tax liability

Madhya Pradesh Global Investors Summit 2025: Paving the Way for a Viksit Bharat

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Global Investors Summit 2025: Paving the Way for Madhya Pradesh’s Economic Transformation Introduction: The Global Investors Summit (GIS) 2025, inaugurated by Prime Minister Shri Narendra Modi in Bhopal, Madhya Pradesh, has emerged as a landmark event poised to reshape the state’s economic landscape. With participation from over 60 countries, the summit serves as a vital […]

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A Family That Plans Together, Pays Less Tax Together!

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Understanding Hindu Undivided Family (HUF) and Its Tax Benefits What is an HUF? A Hindu Undivided Family (HUF) is a distinct legal entity recognized under Indian tax law. It consists of all members of a Hindu family, including those by marriage (e.g., daughter-in-law and mother). HUFs are treated separately for tax purposes, providing unique advantages

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Invest Madhya Pradesh – Global Investors Summit 2025: A Catalyst for Growth

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Madhya Pradesh is gearing up to host a grand global investor meet in February 2025, bringing together business leaders, policymakers, and over 500 Non-Resident Indians (NRIs) from more than 15 countries. The “Invest Madhya Pradesh – Global Investors Summit 2025” will be integrated with the “Pravasi Madhya Pradesh Summit 2025,” making it a landmark event

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Decoding Long-Term Capital Gains!

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Section 112A: Long-Term Capital Gains on Listed Shares and Equity-Oriented Funds Long-term capital gains (LTCG) arise when a long-term capital asset is transferred. The taxation of LTCG under the Income Tax Act, 1961, is categorized into two key provisions: Section 112 and Section 112A. Section 112A specifically addresses the taxation of LTCG on listed shares,

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Big TDS Rate Cuts from October 2024! What You Need to Know

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TDS Changes Effective from 1st October 2024: A Detailed Overview The Income Tax Department has introduced significant changes to the Tax Deducted at Source (TDS) framework, effective from 1st October 2024. These modifications, primarily focusing on reducing TDS rates across several key sections, are intended to reduce compliance burdens and ease cash flows for individuals

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Overview of the 54th GST Council Meeting: Key Decisions & Their Implications

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The 54th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman on 9th September 2024, brought forward significant reforms aimed at simplifying GST compliance, offering sector-specific relief, and addressing ambiguities in existing regulations. These decisions are expected to impact various sectors, such as insurance, healthcare, transport, and R&D, while also setting the stage for

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Understanding Section 73 of CGST Act: Key to Tax Compliance

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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

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Buying Property from an NRI? Avoid Costly Mistakes!

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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

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Hindu Undivided Family (HUF): A Strategic Way to Save Income Tax

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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

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New TDS Rules for Partners in Firms: Section 194T Explained!

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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

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