Business Updates

  • ITC can’t be denied merely because registration of supplier was cancelled with retrospective effect: Calcutta HC

    Where petitioner’s claim for input tax credit was rejected due to supplier’s fraudulent activity, since petitioner had paid amount of purchased articles as well as tax on same through bank and not in cash and without proper verification, it could not be said that there was any failure on the part of petitioner, order rejecting

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  • Consequences of claiming false deductions in Income Tax Returns

    Income Tax department has started to crackdown on false claims of deductions by taxpayers. The Income Tax department has been vigilant in detecting and penalizing taxpayers who have filed false or inflated claims of deductions and exemptions in their tax returns. The department has been using technology to monitor the filings and issue notices to

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  • Steps to incorporate an Limited Liability Partnership

    Starting from 2023, with the upgradation of MCA website to V3, LLP incorporation process has undergone changes keeping it in line with the Company Registration. At first we need to understand why to incorporate an LLP and why not a Company A LLP has lot of advantages over a company such as minimal compliances, no

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  • Checklist of Items to keep in mind while filing GST returns

    Filing GST returns is a mandatory requirement for all registered businesses under the GST Act. GST returns are documents that contain the details of all sales and purchases of goods and services, as well as the tax collected and paid by the taxpayers. Depending on the type and turnover of the business, different types of

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  • What are Virtual CFO Services and How Can They Benefit Your Business?

    If you are a business owner, you know how important it is to have a reliable and competent CFO (Chief Financial Officer) who can manage your finances, plan your budget, forecast your cash flow, and provide strategic advice. However, hiring a full-time CFO can be expensive and challenging, especially for small and medium-sized enterprises (SMEs)

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