# apnokaca
12 posts in `apnokaca` tag
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EPF Withdrawal 2024: Eligibility, Rules, and Tax Implications Explained
When an employee retires or needs money, the Employees' Provident Fund (EPF) provides it. This guide describes the 2024 EPF withdrawal regulations, including eligibility, types of withdrawals, tax ramifications, necessary paperwork, and more. Find out about new developments such as AI-based claim settlements and how to guarantee a seamless EPF withdrawal procedure.
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By Krishna
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High Court Challenges CBDT's Stand on Appeals Below Monetary Limits
The CBDT's Circular Nos. 05/2024 and 09/2024, which do not have an exception clause for tax appeals under monetary restrictions, raised concerns from the High Court. Addressing important legal issues, ongoing disagreements, and consistent tax administration may be hampered by its omission. To maintain justice and fairness, the HC urged CBDT to assess and revise the circular.
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By Krishna
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Section 10(23FE Simplified: CBDT’s Notification 127/2024 Explained
By issuing Notification No. 127/2024, the Central Board of Direct Taxes (CBDT) has amended Section 10(23FE) of the Income-tax Act. The updated rules simplify compliance and increase the range of assets available to pension funds (PFs) and sovereign wealth funds (SWFs). In line with India's economic objectives, these adjustments are meant to draw in long-term investments in the social development and infrastructure sectors.
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By Krishna
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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.
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By Krishna
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Everything You Need to Know About Section 88A and Double Taxation Relief
Indian taxpayers are protected against double taxation on overseas income by Section 88A of the Income Tax Act. This guide explains eligibility, benefits, calculation methods, and the process to claim the tax credit. Continue reading to minimize your tax liability and guarantee equitable taxation.
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By Krishna
Simplification of the Income Tax Act 1961: No New Rates, Just Easier Compliance
Without altering tax rates, the ongoing review of the Income Tax Act of 1961 seeks to enhance compliance and streamline tax regulations. This project aims to improve digital integration, eliminate out-of-date provisions, and make the Act easier to use. It is anticipated to be finished by mid-December 2024, and taxpayers can anticipate more transparency and lower compliance expenses.
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By Krishna
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From Business to Personal: The Reality of Unlimited Tax Liability
In terms of income tax, "unlimited liability" describes situations in which directors, partners, or other stakeholders might be held personally accountable for a company's outstanding tax debts. This blog explores the consequences, defenses, and preventive measures of Sections 167C, 179, and 188A of the Income Tax Act for partnership firms, private companies, and limited liability partnerships.
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By Krishna
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How to Resolve Table 8A and 8C Discrepancies in GSTR-9: GSTN’s Guidelines
A critical advisory resolving inconsistencies in Tables 8A and 8C of GSTR-9 for FY 2023–2024 was released by the Goods and Services Tax Network (GSTN). By requiring manual reporting for Table 8C and auto-populating Table 8A with GSTR-2B, this modification guarantees increased accuracy in Input Tax Credit (ITC) reporting. Learn how to efficiently comply, minimize errors, and reconcile data.
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By Krishna
All You Need to Know About Short-Term Capital Gains and Tax Reforms in 2024
Selling assets such as stocks, mutual funds, or real estate during a brief holding period results in short-term capital gains, or STCG. The STCG taxation regulations, their effects, and the most recent revisions for 2024 are examined in this blog. Stricter crypto transaction monitoring, simplified ITR forms, updated STT rates, and improved reporting for high-value transactions are among of the major changes. Discover how to compute STCG, comprehend tax ramifications, and investigate methods for efficiently reducing tax obligations.
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By Krishna
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A Simplified TDS System: How One Rate, One Section Reduces Tax Hassles
A revolutionary move toward streamlining tax compliance is the Indian government's proposal to implement a single rate and section for Tax Deduction at Source (TDS). This program seeks to reduce compliance obligations, promote a pro-business environment, and remove the confusion brought about by different rates and sections. Find out how this change helps taxpayers, simplifies compliance, and supports India's objective of raising the Ease of Doing Business index.
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By Krishna
The relief for taxpayers is the elimination of late fees for 'Nil' GSTR-7 filings
For 'Nil' GSTR-7 filings, the Goods and Services Tax Network (GSTN) has eliminated late costs, which is a comfort to taxpayers. Businesses and individuals that do not have TDS deductions during a tax period will find compliance easier as a result of this change. Find out about 'Nil' files, GSTR-7 filings, and the advantages of this waiver for taxpayers.
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By Krishna
Leveraging Sections 54 and 54F for Tax Exemptions in Property Transactions
This blog explores Sections 54 and 54F of the Indian Income Tax Act and explains how they exempt individuals and HUFs from paying taxes on capital gains when they reinvest them in residential real estate. To ensure clarity for taxpayers, the essay also discusses frequent disagreements, court rulings, and helpful advice for claiming exemptions.
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By Krishna