Updated: June 2025 | Reading Time: 8 minutes Are you facing GST penalty notices under Section 74? A recent High Court judgment has completely transformed how tax authorities can impose the dreaded 100% penalty on GST non-compliance. This landmark ruling affects thousands of businesses struggling with GST return filing and payment delays. What is the…
Introduction 🔴 Attention all partnership firms and LLPs! A major tax compliance change is coming your way! Starting April 1, 2025, Section 194T will make TDS deduction mandatory on payments like salary, remuneration, commission, bonus, and interest paid to partners. This means firms can no longer make these payments without deducting TDS if the total…
When starting a business, entrepreneurs must choose the most suitable structure for their venture. Two popular forms of business entities under the Companies Act are One Person Company (OPC) and Private Limited Company (PLC). Each has its unique features, benefits, and compliance requirements. This article provides a detailed comparison of the two structures, highlighting their…
The Union Budget of 2024 introduced a new section under the Income Tax Act, 1961—Section 194T. This section imposes a Tax Deducted at Source (TDS) on specific payments made to partners of a firm. If you’re a tax professional, student, or even a partner in a firm, this guide will provide you with all the…
Starting a business is an exciting journey, but choosing the right business structure can be daunting. The structure you select can have significant implications on your liability, tax obligations, and ability to raise capital. Today, we’ll explore three popular business structures in India: Private Limited Company (Pvt Ltd), Limited Liability Partnership (LLP), and Partnership Firm….
