In a country without a robust social security net and with rickety government medical infrastructure, the high 18% GST on life and health insurance premiums defies logic. The pinch is real every time you pay the premium for your life …
GSTR 1A: FAQs and Manual on Filing GSTR-1A Following the Government’s notification no. 12/2024 dated July 10, 2024, Form GSTR-1A has been introduced for the tax period starting July 2024. This optional facility allows taxpayers to add, amend, or rectify …
Advice of CBDT Chief Ravi Agarwal to Income Tax Officers Ravi Agarwal, the newly appointed Chairman of the Central Board of Direct Taxes (CBDT), has urged income tax officials to adopt a prudent approach in their duties. This guidance, along …
This AI Scrutiny system has been successfully finalized and tested, and it will be implemented for the first time this year before before any tax refund. Income Tax Refund: This year, taxpayers should be prepared for delays in their income …
CBIC uncovered fraudulent Input Tax Credit (ITC) amounting to Rs. 36,374 crore, involving 9,190 cases in the FY 2023-24. The Central Tax formations under the Central Board of Indirect Taxes and Customs (CBIC) uncovered fraudulent Input Tax Credit (ITC) amounting …
Know about the consequences of filing Income Tax return (ITR Filing) after the deadline of 31 July 2024 For individual taxpayers whose accounts do not require auditing, the last date to file income tax returns (ITR filing) for FY 2023–24 …
The waiver applies to GST notices issued under Section 73, which pertains to non-fraudulent cases. Budget 2024 has introduced significant relief measures in shape of waiver of interest and penalty for individuals and companies registered under the Goods and Services …
FORM GSTR-1A for GSTR-1 Amendment will be available every month from the due date or actual filing date of FORM GSTR-1, whichever is later, until the actual filing of the corresponding FORM GSTR-3B. GSTR-1 Amendment: The Government has introduced FORM …
The 2024 Budget has introduced stricter rules for obtaining these clearance certificates, particularly focusing on compliance with the Black Money Act. Starting October 1, a new mandate requires anyone living in India to obtain a tax clearance certificate before leaving …
Changes in Capital Gain Taxation by Finance (No.2) Bill, 2024 Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024? A1. The Finance (No.2) Bill, 2024, introduces significant rationalisation and …
Budget 2024 Announcement: Complete digitalization of all major taxpayer services under GST and most services under Customs and Income Tax within the next two years. In her Union Budget 2024-25 presentation, Union Minister for Finance & Corporate Affairs, Smt. Nirmala …
Allowances exempted under section 10(14)(i) of Income Tax Act 1961 Section 10(14)(i) of the Income Tax Act provides specific allowances to employees to cover expenses incurred while performing their official duties. These allowances are exempt from tax up to the …
Now there is no need of filing revised returns. Taxpayers can discard the wrong ITR and file their rectified ITR afresh by using the ‘Discard ITR’ functionality within the I-T Portal Discard ITR Option: Many taxpayers encounter situations where they …
Following the July 5 update, the ITR filing utilities are not allowing the rebate under section 87A for various special rate incomes. The income tax rebate under section 87A of the Income-tax Act, 1961, provides a significant benefit by reducing …
Taxnet 2.0 is designed to overhaul the Income Tax Department’s network system, aiming to deliver enhanced security, improved reliability, and a seamless user experience for all stakeholders. The Central Board of Direct Taxes (CBDT) has granted the prestigious Taxnet 2.0 …
Experts believe that adjustments to income tax slab rates could be seen in the Budget 2024. Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget on July 23. Taxpayers are eagerly anticipating several potential changes, including a …
The Union Budget 2024-25 is scheduled to be presented on July 23, 2024. Budget 2024-25: The Halwa ceremony, a traditional event marking the final phase of Union Budget preparation, was held in New Delhi on 16 July 2024. Union Minister …
Taxpayers are encountering significant challenges while filing their income tax returns due to persistent glitches in the e-filing portal. These issues include difficulties in accessing crucial forms such as Form 26AS, AIS, and TIS. The deadline for filing income tax …
Section 80GG offers a valuable deduction for individuals and HUFs paying house rent without getting HRA benefits Section 80GG of the Income Tax Act provides significant relief for individuals paying house rent without receiving House Rent Allowance (HRA) from their …
Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports Refund of Additional IGST paid due to price hike after exports: The GST Council has approved the processing of refund applications for additional …