Legal Heir Registration under Income Tax In accordance with sub-section (1) of section 159 of the Income-tax Act, 1961, when an individual passes away, their legal heir is responsible for paying any tax dues that the deceased person would have …
Revision in Form 24Q: New Column 388A introduced & Column 375 renamed as Column 388 Key Changes in Form 24Q: In a significant move aimed at improving tax efficiency and reducing the burden on salaried individuals, the government has introduced …
Filing of Application for Rectification of Order which was issued for the incorrect claim of ITC under section 16(4) of the CGST Act, but the ITC in question is now valid as per the newly inserted section 16(5) and/or section …
CBIC Clarification on GST Treatment of Vouchers The GST treatment of vouchers has raised several questions, leading to confusion and disputes in the trade and industry. Circular No. 243/37/2024-GST dated 31 December 2024 seeks to clarify these issues and provide …
Understanding CRS & FATCA for Reporting Foreign Assets and Income in ITR: CRS & FATCA: In today’s interconnected global economy, tax transparency has become increasingly important to ensure that taxpayers accurately disclose their worldwide income and assets. To combat tax …
Starting October 2024, Aadhaar is be mandatory for filing Income Tax Returns and applying for PAN. Individuals without Aadhaar may face challenges in completing these processes, as Aadhaar enrolment numbers will no longer be accepted. The year 2024 introduced transformative …
Key Changes From January 1 That Will Affect Your Finances And Planning As 2024 comes to a close, significant updates and new regulations are set to impact finances, travel, and technology in 2025. From changes in GST compliance to updates …
The accountability for ensuring ‘true and fair view’ in financial statements is now shared among all stakeholders, including the CFO, auditors, audit committees, and Board members. With SEBI and NFRA tightening the regulatory framework, stakeholders can no longer afford to take compliance lightly.
Although the government has not finalized the exact reductions, sources suggest that the decision will be made closer to the budget date. Budget 2025: The Indian government is reportedly deliberating a significant tax relief for individuals earning up to Rs …
Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the deadline for revised and belated ITR filings to January 15, 2025. This extension applies to taxpayers eligible for the section 87A rebate. Bombay High Court’s Order …
The Supreme Court in case of Safari Retreats Interpreted the term “Plant or Machinery” to include buildings constructed for specific business needs as “Plant”. The GST Council has proposed a significant amendment to the Central Goods and Services Tax (CGST) …
Introduction of Track and Trace Mechanism under GST In a decisive effort to curb tax evasion, the GST Council has greenlit the introduction of a ‘Track and Trace Mechanism’ for specific evasion-prone commodities. This system will utilize a unique identification …
Highlights of Recommendations from the 55th GST Council Meeting The 55th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, took place in Jaisalmer, Rajasthan. Key attendees included Union Minister of State for Finance Shri Pankaj Chaudhary, Chief …
If the GST Council decides to amend the CGST Act, it could have far-reaching implications for businesses. The GST Council is gearing up for a crucial meeting on Saturday, December 21, 2024. Among the key items on the agenda is …
CBDT Circular 19/2024: Guidance Note 2/2024 on Direct Tax Vivad Se Vishwas Scheme 2024 Guidance Note 2/2024: The Direct Tax Vivad Se Vishwas Scheme, 2024 (commonly referred to as the DTVSV Scheme, 2024 or simply the Scheme) has been introduced …
Taxpayers are encouraged to activate MFA immediately to streamline their compliance. Ensure that your registered mobile number is updated with your GSTIN for uninterrupted access. The GST Network (GSTN) is excited to announce significant updates to the E-Way Bill and …
The primary objective of the review committee is to simplify and modernize the Income Tax Act, making it concise, user-friendly, and accessible for taxpayers. The Finance Ministry is reportedly unlikely to introduce the much-anticipated new Income Tax Bill during the …
This CAG report underscores the critical need for stringent audits and immediate remedial action to curb revenue leakage. The Comptroller and Auditor General (CAG) of India has identified significant revenue losses amounting to ₹755.49 crore due to under-assessment, short levy, …
The crackdown highlights the need for taxpayers to exercise caution while claiming deductions for political donations. As investigations continue, the department’s findings could lead to stricter scrutiny of such claims in the future. Taxpayers who have donated to Registered Unrecognised …
Tobacco products and cigarettes could see a GST rate hike from 28% to 35%. The Indian government is considering a proposal to increase the Goods and Services Tax (GST) on certain products like cigarettes, tobacco, and luxury goods. If approved, …