Budget 2025 has been presented by Hon’ble Finance Minister Mrs. Nirmala Sitaraman today i.e. on 01.02.2025. This was her consequent Eight budget presented in NDA government. In the budget various announcement have been made. The most significant announcement in this budget which grab the attention of maximum taxpayer was increasing the tax rebate from existing …
Budget 2024 has been presented by Hon’ble Finance Minister Mrs. Nirmala Sitaraman. This was her consequent seventh budget presented in NDA government. In the budget various announcement have been made. Focal Point of the Budget was 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer). Many schemes and programmes have been …
As per Section 95(1) “Advance Ruling” means a decision provided by the authority or the appellate authority to an applicant on the matters or on the question specified in sub-section (2) of section 97 or sub-section (1) of section 100 of the CGST Act, 2017, in relation to the supply of goods or services or …
The CBIC has recently issued 8 circulars in accordance with the recommendations of GST council. Such circulars have been issued to address some of the ongoing issues in GST law (such as interest on wrong availment of ITC, Cross charge between HO and BO, ITC mismatch etc.). These circulars have been summarized for better and …
Due date of filing of annual return of GST is approaching fast. GST Annual return is to be filed by registered taxable persons by 31 December 2022 in form GSTR 9 and GSTR 9C. The registered taxable person whose aggregate turnover in FY 2021-22 is less than 2 Crore, is not required to file GSTR …
In Finance Act 2022, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on Benefits or Perquisites provided during the course of business or profession u/s 194R. It will be a challenging compliance for deductor to comply with above section. …
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through innovation and design. To promote growth …
Widening the tax base and encouraging tax filing has always been the prime focus of government. Finance Act, 2021 has enacted certain provisions which will be very effective in achieving this target of government. Finance Act, 2021 has enacted the provisions for higher rate of TDS and TCS for non filers of Income Tax return. …
In Finance Act 2021, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on purchase of goods. It will be a huge compliance for deductor to comply with above section. TDS on purchase of goods will be burdensome and cumbersome. …
Section 206C of the Income Tax Act provides for the collection of tax at source on some specified goods like alcohol, alcoholic liquor, forest produce, scrap, motor vehicle etc. In order to widen and deepen the tax net in Finance Act, 2020 a new sub section (1H) was inserted in section 206C Income tax Act. …
Certain changed have been enacted in Income Tax and Goods and Service Tax. Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For Nov 2020 Tax Update, click here.
Certain changed have been enacted in Income Tax and Goods and Service Tax . Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For updates summary, click here.
Certain changed have been enacted in Income Tax and Goods and Service Tax . Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For details about recent Tax Updates in Sep 2020, click here.
A revision in Micro Small and Medium Enterprises (MSME) definition was announced in the Atmnirbhar Bharat package on 13th May 2020. After the package was reported, several representations for upward revision of the MSME definition were made. Considering this, the Ministry of Micro, Small, and Medium Enterprises, vide its gazette notification dated 1st June 2020, has announced the …
Certain changed have been enacted in Income Tax and Goods and Service Tax . Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For more detail of July 2020 updates, click here.
Certain changed have been enacted in Income Tax Act. Also certain clarification has been made by Income Tax authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For detailed Income Tax updates – Jun 2020 click here.
Certain changed have been enacted in Goods and Service Tax Act. Also certain clarification has been made by GST authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For detail about GST Updates – June 2020 click here.
Finance Act 2020 has abolished tax on dividend levied under section 115O of Income Tax Act, 1961 popularly known as Dividend Distribution tax (DDT). With effect from 1 April 2020 dividends declared by the Indian companies have been made taxable in the hands of shareholders. The presentation gives a brief of taxation and compliances on …
The Finance Act 2020 has introduced new section 115BAC. This section gives an option to individuals and HUF to pay taxes at alternate rates w.e.f. A.Y. 2021-22. Given this option, Individual and HUF can pay income tax at rates more beneficial to them. However, the said section provides some conditions in order to avail the …