Insights & statutory updates
Practical notes on GST, company law, and income tax compliance written by CA Shivam Bhaskar and reviewed against current statutory notifications.
Presumptive Taxation (Sec 44ADA & 44AD): ₹75L / ₹3Cr Limits & Rules
Eligibility rules for professionals and small businesses, the 5% cash receipt condition, 15 March advance tax, and the 5-year lock-in rule under Section 44AD(4).
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Section 43B(h) MSME 45-Day Payment Rule: Tax Audit Checklist
How unpaid Micro and Small enterprise bills trigger 100% expense disallowance on 31 March, and why Medium enterprises and traders are excluded.
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Important GST Filing Updates: IMS-Based GSTR-2B & GSTR-3B Sequencing
How manual ITC validation on the Invoice Management System (IMS), credit note ITC linkage, and mandatory GSTR-2B generation before GSTR-3B work in practice.
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GST Rule on Credit Notes: Section 34 & Recipient ITC Reversal
Why a supplier’s output GST liability reduction on a credit note is now system-linked to the buyer’s acceptance and corresponding ITC reversal in GSTR-3B.
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Appointment of First Auditor in Companies & Mandatory Form ADT-1
Complete guide to appointing the first auditor under Section 139(6) of the Companies Act, 2013: 30-day board timeline, EGM fallback, and mandatory ADT-1 filing.
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