The Union Budget 2024 introduces several critical changes to the Indian income tax structure, set to take effect from October 1, 2024. These updates include a hike in Securities Transaction Tax (STT), new TDS rates on government bonds, higher taxes on specific transactions, and revised capital gains tax rates. The standard deduction for salaried employees has also been increased. This blog breaks down each of these changes, helping taxpayers understand the impact on their financial planning and compliance

Beginning in September 2024, the GST Portal will begin deleting return data older than seven years, which is a significant change for Indian GST filers. Cost reasons, issues related to data security, and regulatory compliance have all motivated this adjustment. Taxpayers need to move quickly to protect their data by printing or downloading copies, utilizing external hard drives or cloud storage, and strengthening record-keeping procedures. Businesses will remain audit-ready and compliant even when past data is archived or removed from the GST Portal thanks to these proactive measures.

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.

This blog article gives a full summary of the Annual Information Statement (AIS) and Tax Information Summary (TIS) for Assessment Year 2024-25. It describes the important improvements and modifications implemented by the Income Tax Department, such as additional information fields and enhanced accuracy. The site also teaches readers how to obtain AIS/TIS, comprehend its importance, and use it efficiently for proper income tax reporting.

This blog post offers a condensed explanation of the new TDS rates, which go into effect on October 1, 2024, along with lower tax deduction rates for certain kinds of payments. In order to assure compliance with the updated tax legislation, it assists businesses and taxpayers in comprehending the ramifications of the changed TDS rates and making wise judgments.

The income tax audit process for FY 2023-24 can be challenging, but with the right preparation, businesses and individuals can manage it effectively. This blog explores who is required to undergo an audit, how to prepare by gathering essential documents like Form 16 and Form 26AS, and the steps involved in the audit process. Engaging a Chartered Accountant (CA) is key to ensuring compliance with tax regulations. The audit process also provides opportunities for improving financial record-keeping, tax planning, and dispute resolution. This guide offers insights into navigating the audit process confidently.

With effect from October 1, 2024, the government has made major changes to the taxation of share buybacks. The new system, its effects on businesses and shareholders, and the rationale for these modifications are all explained in this blog post.

With effect from October 1, 2024, the updated TDS rates for FY 2024–25 and AY 2025–26 have been released. This blog discusses the effects on people and businesses and offers a comprehensive graphic of the updated TDS rates. To guarantee compliance with tax laws and to capitalize on the advantages provided by the new rates, it is imperative that individuals and corporations comprehend the revised TDS rates and their ramifications.

A new GSTR-1 filing rule was introduced by the Indian government and will take effect in September 2024. Taxpayers will receive guidance on the modifications and necessary actions to comply with the new regulation from this blog post.

For taxpayers and tax experts, September 2024 is a crucial month because it has multiple important income tax deadlines. This blog offers a thorough summary of all important deadlines, ranging from TDS/TCS deposit and certificate issuing to advance tax payment and filing tax audit reports. This handbook guarantees that you remain compliant and keep out of trouble with a convenient chart for easy reference. It is essential for efficient tax management, regardless of whether you are an individual taxpayer or a business owner, to comprehend these deadlines.

An extensive overview of the changes made to the Income Tax Act of 1961 by the Finance Act of 2024 may be found in this blog article. It discusses the main adjustments, their effects on taxpayers, and the new tax system, tax rates, deductions, and exemptions.

The GST Amnesty Scheme 2024 is a one-time opportunity for taxpayers to appeal against GST demand orders issued on or before March 31, 2023. This blog post provides a comprehensive guide to the scheme, including its benefits, eligibility criteria, and preparation requirements. It also highlights the issues and challenges that taxpayers may face while availing the scheme.