Understanding Capital Gain Tax on Transfer of Shares Capital Gain on Share Transfers: Navigating the tax landscape for transferring shares in India involves various considerations. Factors such as the holding period, acquisition method (primary market, secondary market, gift, inheritance), market …
Under a typical co-lending setup, multiple lenders collaborate to extend loans, facilitating broader customer reach for banks and access to cheaper funds for NBFCs, along with a share in the loan portfolio. GST on NBFC Co-Lending: The government, spearheaded by …
Income Tax Benefits on Withdrawals from and Deposits in National Pension System (NPS) Tax Benefits of NPS: The National Pension System (NPS) is a tax-saving investment-cum-pension scheme designed for individuals aged 18 to 70 years, irrespective of their residential status. …
There is an urgent need to alter the GST portal to permit the acceptance of monthly returns even when the full tax is not paid. The portal can record the tax arrears for that month. The monthly collection of GST …
Income Tax Return form ITR-1 consists of some pre-filled sections that you need to validate/edit before submission. The income tax return (ITR) filing season is in full swing, with the deadline for filing returns for FY 2023-24 set for July …
GSTN Notifies Form SRM-I and SRM-II for Information from Manufacturers of Pan Masala & Tobacco. GSTN Update 497: In a recent update, the Goods and Services Tax Network (GSTN) has introduced new compliance measures for manufacturers of pan masala and …
These industry leaders call for simplified procedures and improved communication between MSMEs and GST authorities to ensure smoother GST registration. Challenges in GST Registration for MSMEs in TN: The Federation of Indian Micro and Small & Medium Enterprises (FISME) and …
Taxpayers can now check in AIS whether their feedback is acted upon by the Source/Reporting Entities New Functionality in AIS: According to a recent press release by the Ministry of Finance on dated 13th May 2024, the Central Board of …
The Income Tax e-filing portal has got you covered with its recent update introducing new functionalities in the ‘e-Proceedings’ tab. Explore the latest enhancements in the e-Proceedings tab of the Income Tax e-filing portal, facilitating easier access to tax notices, …
CBDT highlighted that, the recent amendments, introduced by the Finance Act 2021, have reduced the time limit for serving notices under Section 143(2) to three months from the end of the financial year in which the return is filed. The …
With his extensive experience and commendable track record, appointment of Justice Sanjaya Kumar Mishra as the head of GSTAT signifies a significant step towards efficient dispute resolution in tax matters. The Goods & Services Tax Appellate Tribunal (GSTAT) has been …
The Supreme Court raised questions about the ambiguity surrounding section 69 of the GST Act, particularly concerning the powers of arrest. In a significant development, the Supreme Court has directed the Centre to provide detailed information regarding the issuance of …
GST collection for April 2024 highest ever at Rs 2.10 lakh crore. Gross Revenue Records 12.4% y-o-y growth. Net Revenue (after refunds) stood at ₹1.92 lakh crore; 15.5% y-o-y growth. GST Collection in April 2024: In a remarkable feat, April …
CBIC has unveiled a common audit plan for both central and state Goods and Services Tax (GST) officials when auditing banks. In a significant development aimed at streamlining audit procedures, the Central Board of Indirect Taxes and Customs (CBIC) has …
Tax Exemption on Long-Term Capital Gain on Sale of Jewellery to Purchase a House. Capital Gain Tax Exemption on Sale of Jewellery: Are you considering selling your jewellery to fund your dream home? Understanding the tax implications and exemptions can …
GSTN Advisory No. 633 Dated 26 April 2024: Enhancement in GST Portal Exciting news for all GST portal users! The Goods and Services Tax Network (GSTN) is gearing up to roll out a significant enhancement to its portal on May …
Responding to representations received, CBDT has further extended the deadline for filing Form 10A (Provisional registration) and Form 10AB (Permanent Registration) to 30th June, 2024. The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2024 dated 25.04.2024, extending …
Circular No. 6/2024 dated 23 April 2023 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 6/2024 dated April 23, 2024, stating that deductors/collectors won’t be held liable for short deductions/collections of tax until …
CBDT Notification No. 39/2024 Dated 22 April 2024 In a recent development, the Central Board of Direct Taxes (CBDT), introduces pivotal changes to the Income-tax Act, 1961 vide its Notification No. 39/2024 Dated 22nd April, 2024. This notification reshapes the …
Income Tax Implications of Rising Gold Prices Income Tax Application on Gold Price Rise: In the midst of geopolitical tensions and market uncertainties, gold has emerged as a favoured investment option, witnessing a significant uptrend in gold prices. As of …