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Section 128A: The Game-Changer in Budget 2024 for Taxpayers with Section 73 Demands
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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.
November 2023 Highest Year on Year GST Revenue Growth
Notably, this is the sixth instance in FY 2023-24 where gross GST collections surpassed Rs 1.60 lakh crore. By November 2023, FY 2023-24's gross GST collection reached Rs 13,32,440 crore, averaging Rs 1.66 lakh crore monthly.
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 GST in India: A Glimpse into What Lies Ahead for Businesses
The Indian Goods and Services Tax (GST) is poised for an exciting future! This blog post delves into potential changes in GST regulations, including rate rationalization and e-commerce focus. We also explore how advancements like AI and blockchain will shape the GST system. Learn how businesses can adapt to these changes and thrive in the evolving tax landscape.
Streamlining GST compliance for e-commerce businesses with global operations.
This topic delves into the methods used by e-commerce businesses with international reach to simplify their Goods and Services Tax (GST) compliance. It examines the challenges they face and the solutions they employ to navigate tax regulations efficiently
Identifying Fake GST Bill Verify GST Bill Overview
A fake GST bill is created when there's no real exchange of goods or services, and no actual GST payment is made. Checking the authenticity of a GST bill is a simple process.
GST E-Way Bill Guide Required Documents Format Exemption Validity
An Eway bill, short for Electronic Way Bill, is a document introduced under the Goods and Service Tax (GST) system to monitor the transit of goods.
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Understanding GST Suo Moto Cancellation Penalty in India
This article explains what GST Suo Moto Cancellation is and the penalty levied on taxpayers whose GST registration is cancelled by the tax officer. It also highlights the importance of complying with GST regulations and maintaining proper records to avoid the penalty. The article concludes with tips on how to avoid the GST Suo Moto Cancellation Penalty.
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.
Demystifying Section 197A of the Income Tax Act: Exemption from TDS Deduction for Low-Income Individuals
Section 197A of the Income Tax Act provides relief to individuals with incomes below the taxable limit by allowing them to submit Form 15G or Form 15H to avoid TDS deductions. This blog explains the eligibility criteria, benefits, and the process of submitting these forms, along with the potential consequences of providing incorrect information.
Form 61A: Statement of Specified Financial Transactions (SFT) Under Section 285BA of the Income Tax Act, 1961
Form 61A is a statement of specified financial transactions (SFTs) under Section 285BA of the Income Tax Act, 1961. It is used to capture information on certain high-value transactions as prescribed in the Income Tax Act. This blog post covers the details of Form 61A, the transactions that should be reported, the format of the form, and the consequences of non-compliance.
Section 135: Unlocking the Power of Corporate Social Responsibility in India
This blog post provides a comprehensive guide to Section 135 of the Companies Act, 2013, which deals with Corporate Social Responsibility (CSR). It covers the CSR provisions, amendment rules, and filing process, making it a valuable resource for companies looking to comply with CSR regulations in India.
Income Tax Returns FY-2022-2023 Deadline December 31-2023
The end of the year is so close and it’s better not to wait anymore, act now! Filing your income tax return (ITR) for the financial year 2022-2023 is crucial.
Notification from the Revenue Service: Reasons You Might Get One and How to Reply?
Got a letter from the IRS? Breathe easy! This summary outlines the common reasons for IRS notices (unpaid taxes, missing info, return mistakes) and what to do next (read thoroughly, collect documents, respond promptly). It also includes filing tips for organization and efficiency. Remember, the IRS is there to assist you – don't hesitate to reach out if you have any questions.
CBDT Deactivates 11.5 Crore PAN Not Linked Aadhaar
The deadline for linking PAN (Permanent Account Number) with Aadhaar cards was on June 30 this year. Out of the 70.24 crore PAN card holders in India, 57.25 crore have successfully linked their cards with Aadhaar, as reported by a newspaper.
Section 142(1) of the Income Tax Act
Section 142(1) of the Income Tax Act empowers the Assessing Officer to issue notices to taxpayers in certain situations to obtain more information or clarification before completing the tax assessment. This blog provides a comprehensive understanding of Section 142(1), including when the AO can issue a notice, the information that can be sought, the consequences of non-compliance, and the steps taxpayers should take to respond effectively. It also highlights the safeguards in place to prevent misuse and ensure fairness in the tax assessment process. By understanding their rights and obligations under Section 142(1), taxpayers can navigate the tax assessment process more effectively and avoid potential penalties.
Tax Benefits for Homeowners: Exploring Section 24 and 80EE
Homeownership comes with substantial financial responsibilities, but the Indian tax system offers relief through Sections 24 and 80EE of the Income Tax Act. Section 24 provides deductions on home loan interest, with specific benefits for self-occupied and let-out properties. First-time home buyers can enjoy additional savings under Section 80EE, which offers a further deduction on home loan interest. This blog delves into the provisions, eligibility criteria, and strategic benefits of these sections, helping homeowners maximize their tax savings and make informed financial decisions.
Home Cash Limits Income Tax Rules Breakdown
Following Income Tax raids that uncovered a staggering Rs 351 crore in cash at the premises of Congress MP Dhiraj Prasad Sahu, the politician has addressed the issue.
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Understanding TDS on Salary under Section 192 of the Income Tax Act
In this detailed blog, we explore the concept of Tax Deducted at Source (TDS) on salary under Section 192 of the Income Tax Act. We cover the applicability of Section 192, how employers estimate and deduct TDS, and the exemptions and deductions available to employees. The blog also provides a step-by-step guide to calculating TDS, highlights the compliance responsibilities of employers, and discusses the role of employees in ensuring accurate TDS deduction. Practical scenarios and examples help illustrate the process, ensuring a comprehensive understanding of this critical aspect of income tax.
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.
Filling Form 15G PF Withdrawal Mistakes Avoid Advantages
Form 15G is a declaration form that individuals can submit to prevent tax deduction at source (TDS) on their income, including PF withdrawals.
THE FINANCE BILL, 2024 AS INTRODUCED IN LOK SABHA
The Finance Bill, 2024, introduced in the Lok Sabha, outlines crucial fiscal measures and policies proposed by the government for the upcoming financial year.
EPF Claim Denials Common Causes Prevention Strategies
The Employees’ Provident Fund Organisation (EPFO), which oversees EPF contributions, enables subscribers to make partial withdrawals or 'advances' from their provident fund savings in specific situations.
Government Announces Relaxations PPF SCSS Post Office Savings
The recent notification introduces changes concerning the premature closure of Public Provident Fund (PPF) accounts, identified as the Public Provident Fund (Amendment) Scheme, 2023.
Senior Citizens Savings Scheme Significant Amendments
Now, you can open an account within three months of receiving retirement benefits. The definition of retirement benefits has been clarified to include various payments like provident fund dues, gratuity, pension commutation, leave encashment, and more.
Check EPF Balance Online SMS Call UMANG
How to check epf balance online: The EPFO annually credits interest to over 24 crore EPF accounts. For FY 2022-23, the interest rate is 8.15%, announced in June 2023.
Exciting Update Salaried Taxpayers Standard Deduction Limit Raised Rs 90000 Interim Budget APNOKACA
The standard deduction was last revised nearly five years ago, in 2019. In the upcoming Interim Budget 2024, middle-class taxpayers are hopeful that the government will introduce tax incentives.
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