Wishfin Blog

The government has reintroduced the GST Amnesty Scheme 2023 to relieve taxpayers who failed to file GSTR-3B for earlier tax seasons. Get detailed information on this system's applicability, advantages, and operation in this post, along with the...

The Indian government has been trying to digitalise payments in recent years for various reasons, including curbing black money and ensuring accurate taxation. Section 40A(3) and 40A(3A) of the Income Tax Act 1961 contribute to the same cause....

The rules for categorising, recognising, de-recognising, and measuring all financial assets and liabilities are covered by IND AS 109 Financial Instruments. The stakeholders will be able to judge the timeliness and unpredictability of a company's...

Debit notes are official accounting documents like credit notes, particularly for entrepreneurs. Unlike an invoice, these notes notify customers of their available company credit and the amount they owe. A debit note is vital for monitoring...

Discover the privileges and benefits of YSR Rythu Bharosa, an extensive financial support scheme for farmers in Andhra Pradesh. With direct financial privileges, the plan empowers farmers to secure their lives and plan for the future. The State...

LUT in GST is the acronym for Letters of Undertaking. It is where a manufacturer manufacturing paper can utilise to pay less tax on the merchandise and products they sell. Any shipments eligible for Integrated Goods and Services Tax underneath the...

Section 194-IA of the Income Tax Act, 1961, relates to the Tax Deducted at Source (TDS) deduction on purchasing immovable assets. Introduced to ensure certain compliance and prevent tax evasion, this section mandates the buyer to deduct TDS when...

In the complex landscape of employee compensation, various allowances cater to the diverse financial needs of individuals, addressing specific cost-related challenges. Among these, CCA (CCA full form is City Compensatory Allowance), House Rent...

Agricultural income holds a unique position in taxation due to its distinctive treatment. In many countries, including India, agricultural income is often given special consideration. This article will explore agricultural income, its overview,...

The introduction of the Goods and Services Tax (GST) revolutionised India's indirect taxation system, ushering in a new era of transparency and efficiency. Amid its intricate framework lies a provision that caters to the dynamic nature of business...