Opting new tax regime – Basic Conditions Income taxpayers who choose the New Tax regime’s concessional rates will have to give up some of the deductions and exemptions that were part of the previous tax system. There are a total of 70 deductions and exemptions that are prohibited, the most popular of which are stated …
Complete Overview on Goods and Services Form GSTR-10 Question: What is Goods and Services Form GSTR-10? Ans: When a Goods and Services Registration is cancelled or surrendered, a GST taxable person is required to file a final return on GST Form GSTR-10. Goods and Services Form GSTR-10 is a statement of stocks held by such …
Complete Overview of Tax Deducted at Source Under Section 194O E-commerce operators (ECOs) are needed to deduct TDS @ of 1 % on Gross amount of sales facilitated via their Online platforms u/s 194-O. The CBDT has issued a circular outlining the tax deduction process in certain transactions, especially where multiple e-commerce operators are involved, …
CBDT Started Form 15CD for Quarterly reporting for IFSC units Central Board of Direct Taxes exempts IFSC units from Form 15CA for non-taxable remittances & Started New Income tax form 15CD for Quarterly reporting The Central Board of Direct Taxes has amended Income Tax Rule 37BB to provide that IFSC units are no longer required …
HNI turn to LLP for tax optimization HNIs & Super Rich (Ultra HNIs) people have discovered a clever method to cut their taxes. HNIs can lower their tax liability with the use of tax planning tactics. Experts say that HNIs & Super Rich (Ultra HNIs) are creating LLPs more often in an effort to minimise …
E-Way Bill Changes – GSTN Advisory Withdrawn on Compulsory E-Invoice Link w.e.f. 1st March 2024 : GSTN Advisory on Blocking the E-Way Bill issuing or generation without e-Invoice/ unique Invoice Reference Number (IRN) has been withdrawn. Blocking the E-Way Bill generation without e-Invoice/ unique Invoice Reference Number (IRN) details for B2B and B2E transactions for …
All about deduction U/s 43B(h) for payments made to MSMEs Finance Act 2023 inserted Section 43B(h) was inserted by the Finance Act of 2023. It stipulates that any money owed to MSME Enterprises may be deducted in the same year if it is paid within the deadline stipulated by the Micro, Small and Medium Enterprises …
Overview of FCRA registration of non-governmental organization The Foreign Contribution (Regulation) Act, 2010 was enacted with an objective to regulate the utilization of foreign contributions/hospitality by individuals, associations to keep it consistent with the values of a sovereign, democratic republic. The Foreign Contribution (Regulation) Rules 2022 allows Indians to receive up to Rs 10 lakh …
DRC-01B (GSTR 3B Vs GSTR 1) functionality implemented on GSTN Portal – GST Update New GST Form DRC-01B and GST Rule 88C has been inserted recently, this will be an intimation form for the Differences in GSTR-3B & GSTR-1 for the tax period if difference more an specific percentage or amount limit, so GST taxpayers …
Unclaimed Deposits or Inoperative Ac in Banks- RBI Revised Instructions RBI has issued revised Instructions w,e.f. 1st April 2024 relating to Inoperative Accounts/ Unclaimed Deposits in all Commercial Banks (including RRBs) and all Co-operative Banks and waiver of related Penal Charges. As a result existing RBI Revised Instructions on these issues shall stand repealed from …