How to respond to Notices under Section 133(6) of I-T Act Notice under section 133(6) is a crucial provision granting investigative powers to designated officers within the income tax department. This section empowers the designated officers to ask the taxpayers …
New Reporting Requirement of GSTR 1 from January 2024 Learn about the latest reporting updates in the Goods and Services Tax Return-1 (GSTR-1) form, effective from January 2024. Notification no 26/2022, dated 26th December 2022, introduced two crucial tables, Table …
Amendment in GST: Insertion of New Section 122A Prescribing Penalty, Seizure & Confiscation for Non-Registration of Machines by Tobacco Product manufacturers In a significant amendment to combat revenue leakage in the tobacco products manufacturing sector, the Finance Bill 2024 has …
Income Tax Exemption Deadline for Three Crucial Sectors Extended up-to 31 March 2025Â I-T Exemption Extended in 3 Crucial Areas: In the latest budget announcement for 2024, the Indian government has chosen to maintain existing tax rates while extending income …
CBDT Press Release about Release of Almost all ITR Forms for FY 2023-24 In a recent press release on February 2, 2024, the Central Board of Direct Taxes (CBDT) has officially announced the release of all Income Tax Return (ITR) …
Summary of Tax Related Announcements in the Interim Budget 2024 Explore the latest tax-related updates from the Union Budget 2024-2025, presented by Finance and Corporate Affairs Minister Smt Nirmala Sitharaman. This summary delves into the significant tax measures announced on …
Highlights of Interim Budget 2024: Income Tax & GST Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 on February 1, 2024, outlining the financial landscape for the upcoming fiscal year starting April 1, 2024. As widely anticipated, there were …
Income Tax Slabs & Rates Applicable to Individuals in FY 2023-24 (AY 2024-25) For the financial year 2023-24, the default tax regime is the New Tax Regime, offering individuals a lower rate of taxation under section 115BAC. However, those individuals …
Amendment in CBIC Notification 2/2017-Central Tax Dt. 19 June 2017 In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification 5/2024 on Dated 30th January 2024, exercising powers under the Central Goods and Services …
Income Tax Exemptions Applicable to Salaried Individuals in FY 2023-24 Salaried individuals often seek ways to optimize their income and minimize tax liabilities. Understanding the array of income tax exemptions and deductions available is crucial for achieving this financial objective. …
Income Tax (First Amendment) Rules 2024: CBDT Notification 16/2024 CBDT Notification 16/2024, issued on January 24, 2024, marks a significant update from the Central Board of Direct Taxes. This notification brings forth changes to the Income Tax Return (ITR) Form …
Computation of Income from House Property as per I-T Act Income from House Property: According to Section 22 of the Income Tax Act, the annual value of house property, including any buildings or associated lands owned by the taxpayer, is …
Adjustments and Compliance Requirements on Issue of Credit Notes under GST In the realm of Goods and Services Tax (GST), managing credit-note efficiently is crucial for both suppliers and recipients. This article delves into the treatment of credit-notes under GST, …
Unconventional but Effective Tax Saving Tips for Salaried Individuals Applicable for the FY 2023-24 (AY 2024-25) Optimizing your tax saving is crucial, especially for individuals falling under tax bracket. Strategic planning well in advance is key to navigating the complexities …
CBDT Press Release Dated 23 January 2024: Direct Tax Statistics for Financial Year 2022-23 In a recent development, the Central Board of Direct Taxes (CBDT) has unveiled crucial statistics regarding Direct Tax collections and administration for the financial year 2022-23 …
CBDT Circular 1/2024 Dt 23 January 2024 – Circular Providing Explanatory Notes on the Provisions of Finance Act 2023 In a significant update on 23rd January 2024, the Central Board of Direct Taxes (CBDT) released Circular No. 1/2024, providing detailed …
New Functionality Developed to Address Failure in Furnishing Bank Account Details by Registered Persons within Stipulated Deadline under CGST Rule-10A: GST Advisory In a recent update on January 23, 2024, the Goods and Service Tax Network (GSTN) has released Advisory-623, …
Did you Fail to File your Income Tax Return? Find the Options Still Available Before you When taxpayers find themselves unable to meet the Income Tax return deadline due to valid reasons, there are still options available to file their …
Ways and Significance of Verifying validity of SCNs and Orders Issued under GST Verifying Validity of SCNs & Orders: Maintaining tax compliance in the realm of Goods and Services Tax (GST) is crucial, and businesses must prioritize the verification of …
GST Advisory: Introduction of New Modes of GST Payment by Debit Card/Credit Card/UPI Advisory 622: In a significant move towards digitalization and simplified tax processes, the Goods and Services Tax (GST) system has introduced an innovative feature, allowing taxpayers to …