Last Date to Opt Composition Scheme for FY 2024-25 is 31 March 2024 The GST Composition Scheme offers a simplified tax structure for eligible taxpayers with a turnover within specified thresholds. Existing GST taxpayers can apply to avail this scheme …
As per the amendments under budget 2020 from FY 2020-21 onwards, when an employee receives ESOPs from an eligible startup, they need not pay tax in the year of exercising the option. Employee Stock Option Plans (ESOPs) are a fantastic …
The Central Board of Indirect Taxes and Customs (CBIC) Directs DGGI Officials to Adopt Bottom-Up Approach in GST Investigations of MNCs, Avoiding Immediate Summons for CEOs/CFOs/Directors CBIC Directive to DGGI Officials: The Central Board of Indirect Tax and Customs (CBIC) …
The landscape of tax compliance received a significant update with the unveiling of the Updated Return provision in the Income Tax Act of 1961, through the Budget 2022. This transformative change, brought to life with the insertion of a new …
Looking to maximize your tax deductions beyond the Rs 1.5 lakh limit under Section 80C of the Income Tax Act? Section 80D is your solution! This section of the Income-tax Act, 1961, provides tax benefits for various healthcare expenses, under …
SFT Reporting Error Detected; Taxpayers recently receiving advance tax payment notices from the income tax (I-T) department can now breathe a sigh of relief, at least for the moment. In a recent post on X (formerly Twitter) on March 11, …
Tax Benefits on Child Education Expenses u/s. 10(14) & 80C of Income Tax Act Tax Benefit on Child Education Expenses: Parents are deeply concerned about the well-being and education of their children, especially considering the rising costs of schooling and …
While the 2021 guidelines had listed five situations, the new guidelines have retained four of those, with the addition of replacing the condition related to refunds of ₹1 lakh. The Income Tax Department has introduced fresh guidelines aimed at priority …
Advance Tax E-Campaign: An initiative for Encouraging Taxpayers to accurately calculate their advance tax liability and submit the due advance tax on or before 15th March 2024 Advance Tax E-campaign for FY 2023-24: The Income Tax Department, in a press …
GSTN Advisory 626: Successful Integration of e-Way Bill System with 4 Newly Introduced IRPs Empowering Taxpayers to Generate E-Way Bills alongside E-Invoicing In a recent update, the Goods and Services Tax Network (GSTN) has introduced a significant enhancement through Advisory …
CBDT Notification 28/2024 Dated 8 March 2024: No TDS to be deducted from Specified payments made by any person to a Unit of International Financial Services Centre (IFSC) In a recent development on March 8, 2024, the Central Board of …
The committee noted that a ₹100 per tonne increase in coal price leads to a rise in power costs by around ₹0.06 per unit. Thus, the GST compensation cess alone increases the price by approximately ₹0.24 per unit. An Inter-ministerial …
According to a press release of the Ministry of Finance on 7 March 2024, the Meerut CGST Commissionerate busts a syndicate that fraudulently claimed Input Tax Credit (ITC) of more than Rs. 1,000 crore through a network of 232 fake …
CBDT has decided to retrospectively extend the due date for filing Form No. 26QE to 30 May 2023 for cases where tax was deducted under section 194S between 1st July 2022 and 28th February 2023. The fees and interest levied …
CBDT Notification 27/2024 dated 5 March 2024: Income Tax (Fourth Amendment) Rules 2024 LISTEN THE NOTIFICATION HERE: The Central Board of Direct Taxes, exercising its powers under sections 295, 44AB, and 92E of the Income-tax Act, 1961, has introduced the …
CBDT Circular No. 3/2024 Dated 6th March 2024: Eligible donations made by a trust or institution will now be considered as an application for charitable or religious purposes only to the extent of 85% of such donations. LISTEN THE CIRCULAR …
Presently, Flex Fuel Vehicles are subject to a GST rate of 28%, along with a 15% cess. Except Electric vehicles (5% GST) and Hydrogen fuel cell vehicles (12% GST), all other vehicle categories, including two-wheelers, attract a GST rate of …
CBDT Circular No. 2/2024 dated 5 March 2024: Time Extension for Trusts or Institutions to rectify Audit reports of AY 2023-24 on or before 31 March 2024 by using correct form 10B/10BB as prescribed. Listen the Circular: For funds, institutions, …
E-Verification Scheme 2021: Press Release of MoF Dt 4 March 2024Â Listen the Scheme: E-Verification Scheme 2021: The Income Tax Department has taken a significant step towards enhancing transparency and fostering voluntary tax compliance with its latest initiative – the …
GST evasion typologies, collaborative efforts, and leveraging technology for early detection of potential evaders were the Key topics discussed in the Conference. The first-ever National Conference of Enforcement Chiefs of State and Central GST Formations took place in New Delhi …