Income tax
Income Tax Alert: New Deadline for Correcting Mistakes in TDS/TCS
Income Tax Alert: New Deadline for Correcting Mistakes in TDS/TCS; Otherwise, Notice Will Be Ready
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by Krishna
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View all highlightsGST
View all postExplore the world of Goods and Services Tax (GST) with our comprehensive guide. Learn about GST rates, compliance, benefits, and its impact on businesses and consumers. Stay informed about the latest GST updates and ensure you're making the most of this taxation system.
Upcoming GST Return Rectification Option
An official noted that enabling the revision of GST returns could streamline the filing process and contribute to a reduction in legal disputes.
New GST Forms for Pan Masala and Tobacco: SRM-I and SRM-II Explained
This blog post provides an in-depth analysis of the new GST forms, SRM-I and SRM-II, introduced for pan masala and tobacco manufacturers. The article covers the registration and return filing procedures, implications for the industry, and the significance of these forms in enhancing regulatory oversight and compliance. By understanding these new forms, manufacturers can ensure tax compliance and avoid potential penalties for non-compliance, ultimately contributing to a more transparent and responsible sector.
GST and the Informal Sector: Challenges and Opportunities
The informal sector accounts for a significant portion of India's economy, but the implementation of GST has presented several challenges for these businesses. This blog explores the challenges of implementing GST in the informal sector and provides solutions for ensuring GST compliance and accessing the benefits of the formal economy.
GST Collections Approach Rs1.65 Trillion in December 2023
In December 2023, gross revenue, reflecting business transactions from November, reached Rs 1,64,882 crore.
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New Regulation: Sponsorship Service Taxability Will Be Modified
To improve transparency and expedite compliance, the government is thinking about changing the taxability of sponsoring services. Redefining sponsoring services, updating exemption standards, and moving GST obligation to service providers are some of the main suggested changes. Sponsors, receivers, and tax authorities may be impacted by these developments, which might also provide difficulties including higher compliance expenses and cash flow problems. Companies need to be aware, evaluate the effects, and proactively adjust to the new rules.
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GST Relief for Hospitality Sector: Budget 2025 Key Expectations
In anticipation of important changes including infrastructure status, GST rationalization, digital single-window clearance, talent development programs, and sustainability incentives, the Indian hotel industry is looking forward to Budget 2025. These adjustments have the potential to greatly increase industry expansion, improve worldwide competitiveness, and assist small and medium-sized businesses (SMEs). Explore the main expectations for the next budget by reading on.
Recent Changes in GST Laws: Investigation and Interpretation
In the always developing scene of Goods and Services Tax (GST), keeping up to date with late changes is principal for organizations to guarantee consistence and enhance charge results. Our blog entry, "Unraveling Ongoing Revisions: Investigating Changes in GST Regulations," offers a thorough examination and translation of the most recent updates in GST regulation. From revisions in GST rates to the presentation of new consistence prerequisites, we dig into the ramifications of these progressions on organizations and citizens. Through keen examination and commonsense direction, we engage perusers to explore the intricacies of reconsidered GST regulations really, empowering them to adjust their procedures and cycles to keep up with consistence and drive business progress in a powerful administrative climate.
Income tax
View all postUnderstanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
The Impact of 28% GST on Online Gaming in India
This blog provides a comprehensive analysis of the 28% Goods and Services Tax (GST) levied on online gambling in India. It examines the impact of the high tax rate on players, the growth of the industry, tax evasion and social issues. The blog also discusses the government's rationale for the 28% GST and the potential challenges it poses for the industry.
May 2024: Complying with Income Tax and GST Deadlines
Highlights upcoming deadlines for income tax compliance and GST filing. It emphasizes the need for prompt action to avoid potential penalties and legal issues.
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GSTR-3B Table 3.2: Your Essential Guide to the New Auto-Fill Rules
This blog post breaks down the recent GST Portal advisory about Table 3.2 of GSTR-3B. It explains that starting July 2025, details of inter-state supplies to unregistered persons, composition taxpayers, and UIN holders will be auto-filled and non-editable in GSTR-3B. This information will come directly from GSTR-1 or IFF. The advisory aims to cut down on mistakes and keep data consistent. The post also covers why this change is occurring, how to fix errors by amending GSTR-1/IFF or using GSTR-1A, and offers an action plan for taxpayers to ensure they report accurately and smoothly file their GST.
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Tax Benefits & Deductions: An All-Inclusive Guide
This blog post offers a thorough explanation of tax allowances and deductions, including company and personal deductions, along with instructions on how to claim them in order to reduce your tax liability.
CBDT Guidelines on Section 37(1): What Business Expenses Are Now Disallowed?
