GST
GSTN Clarifies: No Change in ITC Auto-Population from GSTR-2B to GSTR-3B
GSTR-2B Auto-Population Process Remains Unchanged
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by Krishna
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View all highlightsGST
View all postExplore the world of Goods and Services Tax (GST) with our comprehensive guide. Learn about GST rates, compliance, benefits, and its impact on businesses and consumers. Stay informed about the latest GST updates and ensure you're making the most of this taxation system.
Blockchain for GST: Enhancing Transparency and Security in the Indian Tax System
Blockchain for GST: Enhancing Transparency and Security in the Indian Tax System" highlights the application of blockchain technology to bolster transparency and security within India's Goods and Services Tax (GST) framework. By leveraging blockchain's immutable ledger system, the initiative aims to create a more robust and trustworthy tax ecosystem, reducing fraud, enhancing accountability, and fostering greater confidence among taxpayers and stakeholders.
The Future of E-Invoicing: Benefits and Challenges in India
This synopsis delves into the upcoming landscape of electronic invoicing (e-invoicing) in India. It examines the potential advantages and obstacles associated with the widespread adoption of e-invoicing in the country. Through an analysis of the current scenario and future projections, it aims to shed light on the transformative impact of e-invoicing on businesses and the economy. Key topics covered include the efficiency gains, cost savings, compliance advantages, and technological advancements facilitated by e-invoicing. Additionally, it addresses challenges such as implementation complexities, technological readiness, and data security concerns. Overall, this synopsis provides valuable insights into the promising prospects and critical considerations shaping the future trajectory of e-invoicing in India.
Influence of GST on India Budget Distribution: Insights from APNOKACA
In December 2023, GST collections increased by 10%, reaching around Rs 1.64 lakh crore compared to Rs 1.49 lakh crore in the same month in 2022, as reported by the finance ministry.
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GST Relief for Hospitality Sector: Budget 2025 Key Expectations
In anticipation of important changes including infrastructure status, GST rationalization, digital single-window clearance, talent development programs, and sustainability incentives, the Indian hotel industry is looking forward to Budget 2025. These adjustments have the potential to greatly increase industry expansion, improve worldwide competitiveness, and assist small and medium-sized businesses (SMEs). Explore the main expectations for the next budget by reading on.
Navigating GST for Content Creators & YouTubers: A Comprehensive Guide to Income Taxation
This article provides an in-depth guide to GST on YouTube income, AdSense, brand promotions, and affiliate marketing in India. It covers GST rates, compliance, and refunds for content creators, helping them navigate the complex tax landscape.
Revised GST Returns From April 2025
To implement this, the GSTN (GST Network) plans to assign the task to the next technology vendor for the GST portal, as the current service provider, Infosys, has a contract that expires on September 30, 2024.
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Important Update for Cancelled Composition Taxpayers Regarding GSTR-3A Notices!
This blog post discusses a common issue for composition taxpayers whose GST registration was canceled before April 1, 2024, or who have already submitted GSTR-4 but received GSTR-3A notices. It explains that these notices result from a system error and can be ignored by the taxpayers affected, meaning no further action is needed. The post also provides guidance on how to raise complaints about other GST-related problems.
Income tax
View all postUnderstanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
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The New Tax Regime Advantage? Standard Deduction Changes for FY 2024-25 Explained
Grasping the concept of standard deduction is essential for every salaried person in India. Following the recent updates in the Union Budget 2024, the framework for standard deduction has changed, particularly within the new tax framework. This comprehensive guide clarifies what standard deduction entails, the updated limits for both regimes, eligibility criteria, advantages, and practical illustrations.
Understanding Section 139(5) of the Income Tax Act: A Comprehensive Guide
A thorough explanation of Section 139(5) of the Income Tax Act can be found in this blog post. It describes what a defective return is, how to fix a defective return, and the possible repercussions of filing a defective return. Taxpayers can guarantee compliance with income tax legislation and prevent penalties by being aware of Section 139(5).
TDS Rates 2024: A New Era of Tax Relief and Economic Growth
This blog post offers a condensed explanation of the new TDS rates, which go into effect on October 1, 2024, along with lower tax deduction rates for certain kinds of payments. In order to assure compliance with the updated tax legislation, it assists businesses and taxpayers in comprehending the ramifications of the changed TDS rates and making wise judgments.
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Understanding Surcharges and Marginal Relief Under the Indian Tax System
This blog explains the complexity of income tax surcharges and marginal relief in India. It defines surcharges, their rates under both the old and new tax regimes, and the idea of marginal relief, which ensures high-income taxpayers are not unduly punished. It also offers taxpayers advice on how to properly manage their tax liabilities.
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AY 2025-26 ITR Filings Cross 3.29 Crore; Over 1.13 Crore Already Processed
Despite the ITR filing deadline for AY 2025-26 being extended to September 15, over 3.29 crore returns have already been filed by mid-August, with 1.13 crore processed. This highlights growing tax compliance and the Income Tax Department's processing efficiency.
