Un-denatured extra neutral alcohol / rectified spirit used for manufacture of alcoholic liquor, for human consumption is kept out of the ambit of GST Law.

Tax rates under section 115BAC (new tax regime).

Have you ever thought it’s secure to hold gold in your home and cost-effective to store gold in a bank locker…!!!

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…