Pavan Goyal and Associates

If you run a business and pay salaries to employees, obtaining a Professional Tax Registration Certificate (PTRC) is not optional—it is a mandatory compliance requirement once the organisation hires even a single employee. Many startups, SMEs, and growing businesses overlook PTRC until they receive a notice from the tax authorities. Ensuring proper registration and timely …

Employers in Maharashtra – Are You Compliant with PTRC? Read More »

Introduction to Corporate Social Responsibility (CSR): Corporate Social Responsibility (CSR) refers to the responsibility of companies to contribute to social, environmental, and economic development while conducting business. In India, CSR is regulated under Section 135 of the Companies Act, 2013, which makes it mandatory for certain companies to spend a portion of their profits on …

Corporate Social Responsibility Read More »

Introduction In the modern corporate world, transparency, accountability, and ethical decision-making are essential for building trust with investors, stakeholders, and the public. One key figure who helps ensure these standards are maintained is the Independent Director. Independent Directors play a critical role in strengthening corporate governance by providing unbiased judgment and oversight of a company’s …

Independent Director: Importance in Corporate Governance Read More »

Receiving an income tax notice can be concerning for taxpayers. However, in most cases, it is a routine communication from the Income-tax Department seeking clarification, verification, or correction of information filed in the return. Understanding the nature of the notice and responding appropriately ensures smooth resolution and avoids unnecessary litigation. Why Do You Receive an …

Income Tax Notices in India: Types, Reasons & How to Respond Read More »

In the Goods and Services Tax (GST) regime, managing and optimizing Input Tax Credit (ITC) is crucial for businesses with operations in multiple states or units. One such mechanism introduced to streamline this process is the Input Service Distributor (ISD). An Input Service Distributor (ISD) is a mechanism under the Goods and Services Tax (GST) …

Everything You Need to Know About ISD Registration Under GST Read More »

What are the taxation process and section applicable for following two cases mentioned below: – Case 1: Company Issues ESOPs Without Consideration Case 2: Company Issues ESOPs at a Discount Covering both the scenarios mentioned above (issued without consideration or at a discount). The tax treatment is fundamentally the same for both cases. The taxation …

ESOP Tax Explained in Simple Terms Read More »

Introduction and Purpose The Unique Document Identification Number (UDIN) is a distinctive reference code used by Chartered Accountants to authenticate and validate documents they sign. Introduced by the Institute of Chartered Accountants of India (ICAI) in 2019, UDIN aims to prevent fraudulent practices in the financial sector and to ensure that documents are legitimate, traceable, …

Unique Document Identification Number (UDIN) Read More »

Who is Required to File ITR as per Rule 12AB and Section 139 of the Income-tax Act? The obligation to file an Income Tax Return (ITR) in India goes beyond merely having taxable income. With increasing digitization and financial transparency, the scope of mandatory ITR filing has expanded. Notably, Section 139(1) of the Income-tax Act, …

Who is Required to File ITR? Read More »

1. Expanded Simplicity for ITR‑1 & ITR‑4 2. Aadhaar Enrollment ID Removed 3. New Tax Regime Is Default; Opt-Out More Detailed 4. Mandatory TDS Section Code Disclosure 5. Capital Gains Reporting Refined 6. Other Updates in Specific Forms 7. ITR‑U: New Updated Return Form Introduced 8. ITR Filing Deadline Extended 9. Excel Utility Validation Enhancements …

Top Changes in ITR Forms for AY 2024-25: What Taxpayers Must Know Read More »