To lessen the financial burden on middle-class and upper-middle-class income groups, the government is looking into tax breaks for those making up to Rs 15 lakh a year. Reduced tax rates, higher standard deductions, and updated tax slabs are some of the suggested changes. These adjustments may simplify compliance, boost economic growth, and raise disposable income. This proposed change is a positive start toward promoting economic resilience and resolving taxpayer concerns, even though obstacles like revenue impact and structural overhaul still exist.

Slump sales and the new CBDT valuation criteria are explained in depth in this tutorial. The definition of slump sales, the legal structure under Section 50B, the ramifications of the new valuation regulations, and the actions firms must take to assure compliance are just a few of the crucial topics it addresses. The blog is essential reading for companies and tax experts since it also discusses the advantages and difficulties presented by these regulations.

Form 12BAA was created by the Income Tax Department to simplify salary tax deductions. In order to ensure correct TDS deductions and improved tax planning, this handbook assists salaried staff in understanding its goal, essential components, and use.

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.

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.

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.

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.

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.

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.

Under its new policy, the Central Government has promised significant income tax relief, exempting certain groups from paying taxes. Seniors over 75, farmers who make their living exclusively from farming, people with disabilities, and those whose incomes have recently increased are all benefited by this program. The government hopes to lessen economic disparities, increase financial stability, and make tax compliance easier via these exemptions. Find out more about this historic announcement's categories, advantages, and ramifications.

Businesses and taxpayers need to be on the lookout for important income tax and GST compliance deadlines in December 2024 as the year draws to a close. Financial stability may be impacted by penalties and interest for missing deadlines. To help you stay organized and avoid penalties, this blog offers a comprehensive chart of all significant compliance dates.

In order to lessen the tax burden on different types of payments, the TDS rates under Sections 194-IB, 194-DA, 194-G, 194-H, 194-M, and 194-O have recently changed. The TDS rate for insurance commissions, life insurance payouts, lottery commissions, brokerage fees, and rent payments will be lowered from 5% to 2% as of October 1, 2024, and April 1, 2025. A 2% tax under Section 194M will also be applied to payments made by non-auditable businesses to contractors and professionals. In addition, Section 194-O will apply a reduced TDS rate of 0.75% to e-commerce transactions. These adjustments aim to increase tax compliance across a range of industries and enhance liquidity for professionals, small enterprises, and individuals.