TAX MONEY

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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Big Tax Relief for Real Estate: Choose Your LTCG Rate!

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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

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Major Tax Relief Alert: Understand the New Section 128A Amnesty Scheme in Budget 2024

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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

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Ensure Smooth Trade: Update Your IEC Annually!

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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

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Don’t Get Caught Off Guard! High-Value Cash Transactions & Tax Notices in India

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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.

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Tax Saving Strategies for Salaried Employees in the Old Regime

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Introduction: For salaried employees, tax-saving strategies are essential to optimize financial planning and maximize take-home pay. In the old tax regime, several avenues exist for tax savings, enabling individuals to reduce their taxable income and retain more of their hard-earned money. I. Understanding the Old Tax Regime: In the old tax regime, taxpayers have access

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Mastering ITR Filing Deadlines 2024: Your Comprehensive Guide

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Introduction: As the deadline for filing Income Tax Returns (ITR) approaches, taxpayers in India are gearing up to meet their tax obligations. Understanding the significance of adhering to deadlines and complying with tax regulations is essential to avoid penalties and ensure smooth tax filing processes. Significance of Adhering to the Deadline: Timely filing of ITRs

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Demystifying TCS and TDS: Understanding the Differences

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Introduction: Tax Collection at Source (TCS) and Tax Deducted at Source (TDS) are two essential concepts in the Indian taxation system. While they share similarities, they serve distinct purposes and operate under different provisions. This blog aims to elucidate the disparities between TCS and TDS, offering clarity through examples, implications, effects, and frequently asked questions

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Exploring the Option for NRIs to Opt for the New Tax Regime in FY 2023-24 in India

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Introduction: Non-Resident Indians (NRIs) play a crucial role in India’s economy, often navigating complex tax regulations. In the financial year 2023-24, NRIs face a significant decision: whether to opt for the new tax regime introduced in India. This blog aims to provide a comprehensive understanding of this option, including examples, relevant income tax sections, and

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