The standard UPI transaction limit is Rs 1 lakh per transaction. However, for certain categories, such as capital markets, collections, insurance, and foreign inward remittances, the limit is set at Rs 2 lakh. For Initial Public Offerings (IPOs) and the …
Press Release Dated 7 August 2024: CBDT relaxes provisions of TDS/TCS in the event of death of deductee/collectee before linkage of PAN and Aadhaar In a recent update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 8 …
The MFD association explained that many MFDs, believing they were receiving net commissions, did not secure a GST registration number post-2017. The Odisha MFD Association (Mutual Fund Distributors Association) has approached the GST Commissioner in Bhubaneswar, seeking leniency on penalties …
Gauhati High Court Ruling in case of Shree Shyam Steel vs Government of India The Gauhati High Court has ruled in the case of Shree Shyam Steel Vs UOI [WP(C)/ 3838/2024] that the State GST Authorities cannot benefit from Notification …
This ongoing scam has been observed year after year, particularly after the original ITR filing deadline, as scammers attempt to exploit taxpayers eagerly awaiting their refunds. With the recent deadline for filing Income Tax Returns (ITRs) just passed and the …
In a country without a robust social security net and with rickety government medical infrastructure, the high 18% GST on life and health insurance premiums defies logic. The pinch is real every time you pay the premium for your life …
GSTR 1A: FAQs and Manual on Filing GSTR-1A Following the Government’s notification no. 12/2024 dated July 10, 2024, Form GSTR-1A has been introduced for the tax period starting July 2024. This optional facility allows taxpayers to add, amend, or rectify …
Advice of CBDT Chief Ravi Agarwal to Income Tax Officers Ravi Agarwal, the newly appointed Chairman of the Central Board of Direct Taxes (CBDT), has urged income tax officials to adopt a prudent approach in their duties. This guidance, along …
This AI Scrutiny system has been successfully finalized and tested, and it will be implemented for the first time this year before before any tax refund. Income Tax Refund: This year, taxpayers should be prepared for delays in their income …
CBIC uncovered fraudulent Input Tax Credit (ITC) amounting to Rs. 36,374 crore, involving 9,190 cases in the FY 2023-24. The Central Tax formations under the Central Board of Indirect Taxes and Customs (CBIC) uncovered fraudulent Input Tax Credit (ITC) amounting …
Know about the consequences of filing Income Tax return (ITR Filing) after the deadline of 31 July 2024 For individual taxpayers whose accounts do not require auditing, the last date to file income tax returns (ITR filing) for FY 2023–24 …
The waiver applies to GST notices issued under Section 73, which pertains to non-fraudulent cases. Budget 2024 has introduced significant relief measures in shape of waiver of interest and penalty for individuals and companies registered under the Goods and Services …
FORM GSTR-1A for GSTR-1 Amendment will be available every month from the due date or actual filing date of FORM GSTR-1, whichever is later, until the actual filing of the corresponding FORM GSTR-3B. GSTR-1 Amendment: The Government has introduced FORM …
The 2024 Budget has introduced stricter rules for obtaining these clearance certificates, particularly focusing on compliance with the Black Money Act. Starting October 1, a new mandate requires anyone living in India to obtain a tax clearance certificate before leaving …
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 …