In India, Budget Day is an eagerly anticipated event, with businesses and the public keenly awaiting announcements of schemes and initiatives that could impact them. However, this year, due to the upcoming elections, Budget 2024 has been replaced with an Interim Budget. Nevertheless, the public’s expectations were met as the honourable Union Finance Minister, Smt. Nirmala Sitharaman, presented her sixth consecutive budget, ensuring continuity in plans and benefits.
Continue reading “INTERIM BUDGET 2024-25”Compliances for Subsidiary Companies In India
In this article, we shall take you through all the Mandatory Compliances that are applicable on a Subsidiary Company, at different points of time, during the year.
A subsidiary company is any company, where 50% or more of its share capital is owned by a company that is incorporated in another foreign nation. The said foreign company is called the holding company or the parent company. Subsidiary Companies, being registered in India, are governed by Indian laws, like any other Indian company.
Continue reading “Compliances for Subsidiary Companies In India”Cost Inflation Index in India: A Comprehensive Guide
Cost Inflation Index (CII) is a crucial financial tool in India that plays a significant role in determining the inflation-adjusted capital gains on the sale of various assets. Introduced by the Income Tax Department, the CII helps investors and taxpayers account for the impact of inflation when calculating gains on the transfer of capital assets. This article aims to provide a comprehensive guide to the Cost Inflation Index in India.
Continue reading “Cost Inflation Index in India: A Comprehensive Guide”Budget 2022: Key Takeaways
Minister of Finance, Smt. Nirmala Sitharaman presented the Budget 2022 on 1st February 2022. At the very outset, she mentioned that India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies.
Continue reading “Budget 2022: Key Takeaways”Major change in TDS provisions w.e.f 01st July’2021 – Section 206AB
Finance Act 2021 introduced section 206AB to the Income Tax Act which has major implications on existing TDS provisions and rates. The idea behind this provision is to extract Tax at source from persons who are not filing their IT Returns, thereby making the businesses more responsible towards filing their returns regularly.
Continue reading “Major change in TDS provisions w.e.f 01st July’2021 – Section 206AB”