Long-term capital gains are excluded from tax under Section 54F of the Income Tax Act if the profits are reinvested in residential real estate. This blog serves as a helpful resource for individuals and HUFs wishing to reduce their real estate investment taxes by outlining the exemption's goals, qualifying requirements, categories of assets covered, and the sequential application procedure.

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.

This blog post explores the nuances of indexation benefits for Non-Resident Indians (NRIs) in India, highlighting the differences between residents and NRIs, and providing guidance on how to plan investments to minimize tax liability.

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.

Timely filing of TDS returns is crucial for avoiding hefty penalties and ensuring compliance with India's tax laws.

This blog article offers a thorough examination of the recent Cabinet decision to approve elderly people of India's universal health care. It examines the plan's salient points, advantages for the senior citizenry, ramifications for the economy and society, and possibilities and difficulties that come with putting it into practice.

The Income Tax Act's Section 234A, which charges interest to taxpayers for late filing of their income tax returns, is explained in this blog entry. It offers a thorough description of the interest calculation process, the repercussions of nonpayment, and an example of how to compute interest using Python code. The purpose of this post is to inform taxpayers about the significance of timely return filing in order to prevent having to pay interest under Section 234A.

This blog post provides a detailed explanation of Section 206C(1H) of the Income Tax Act. It covers the key points of the provision, including its applicability, types of payments covered, withholding rates, TDS requirements, and the importance of compliance. The blog aims to help individuals and businesses understand their obligations under this section and avoid penalties.

The Income-tax Act, 1961's Section 139(8A), which addresses the filing of late income tax returns in India, is thoroughly examined in this blog. The blog is a thorough resource for taxpayers and tax experts, covering the background, salient points, ramifications, and commonly asked issues around this rule.

The Indian GST structure saw substantial modifications as a consequence of the 54th GST Council Meeting, which was presided over by Union Finance Minister Nirmala Sitharaman on September 9, 2024. Important results included lower GST rates for medications used in cancer treatment, lower rates for certain foods, and a new GST rate for helicopter services. The introduction of e-invoicing for B2C transactions and the need for clarifications regarding input tax credit were also discussed at the discussion. The Council underlined the need of stakeholder engagement to guarantee that future changes are advantageous and sustainable for the economy, even though several decisions were postponed for more study.

Instead of paying tax on each transaction, small firms can opt for the GST Composition Scheme, which is a tax payment scheme that allows them to pay a predetermined proportion of their sales as tax. The purpose of this program is to facilitate small business operations and lessen the burden of compliance for them.

The blog explores the recent proposal put up by the GST Council to charge payment aggregators 18% GST for enabling small-value digital transactions up to ₹2,000 that are done using credit and debit cards. It investigates how this action can affect different parties, such as customers, merchants, and payment aggregators. The article also addresses the possibility of a shift in payment preferences in favor of options like UPI, which is not currently subject to these tax ramifications. It also emphasizes the background of the 2016 service tax exemption on small-value digital transactions, which was implemented to encourage the use of digital payments in India.