This blog post examines the clarified disallowances under Section 37(1) of the Income Tax Act following the Finance Act 2022 amendment to Explanation 1. It details how expenses related to illegal activities, penalties, compounding fees, prohibited benefits/perks (like certain freebies), and violations of foreign laws are now more explicitly non-deductible, emphasizing the need for businesses to ensure compliance and maintain thorough documentation.
Filing a Nil Return: Is It Necessary If Your Income Is Below the Basic Exemption Limit?
Filing income tax returns can be a daunting task, especially when your income is below the basic exemption limit. Many people wonder if filing a Nil Return is necessary in such cases. This blog explores the concept of Nil Returns, the significance of the basic exemption limit, and the benefits of filing a return even when there's no tax liability. From claiming refunds to maintaining financial records, discover why filing a Nil Return with MyITRonline is a smart choice for financial peace of mind.
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Act Now! 5 Tax-Saving Strategies to Beat the March 31 Deadline
The tax-saving investment deadline of March 31 draws near. To maximize your savings and lower your tax burden for FY 2023–2024, you should put these five tax-saving methods into practice before the deadline. Discover how to maximize your tax-saving options, from collecting health insurance and home loan advantages to optimizing Section 80C investments.
Interpreting Section 139(9): A Comprehensive Guide to Managing Inaccurate Return Notifications
This blog post provides a comprehensive guide to the notice for defective return under Section 139(9) of the Income-tax Act, 1961. It covers the reasons for issuing a notice, the process of notice, consequences of receiving a notice, and tips on how to avoid receiving a notice.
CBDT Raises Tax-Free Benefit Limits: Relief for Salaried Employees with Incomes up to 8 Lakh
The Central Board of Direct Taxes (CBDT) has introduced new rules, 3C and 3D, effective August 18, 2025, which raise the income thresholds to 4 lakh (salary) and ₹8 lakh (gross total income) for taxing specific perquisites. This move provides significant tax relief on non-cash benefits for middle-income salaried employees.
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Tax-Exempt Status and Section 12AB: Must-Know Rules for Charitable Trusts
Significant modifications were made to charitable trust registrations under Section 12AB of the Finance Act 2020, which replaced Sections 12A and 12AA. The validity, due dates, and compliance requirements for trusts under Section 12AB are highlighted in this blog. Additionally, it describes the repercussions of non-compliance and provides practical advice on how trusts might successfully preserve their tax-exempt status.
Finance
View all postDive into the world of finance and empower your financial future. Explore personal finance tips, investment strategies, budgeting, and more. Stay informed about global financial news and trends. Unlock the keys to financial stability and prosperity with our comprehensive finance resources.
LLP Incorporation Fees in India: A Comprehensive Guide to Registration Costs
This blog post offers a comprehensive overview of LLP formation fees in India, including filing fees, legal and professional fees, and additional requirements. It also covers the many aspects of registration charges. It also outlines the variables that affect these expenses and provides advice on how to adjust your business budget appropriately. This essay will assist you in understanding the costs associated with forming an LLP in India, regardless of your level of experience as an entrepreneur.
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Update Your UAN Details Easily: No Employer Approval Needed for Aadhaar Users
EPFO has implemented a new regulation that allows Aadhaar-linked UAN holders to change personal information without employer clearance. This blog discusses the method, advantages, and important considerations for online UAN updates.
Understanding TIN: Importance, Application, and Verification Explained
This blog explores the crucial role of Tax Identification Numbers (TINs) in global tax systems. It explains what a TIN is, its significance, where and how it is used, how to apply for one, and the ways to verify its authenticity. Designed for individuals and businesses alike, it highlights why accurate TIN usage is vital for efficient tax compliance and administration.
Re-opening of ITC Reversal Opening Balance: A Simplified Guide
A concise overview of the new guidelines, due dates, and procedures for adhering to the amended requirements is given in this blog article about the resumption of ITC reversal opening balance reporting. It aids companies in comprehending the ramifications of the updated reporting and in acting promptly to avert fines and uphold GST compliance.
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New Penalty Adjudication Rules 2024: Strengthening Corporate Compliance under the Companies Act 2013
By simplifying the penalty procedure for non-compliance, the Central Government's New Penalty Adjudication Rules 2024, released in accordance with the Companies Act of 2013, seek to improve corporate governance. To guarantee prompt and transparent corporate responsibility, these regulations provide adjudicating authorities greater authority, establish time-bound processes, and encourage digital recording. This article examines the main points of the new legislation, their implications, and how they enhance investor confidence, mitigate litigation, and enhance corporate governance.
Economic Transformation Inauguration Ram Mandir Ayodhya
PM Modi's announcement included an investment of over $175 million in the newly constructed Ayodhya Airport, equipped to handle an initial capacity of one million passengers.
Senior Citizens Savings Scheme Significant Amendments
Now, you can open an account within three months of receiving retirement benefits. The definition of retirement benefits has been clarified to include various payments like provident fund dues, gratuity, pension commutation, leave encashment, and more.
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