During today’s pre-election budget proposed for the financial year 2024-25, it is to be noted that there are no significant amendments.

The CBIC has notified that all the GST related amendments introduced vide Finance Act, 2023 shall be effective from 01.10.2023. Few of the important amendments introduced are as follows

Finance Bill, 2023 Summary of Amendments – DIRECT TAXATION Individuals: No change in old tax regime New tax regime is the default tax regime. However, individuals are free to change to old tax regime, which is same as last year. Rebate under New Tax Regime increased from INR 12,500 to INR 25,000 (If total income …

An invoice is a commercial instrument issued by a supplier of goods/services to a recipient. It not only identifies both the parties involved, but also lists, describes the items sold/services supplied, quantifies the items sold, shows the date of shipment and mode of transport, prices, and discounts if any, and the delivery and payment terms …

In the Union Budget 2018, there has been a clear effort to empower rural economy by providing support to agriculture and boosting infrastructure and social sectors. Reduced tax burden for senior citizens has been met with great cheer and is a good step. Populist demand of tax benefits to individual taxpayers has been given a …

TDS under Section 194J has been one of the most talked about and puzzling things. However, is it really that puzzling or just tedious? Let us find out. Section 194J of the Income Tax Act of 1961, states that the Deductor should deduct TDS on professional fees paid by him to a resident exceeding Rs. 30,000/-. Deductor …

Ever wondered how much remuneration or interest to partner is allowable in a Limited Liability Partnership (LLP)? Yes, then this article is definitely for you. So, without further ado, let us get started with the article. Interest payable to partners shall not exceed 12% per annum. Remuneration payable to partners shall not exceed the following …

Ever wondered how foreign income is different from Indian income? Let us find out. Indian Income  Any of the following three is an Indian income: i) If income is received (or deemed to be received) in India during the previous year and at the same time it accrues (or arises or is deemed to accrue …

Section 24 deductions from House Property Income is one of the most discussed topics. However, there are a lot of things about Section 24 that are not necessarily public knowledge. So, to help you out here is our two cents on Section 24 from House Property Income. Income from House Property is possible in these …

Residential Status and Incidence of Tax on Income under Income Tax Act, 1961 The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income. The basis of determination of residential status in respect of each person is laid down under the provisions …

Ever thought, how directors can get removed as under Companies Act, 2013? Read on to find out. A special notice under section 115 is required to be given to the company for removal of directors, at least 14 days before the date of meeting at which it is to be moved exclusive of the day on …

We are aware of the fact that, any person who is applying for the GST Registration has to file GST return online. To help you more with the procedure, we have mentioned most of the details in this article. So, without further ado, let us begin. As per CGST Act 2017, there are lots of the types of …

Ever wondered what procedure needs to be followed for deemed exports under GST? If your answer is yes, then we will help you to understand it better. So, let us begin. The central government on the recommendation of council, hereby notified that the following shall be treated as Deemed exports under GST vide Notification No.48/2017- …

This article will give you a glimpse on the GST audit.  Let us first have a short brief on GST. GST is an indirect tax imposed on goods and services. It had been introduced with the regime “one nation, one tax”. It has subsumed all the indirect taxes which were in force before, except some …

Annual Return Form GSTR 9 filing under GST has seen lot of issues recently especially regarding finalisation of the format itself! With over 6 parts and 19 sections, it is not an easy feat to fill each and every section when the data required for the same was not maintained from the inception. With only less than …

To most people, filing income tax returns is counted among the most unpleasant tasks. Filing returns is an obligation which you are tempted to ignore, yet attend to because it is a regulatory requirement. Filing of returns earns you the dignity of consciously contributing to the development of the nation. Why To File Income Tax …

Moving to a foreign country often proves to be a challenge and coming to terms with a new taxation system is one of the many significant factors contributing to this challenge. If you thought tax laws were meant only for persons belonging to a particular country, you thought wrong. An NRI is no exception. An …

Transactions between two or more companies/entities in India are governed and guided by a specific set of rules and laws. However, this is not in the case where transactions happen between two related entities overseas. There are separate sets of rules in various statutes in INDIA to guide these and to have control over such …