Form 10-IEA filing requirements & switching restrictions Under this blog where summaries Form 10-IEA filing requirements & switching restrictions when changing between new & old tax regimes for FY 2023–24 & FY 2024–25. Form 10-IEA filing is only required for ITR 3 & 4 taxpayers who choose the Old Regime. Taxpayer Switching Restrictions apply only …
Tax Audit: The difference between business & profession matters a lot The difference between “business” and “profession” matters a lot for tax rates, deductions, compliance requirements, and even audit applicability — and misclassification can lead to penalties, back taxes, and disputes with the department. Definitions under the Act Section 2(13) – Business Includes trade, commerce, …
India–UK FTA recently signed by PM Modi India–UK Free Trade Agreement recently signed by PM Narendra Modi and UK PM Keir Starmer after 3 years of negotiations. Here’s a clear breakdown of its implications: As per Shri Piyush Goyal:“This CETA marks a milestone in the trade relations between two major economies… It unlocks tariff-free access …
Statutory Compliance Calendar – August 2025 Due Date Compliance Applicable For / Notes 7th August Payment of TDS & TCS for July 2025 All deductors/collectors of tax at source 11th August Filing of GSTR-1 for July 2025 Monthly filers under GST 13th August Filing of Invoice Furnishing Facility (IFF) for July 2025 QRMP taxpayers Filing …
How indexation affects LTCG & Aet-offs post Budget 2024 comprehensive explanation of how indexation affects capital gains tax and set-offs—especially in light of the Budget 2024 changes. Key Capital Gains Tax Changes in Budget 2024 Explained Indexation removed for property sales after 23 July 2024. Grandfathering applies to properties purchased before 23 July 2024. LTCG …
Disclosure Pre-existing diseases when taking health insurance Overview of the disclosure requirements for pre-existing diseases when applying for health insurance in India, along with the rules on moratorium period and waiting period as per IRDAI guidelines. Pre-existing diseases are medical conditions or illnesses that insured person was already suffering from at time of purchasing health …
Maruti Suzuki Insurance Renewal Process Online Maruti Suzuki is one of India’s most trusted car brands, known for delivering reliable and efficient vehicles across a wide range of segments. Owning a Maruti car also comes with the responsibility of renewing your insurance on time to stay legally compliant and financially protected against accidents, theft, and …
CBDT Notifies IREDA Bonds as Long-Term Specified Asset U/s 54EC The Central Board of Direct Taxes has officially notified bonds issued by the Indian Renewable Energy Development Agency as long-term specified assets u/s 54EC of the Income Tax Act, 1961. This provides taxpayers with an additional avenue for claiming capital gains tax exemption, while also …
Key guidance for MF to ensure accurate ITR filings & avoid inflated capital gains reporting due to duplicate entries in the AIS: What is the issue: duplicate mutual fund redemptions in AIS What’s Happening in such a case: During this year’s ITR filing season, a peculiar issue has emerged in the AIS reporting of mutual …
ICAI allows Indian CA firms to officially tie up with Global Networks. ICAI now allows Indian chartered accountant firms to officially tie up with global accounting networks. The Institute of Chartered Accountants of India has introduced a forward-looking framework that provides a much-needed legal and ethical structure for Indian CA firms to collaborate with global …