Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 103 of the Finance Bill, 2021 to provide certainty as to leviability of interest only on Net Tax Liability.
New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail.
in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from ITR filing.
CBIC amends notification No. 11/2021-Customs dated 01.02.2021 so to exempt Gold & Silver (and their dore) imported under export promotion schemes from Agriculture Infrastructure and Development Cess (AIDC) vide Notification No. 18/2021 – Customs Dated: 17th February, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi, NOTIFICATION No. […]
This article give the standard procedure to comply the TCS under GST rule by the dealer, supplier & operators (read with e commerce operators). The Union Budget 2021 has given a simple & easy route how to Comply the TCS under GST Rule. Introduction: Tax Collection at Source (TCS) has similarities with TDS, as well […]
This article aims to discuss various media reports/news & rumors regarding attachment of property of Tax Professionals (CA/advocate/Other Tax Consultants) for lower GST Tax payment by client.
GST on Activity or Transaction between Body of Individual (BOI)/Association of Person (AOP) and its Member and Vice Versa proposed vide finance bill 2021 Original Section 7 of CGST Act 2017 effective from 01.07.2017 was as under: Section-7 Scope of supply. (1) For the purposes of this Act, the expression “supply” includes–– (a) all forms […]
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 101, 102 and 112 of the Finance Bill, 2021 with respect to scrapping GST Audit by professionals and moving to self-certification.
GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 100 of the Finance Bill, 2021 with respect to the addition of a new condition for availment of Input Tax Credit
GST Charcha on Union Budget 2021: GST leviable on services provided by Club or Association to its members? The Hon’ble Finance Minister, in Budget 2021-22, hailed as a ‘development-oriented’ and ‘visionary’ budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax (GST) framework. The changes have been proposed vide […]