Form 8: The Key to Maximizing Your Tax Deductions
An extensive guide on Form 8, which is essential for claiming tax exemptions and deductions in India, may be found in this blog post. It walks readers through the significance of Form 8, shows them how to complete it, and offers examples to help them maximize their tax savings.
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Optimize Your Tax Returns: Updated ITR-3 Excel Utility for FY 2024–2025
The Income Tax Department has released an updated Excel utility for ITR-3 for Fiscal Year 2024-25. This blog describes how to download, utilize, and file your income tax return with the utility, assuring correct and timely compliance for companies and professionals.
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Section 80GGC Deduction Under Scrutiny – ITD’s Compliance Notice Explained
The Income Tax Department (ITD) has started sending SMS alerts to taxpayers who have claimed Section 80GGC deductions for donations made to political parties and electoral trusts. The notice applies to Assessment Years 2022-23, 2023-24, and 2024-25 and urges taxpayers to verify their claims on the Compliance Portal.
If the claim is incorrect, taxpayers must file an Updated Return (ITR-U) under Section 139(8A) before 31st March 2025 to avoid penalties under Section 270A (up to 200% fine) and interest under Section 234F (₹5,000 late fee). This blog explains Section 80GGC deductions, compliance requirements, and the steps to correct errors in tax filings.
ITR-6 Excel Utility for AY 2025-26 is Live: What Corporate Filers Need to Know
This blog announces the release of the ITR-6 Excel Utility for the Assessment Year 2025-26 by the Income Tax Department. It details which companies are required to file this form, highlights key updates and changes for this year (such as LEI and capital gains reporting), provides a step-by-step guide on how to use the offline utility, and clarifies the important filing deadlines to help corporate filers ensure timely and accurate compliance.
Due Date for Filing ITRs AY 2025-26 Extended Again
The Income Tax Department has granted a crucial one-day extension for filing Income Tax Returns for Assessment Year 2025-26, pushing the final deadline to September 16, 2025. This extension aims to assist taxpayers who encountered issues with the e-filing portal. This is a final opportunity to avoid penalties, so file your ITR promptly with myITRonline.
Finance
View all postDive into the world of finance and empower your financial future. Explore personal finance tips, investment strategies, budgeting, and more. Stay informed about global financial news and trends. Unlock the keys to financial stability and prosperity with our comprehensive finance resources.
EPFO Alert Withdrawal Facility Discontinuation
The Employees’ Provident Fund Organisation (EPFO) has closed the option for subscribers to withdraw a portion of their retirement savings as a Covid-19 relief measure.
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EPFO Introduces UPI for PF Withdrawals: Instant Access to Your Funds!
EPFO will introduce UPI-based PF withdrawals on March 7, 2025, allowing for faster and simpler access to Provident Funds. This blog discusses the new system, its benefits, and how members should prepare for smooth withdrawals.
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Comprehending Income Tax Act Section 115JB: Minimum Alternate Tax (MAT)
The Income Tax Act's Section 115JB establishes the Minimum Alternate Tax (MAT), which makes sure businesses pay a minimum tax even when they take advantage of exemptions and deductions. The goal of MAT, its applicability to both domestic and international businesses, its calculation method, the credit system, and important modifications such as exclusions for businesses falling under Sections 115BAA and 115BAB are all covered in this blog. It also looks at MAT's function in maintaining tax equity, particularly for companies with high book earnings but low tax obligations.
New NPS Rules Effective February 1
Under the new NPS rules effective from February 1, subscribers are limited to withdrawing a maximum of 25% from their pension accounts, excluding the employer's contribution
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Change in Taxation of Buy Back Of Shares: Understanding the New Regime Effective from October 1, 2024
With effect from October 1, 2024, the government has made major changes to the taxation of share buybacks. The new system, its effects on businesses and shareholders, and the rationale for these modifications are all explained in this blog post.
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4 Quick Ways to Verify Your EPF Balance with or without UAN
For retirement savings, the Employee Provident Fund (EPF) is essential, and financial planning is aided by knowing your EPF balance. Four methods for checking your EPF balance—both with and without a Universal Account Number (UAN)—are described in this guide. Managing your EPF account has never been simpler, whether you use the UMANG app, the EPFO online, SMS, or a missed call service.
Crypto Firms in India Must Now Pass Security Audits: What It Means
India's Financial Intelligence Unit (FIU-IND) has mandated comprehensive cybersecurity audits for all Virtual Digital Asset (VDA) service providers, including crypto exchanges and custodians. These audits, to be conducted by CERT-In approved auditors, signal a major shift towards a more secure and regulated crypto ecosystem in India. The move aims to combat cybercrime, money laundering, and boost investor confidence, bringing the crypto sector in line with traditional financial regulations. Firms must now prioritize compliance, update security protocols, and prepare for the new PACT certification, marking an end to lax security practices.
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