Adv Aditya Narayan 
Changes in Capital Gain Taxation by Finance (No.2) Bill, 2024 Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024? A1. The Finance (No.2) Bill, 2024, introduces significant rationalisation and …
Budget 2024 Announcement: Complete digitalization of all major taxpayer services under GST and most services under Customs and Income Tax within the next two years. In her Union Budget 2024-25 presentation, Union Minister for Finance & Corporate Affairs, Smt. Nirmala …
Allowances exempted under section 10(14)(i) of Income Tax Act 1961 Section 10(14)(i) of the Income Tax Act provides specific allowances to employees to cover expenses incurred while performing their official duties. These allowances are exempt from tax up to the …
Now there is no need of filing revised returns. Taxpayers can discard the wrong ITR and file their rectified ITR afresh by using the ‘Discard ITR’ functionality within the I-T Portal Discard ITR Option: Many taxpayers encounter situations where they …
Following the July 5 update, the ITR filing utilities are not allowing the rebate under section 87A for various special rate incomes. The income tax rebate under section 87A of the Income-tax Act, 1961, provides a significant benefit by reducing …
Taxnet 2.0 is designed to overhaul the Income Tax Department’s network system, aiming to deliver enhanced security, improved reliability, and a seamless user experience for all stakeholders. The Central Board of Direct Taxes (CBDT) has granted the prestigious Taxnet 2.0 …
Experts believe that adjustments to income tax slab rates could be seen in the Budget 2024. Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget on July 23. Taxpayers are eagerly anticipating several potential changes, including a …
The Union Budget 2024-25 is scheduled to be presented on July 23, 2024. Budget 2024-25: The Halwa ceremony, a traditional event marking the final phase of Union Budget preparation, was held in New Delhi on 16 July 2024. Union Minister …
Taxpayers are encountering significant challenges while filing their income tax returns due to persistent glitches in the e-filing portal. These issues include difficulties in accessing crucial forms such as Form 26AS, AIS, and TIS. The deadline for filing income tax …
Section 80GG offers a valuable deduction for individuals and HUFs paying house rent without getting HRA benefits Section 80GG of the Income Tax Act provides significant relief for individuals paying house rent without receiving House Rent Allowance (HRA) from their …
Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports Refund of Additional IGST paid due to price hike after exports: The GST Council has approved the processing of refund applications for additional …
CBIC Notification No. 2/2024- Central Tax (Rate) Dated 12 July 2024 Amendment in Notification 1/2017-CTR: In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Central Goods and Services Tax …
Clarification on Taxability & Valuation of Corporate Guarantee between Related Parties To clarify the taxability and valuation of corporate guarantee provided between related entities, the GST Council has made significant updates. These updates include the insertion of sub-rule (2) in …
If a taxpayer files an appeal and makes the required pre-deposit under subsection (8) of section 112, recovery of the remaining amount is stayed as per subsection (9) Trade and field formations have expressed concerns about recovery of outstanding dues …
Circular No. 223/17/2024-GST: Amendment in the designation of proper officers for various functions related to Registration and Composition Levy The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 223/17/2024-GST, amending the designation of proper officers for …
Taxpayers can now upload documents up to a maximum size of 500 KB in both the Principal Place of Business and Additional Places of Business at the time of GST registration: GSTN Advisory 502. According to the GSTN Advisory No. …
The new tax regime was introduced in Budget 2020 to simplify tax calculations and offer concessional tax rates. As the deadline for filing your Income Tax Returns (ITR) approaches, it’s crucial to decide whether to stick with the old tax …
High-value transactions, including bank deposits, mutual fund investments, property dealings, and share trading, are scrutinized by the IT Department Taxpayers should be aware that high-value transactions exceeding specific limits are closely monitored by the Income Tax Department. Failing to disclose …
Income Tax Exemption on LTA: What you want to know LTA Exemption: Salaried taxpayers who have chosen the old tax regime can leverage various exemptions and deductions to reduce their tax liability. One significant exemption is the Leave Travel Allowance …
Employee Stock Ownership Plans (ESOPs) were subject to fringe benefit tax. However, after the amendments introduced by the Finance Act of 2009, the taxability of ESOPs shifted to the employees. An Employee Stock Ownership Plan (ESOP) is a valuable employee …