 lakh for goods suppliers. In contrast to the aggregate turnover criteria, several other conditions may make a business liable for GST registration (GST Turnover Limit). Here's where you can see if you're eligible for GST registration. In this...Read More