The Goods and Services Tax (GST) system in India, governed by the CGST Act, 2017, is designed to streamline the taxation process for businesses and ensure compliance. However, there are instances where tax is either short-paid, unpaid, or erroneously refunded, or input tax credit (ITC) is wrongly availed or utilized. Section 73 of the CGST […]
Understanding Section 73 of CGST Act: Key to Tax Compliance Read More »
Purchasing property is already a complex process, but when the seller is a Non-Resident Indian (NRI), the process becomes even more intricate due to stringent regulations and tax implications. Here, we break down the essential points every buyer should know before entering into a real estate transaction with an NRI seller. 1. Higher TDS Liability
Buying Property from an NRI? Avoid Costly Mistakes! Read More »
Introduction The concept of a Hindu Undivided Family (HUF) is an age-old tradition in India, rooted in Hindu law, and offers a unique opportunity for tax savings. This blog delves into the nuances of HUF, its formation, tax implications, advantages, disadvantages, and relevant laws. By the end, you’ll have a comprehensive understanding of how HUFs
Hindu Undivided Family (HUF): A Strategic Way to Save Income Tax Read More »
Introduction The Indian taxation landscape is continuously evolving to ensure equitable tax collection. One of the significant updates in Budget 2024 is the introduction of Section 194T, which brings a new dimension to the tax deduction at source (TDS) provisions by including payments made by partnership firms to their partners. This article explores Section 194T
New TDS Rules for Partners in Firms: Section 194T Explained! Read More »
Amendment to Provide Relief for Real Estate under LTCG Regime The Indian government has introduced an amendment to the Long-Term Capital Gains (LTCG) regime to provide relief for taxpayers concerning the taxation of immovable property. This amendment offers taxpayers the flexibility to choose between a lower rate of 12.5% without indexation or a higher rate
Big Tax Relief for Real Estate: Choose Your LTCG Rate! Read More »
Introduction: The Indian government’s Budget 2024 introduces a significant amendment in the Finance (No.2) Bill – 2024 with the proposal of Section 128A. This new section aims to provide relief to taxpayers involved in non-fraud cases under Section 73 of the CGST Act. The introduction of this amnesty scheme is a strategic move to ease
Major Tax Relief Alert: Understand the New Section 128A Amnesty Scheme in Budget 2024 Read More »
Importance of Annual IEC Update for Seamless Import-Export Operations The Importer Exporter Code (IEC) is a critical component for businesses engaged in international trade in India. Issued by the Directorate General of Foreign Trade (DGFT), the IEC serves as a unique identification number for firms engaged in import and export activities. To ensure smooth and
Ensure Smooth Trade: Update Your IEC Annually! Read More »
Introduction India’s tax landscape is complex, and understanding the nuances of high-value cash transactions and income tax notices is crucial for individuals and businesses alike. In this guide, we’ll delve into the definition and implications of high-value cash transactions, reporting requirements, scrutiny by the Income Tax Department, and how to navigate income tax notices effectively.
Don’t Get Caught Off Guard! High-Value Cash Transactions & Tax Notices in India Read More »
Introduction: The rise of online gaming in India has been meteoric, offering not just entertainment but also opportunities to win real money. Online gaming has become a popular and booming industry in India. Whether playing games on a PC, gaming console, or mobile phone, online gaming offers a chance to have fun and win real
Demystifying the Taxation of Online Gaming in India Read More »
One of the main reasons for carrying forward losses in income tax returns is to provide businesses and individuals with a way to recover from financial setbacks and maintain continuity in their operations. By allowing losses to be carried forward, the tax system acknowledges that businesses and individuals may face temporary difficulties that could affect
Understanding the Rules and Benefits of Carrying Forward Losses in Income Tax Returns Read More »
