Employee Stock Ownership Plans (ESOPs) were subject to fringe benefit tax. However, after the amendments introduced by the Finance Act of 2009, the taxability of ESOPs shifted to the employees. An Employee Stock Ownership Plan (ESOP) is a valuable employee …
GSTN announced significant enhancements to the address-related fields in various GST registration functionalities On July 4, 2024, the GSTN announced significant enhancements to the address-related fields in various GST registration functionalities, including New Registration, Amendment Application (Core & Non-Core), and …
Why You Should File Your Income Tax Return with Utmost Care in 2024 Filing your income tax return can be a highly stressful task, especially as deadlines approach. Procrastination adds unnecessary stress that can be easily avoided with timely preparation. …
Whether NRIs need to file ITR when there is no income in India A Non-Resident Indian (NRI) is an individual holding an Indian passport and citizenship but residing outside India for employment or business purposes. According to the Income Tax …
Income Tax Return (ITR) Filing The last date for filing income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. If you miss this deadline, you can still file a delayed return until December …
Understanding Short-Term Capital Gain on Shares Capital gains can be realized while trading shares, either as long-term or short-term gains. Typically, a seller aims to achieve a short-term capital gain when selling shares at a higher price than their purchase …
Understanding Capital Gains on Sale of Shares Profits or gains arising from the sale of shares are classified as capital gains under the Income Tax Act. These gains can be categorized as short-term or long-term, depending on the holding period …
Clarification on Time Limits for Input Tax Credit under RCM Supplies from Unregistered Persons- CBIC Circular 211/5/2024-GST Dated 26 June 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular 211/5/2024-GST to provide clarity regarding the time …
Mandatory Electronic Submission of Specified Forms under Rule 131 of I-T Rules 1962: CBDT Notification 1/2024-25 The Central Board of Direct Taxes (CBDT), through Notification No. 1/2024-25 dated June 24, 2024, has mandated that certain forms listed in Appendix-II of …
CBIC Circular No. 207/1/2024-GST: Fixing Monetary Limits for Filing Appeals or Applications by the Department before GSTAT, High Courts and Supreme Court Section 120 of the Central Goods and Services Tax Act, 2017 (CGST Act) empowers the Central Board of …
Key Changes in Income-Tax Return Forms Applicable for FY 2023-24 Return Filing ITR Filing for FY 2023-24: The Income Tax department consistently updates tax return forms to ensure they align with new legislative requirements and provide comprehensive reporting capabilities for …
Recommendations of 53rd GST Council Meeting on June 22, 2024 in New Delhi The 53rd GST Council Meeting, chaired by Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, convened in New Delhi on June 22, 2024. The meeting …
Filing your Income Tax Return (ITR) correctly is crucial for salaried individuals. Here’s a detailed guide to help you navigate the ITR-1 filing process for FY 2023-24. 1. Eligibility to File ITR-1 for AY 2024-25: Who Can File: Resident individuals …
One major proposal under consideration is the reduction of primary GST rates from four to three. This could involve merging the 12% and 18% rates into a new 15% rate or combining the 5% and 12% rates into an 8% …
F&O trading involves derivative instruments based on an underlying asset, such as equity shares, commodities, or currencies. A recent report suggests that the government is considering reclassifying profits from futures and options (F&O) trading from ‘business income’ to ‘speculative income’ …
In this 53rd GST council meeting, the central government is likely to consider quashing retrospective tax for the Indian online gaming industry. In a significant development, the GST Council is set to introduce a new GST return form, GSTR-1A, during …
Sources suggest that reducing personal income tax in the budget could spur consumption and increase savings among the middle class. In a bid to boost consumption, the Indian government is considering a reduction in income tax rates in the budget …
The AAR clarified that, where imported goods stored in a third-party FTWZ are moved to a bonded warehouse (MOOWR) upon sale to an OEM’s MOOWR unit, GST is not applicable. The Tamil Nadu Authority for Advance Rulings (AAR) has ruled …
The economic agenda of the Budget aims to accelerate reforms, positioning India as a USD 5-trillion economy in the near future and transforming the nation into a ‘Developed India’ by 2047. PTI reports that the Union Budget for the fiscal …
A threshold will be established to determine which minor offences to decriminalise. In a landmark move aimed at boosting the ease of doing business, the Indian government is likely to decriminalise minor income tax offences within the next 100 days. …