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 is a process mandatory by the Indian Income Tax Act, 1961, designed to verify the accuracy of an individual or business’s financial records and tax returns. It is an examination of income and tax deductions to ensure that taxpayers comply with applicable tax laws. The tax audit serves as a… Read More »