19 Oct, 2024
India offers numerous ways to save on income tax, some of which are less commonly known but can make a significant difference to your savings. Here are a few unusual and effective ways you might consider: 1. Rent Paid to Parents (HRA Exemption) If you live with your parents, you can claim House Rent Allowance […]
Read More19 Oct, 2024
India offers numerous ways to save on income tax, some of which are less commonly known but can make a significant difference. Here are a few unusual and effective ways you might consider: 1. Rent Paid to Parents (HRA Exemption): If you live with your parents, you can claim House Rent Allowance (HRA) by paying […]
Read More19 Oct, 2024
Rajasthan’s Authority for Advance Ruling (RAAR) has recently issued a crucial ruling regarding the applicability of Goods and Services Tax (GST) on corporate guarantees provided by overseas group entities. According to the ruling, the GST is payable only once at the time of issuing the guarantee, rather than periodically throughout the duration of the guarantee. […]
Read More19 Oct, 2024
Introduction The discussion around the Goods and Services Tax (GST) compensation cess has gained momentum as its March 2026 deadline approaches. A Group of Ministers (GoM), led by the Minister of State for Finance, Pankaj Chaudhary, recently met to discuss merging the GST compensation cess into the GST structure. This development could transform how luxury, […]
Read More19 Oct, 2024
The Goods and Services Tax Network (GSTN) has introduced a new facility to make tax filing more efficient for taxpayers. The GST Portal now features a pre-filled GSTR-3B form, which automatically populates tax liability from the declared supplies in GSTR-1, GSTR-1A, or IFF (Invoice Furnishing Facility), and pulls Input Tax Credit (ITC) details from GSTR-2B. […]
Read More17 Oct, 2024
Revised Guidelines for Compounding Offences Under the Income Tax Act, 1961 In line with the Finance Minister’s budget announcement on simplifying the compounding process, the Central Board of Direct Taxes (CBDT) has issued revised guidelines for compounding offences under the Income Tax Act, 1961, effective from October 17, 2024. These guidelines aim to make compliance […]
Read More17 Oct, 2024
GST Notices to Foreign Airlines Regularised: What It Means The Central Board of Indirect Taxes & Customs (CBIC) has recently taken significant steps to streamline GST compliance for foreign airlines operating in India. Acting on recommendations from the 54th GST Council, the CBIC has issued a circular to ‘regularise’ show cause notices that were issued […]
Read More17 Oct, 2024
What is the Deadline to File a Revised Income Tax Audit Report? The deadline for submitting an income tax audit report for the financial year 2023-24 (assessment year 2024-25) was October 7, 2024. If modifications are needed, the revised audit report must be filed before the end of the relevant assessment year. For the current […]
Read More17 Oct, 2024
CBDT’s Amendments Simplify TDS and TCS Credit Claims The Central Board of Direct Taxes (CBDT) has recently notified significant amendments to the income-tax rules to simplify the process of claiming Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) credits for salaried employees. Additionally, these amendments allow parents to claim TCS credits on […]
Read More16 Oct, 2024
The Allahabad High Court has ruled that before initiating proceedings under Section 74 of the Goods and Services Tax (GST) Act, 2017, the adjudicating authority must record prima facie satisfaction that the assessee wrongfully availed input tax credit (ITC) due to fraud, willful misstatement, or suppression of facts. This ruling aims to prevent arbitrary or […]
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