02 Sep, 2024
Facing a notice under Section 74 of the GST Act can be daunting, but it’s important to remember that you have the right to challenge it. Here’s a step-by-step guide to help you contest a Section 74 notice and protect your interests. What is a Section 74 Notice? Section 74 of the GST Act pertains […]
Read More30 Aug, 2024
Effective financial management and avoiding penalties require staying informed about key income tax deadlines. In September 2024, the Income Tax Department has set several crucial deadlines. Missing any of these could result in unnecessary fines and complications, so it’s important to be prepared. Here’s a comprehensive look at the important tax deadlines this month: September […]
Read More30 Aug, 2024
Simplifying Tax Disputes: A Guide to the CBDT’s e-Dispute Resolution Scheme (e-DRS), 2022 The Central Board of Direct Taxes (CBDT) has launched the e-Dispute Resolution Scheme (e-DRS) 2022. This initiative aims to streamline tax dispute resolution and reduce litigation. It aligns with Section 245MA of the Income Tax Act, 1961, which mandates forming Dispute Resolution […]
Read More30 Aug, 2024
The Provident Fund (PF) is not just a retirement savings tool; it also offers flexibility for certain life events and emergencies. Whether it’s for education, medical treatment, or other personal needs, understanding the conditions for PF withdrawal can help you plan better. This guide will walk you through the primary reasons you can withdraw from […]
Read More29 Aug, 2024
The GST Department sometimes issues notices with a brief window for response. This blog examines whether such notices are legally valid and whether the response time can be adjusted. Importance of Reasonable Time for Reply Taxpayers should be given reasonable time to respond to notices, as this aligns with the principles of natural justice. An […]
Read More27 Aug, 2024
The Unified Pension Scheme (UPS) is a new initiative designed to enhance the retirement benefits for government employees. Effective from April 1, 2025, this scheme aims to provide a stable and predictable income for retired employees. Here are the essential details of the UPS: 1. Guaranteed Pensions Based on Service Tenure 2. Minimum Pension Assurance […]
Read More26 Aug, 2024
Introduction Have you claimed a large refund on your Income Tax Return? If so, you might receive an email from the Income Tax Department asking for confirmation. This email is crucial because it checks the accuracy of your refund. In this guide, we will explain why you might get this email, what it means, and […]
Read More22 Aug, 2024
In a recent address at the Annual Day of the Foreign Exchange Dealers Association of India (FEDAI) in Mumbai, Shri Swaminathan J, Deputy Governor of the Reserve Bank of India, highlighted the crucial role of the financial sector in the development of Micro, Small, and Medium Enterprises (MSMEs). His speech, titled “Local to Global: The […]
Read More22 Aug, 2024
In a recent and noteworthy decision, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has delivered a ruling that provides significant relief to taxpayers. According to the ITAT, penalties for income concealment cannot be imposed if a taxpayer rectifies errors in a revised tax return. This judgment offers hope to many taxpayers who may unintentionally omit […]
Read More21 Aug, 2024
In a strategic move to sharpen its focus on core payments and financial services, Paytm has announced the sale of its entertainment ticketing business to Zomato for ₹2,048 crore. This transaction underscores Paytm’s commitment to its primary business areas while generating significant profits to strengthen its balance sheet. Key Highlights of the Deal: Strategic Implications: […]
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