Tag Archives: #TaxationInspection

Will GST be levied on a legal barter transaction done between 2 companies?

Legal barter transaction

Legal barter transaction   Legal barter transaction, Yes, GST (Goods and Services Tax) may be levy on a legal barter transactions done between two companies. According to the GST Act, any supply of goods or services made for a consideration in the course of business or commerce is taxable, including barter transactions. The value of… Read More »

What is the objective of tax audit?

Tax Audit Tax Audit, The primary objective is to examine a taxpayer’s accounts and financial statements to ensure compliance with the provisions of the Income Tax Act, 1961, and to verify the accuracy and completeness of the tax returns. Conducted by a qualified chartered accountant, the tax audit aims to provide assurance to the tax… Read More »