7 min readHouse Property: Self-Occupied vs Let-Out
How to compute rental income, claim the 30 percent standard deduction, and treat home-loan interest.
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Plain-English guides, checklists and updates for individuals, startups and SMEs.
7 min readHow to compute rental income, claim the 30 percent standard deduction, and treat home-loan interest.
6 min readExports of goods and services are zero-rated under GST. The exporter can either export under LUT (Letter of Undertaking) without paying IGST, or pay IGST and claim a refund of the IGST paid. Refund claims are filed in RFD-01, typically processed within 60 days, but matching delays make the practical timeline 3–6 months.
6 min readTime limit, scenarios where revision is permitted, and common mistakes that lock the original return.
7 min readDocuments, the FoSTaC training requirement, and inspection tips.
7 min readA notice under Section 61, 73, or 74 is a show-cause, not a demand. You respond in FORM GST ASMT-10 or DRC-06 within the stipulated time with reconciliation and supporting documents. Most demands are dropped or reduced at the personal-hearing stage when the response is well-organised.
6 min readA P&L statement is more than revenue minus expenses. A CFO reads it as a story of contribution margin, operating leverage, cost structure, and earnings quality. Look at the trajectory of revenue, the gross margin pattern, the operating expense discipline, and the non-recurring items. The P&L is the basis for every management decision.
9 min readDSC, DIN, RUN, SPICe+ form, MOA, AOA, and the typical 7–10 day timeline.
6 min readA dormant company can be struck off the ROC register by filing Form STK-2 along with the prescribed fees and indemnity bond. The company must have no assets or liabilities, no pending litigation, and must have filed all annual returns up to the date of application. Approval takes 1–2 months.
7 min readHSN/SAC codes were always mandatory, but the 2024-25 GSTN intelligence tools are now flagging mismatches in GSTR-1, mismatch in E-Way Bills, and bogus ITC chains. Here is what triggers a notice.
7 min readInput Tax Credit (ITC) under Section 16 is available on goods and services used in the course or furtherance of business — subject to four conditions (possession, use, supplier return, payment within 180 days) and the Section 17(5) blocked-credit list.
7 min readStage 1 and Stage 2 audit, certification body selection, and surveillance audits.
5 min readUnder Section 128 of the Companies Act 2013, every company must maintain proper books of account at the registered office. Under Section 44AA of the Income-tax Act, specified persons (business, profession, other income above threshold) must maintain books for 6 years from the end of the relevant AY. Non-compliance attracts penalty under Section 271A.
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