The tax system in India has undergone a radical change since the Goods and Services Tax (GST) was introduced in 2017. This thorough reference examines GST exemptions intended to assist vital industries, cut expenses, and advance public welfare. Learn about the various exemptions, their advantages, and how consumers and businesses may take use of them for everything from necessities like dairy and cereals to services in healthcare, education, and agriculture. Recognize the significant economic impact of these exclusions, learn to save more, and maintain compliance.

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.

The Central Board of Indirect Taxes and Customs (CBIC) introduced Notification No. 20/2024 - Central Tax on October 8, 2024, implementing Rule 164, effective November 1, 2024. This rule allows taxpayers to request waivers for interest and penalties related to GST demands arising from genuine mistakes, rather than intentional fraud.

This blog provides an overview of High-Net-Worth Individuals (HNWIs) in India, defined as individuals with a net worth exceeding ₹5 crore. It discusses their investment preferences, including real estate, stocks, and alternative assets, and highlights their financial goals like wealth preservation, tax efficiency, and legacy planning. The blog also addresses challenges such as tax planning, risk management, and liquidity issues. Additionally, it covers key tax considerations, estate planning strategies, and philanthropic efforts, offering insights into effective wealth management for HNWIs.

This blog post explains the recent changes to the Reverse Charge Mechanism (RCM) for property rentals in India. Landlords of commercial properties are now responsible for paying GST on behalf of unregistered tenants. The changes take effect on October 10, 2024. Businesses must update their accounting systems and seek professional advice to ensure compliance.

A thorough explanation of Section 139(5) of the Income Tax Act can be found in this blog post. It describes what a defective return is, how to fix a defective return, and the possible repercussions of filing a defective return. Taxpayers can guarantee compliance with income tax legislation and prevent penalties by being aware of Section 139(5).

This blog post provides a comprehensive overview of the latest GST updates in India, including changes to e-invoicing, GST rates, ITC, annual return filing deadlines, and more.

This blog post provides a complete guide on Section 112 of the Income Tax Act, 1961, which governs the taxation of long-term capital gains in India. It provides an explanation of Section 112's main characteristics, such as tax rates, indexation benefits, exemptions, and unique rules for non-residents. The site also explains how Section 112 applies to various kinds of capital assets and walks readers through the process of calculating long-term capital gains. It also draws attention to significant legal rulings and factors that affect taxpayers. Through a thorough comprehension of the intricacies of Section 112, individuals can proficiently handle their tax obligations concerning long-term capital gains.

This blog post offers a thorough explanation of Income Tax Act Section 158AB, a significant clause that gives taxpayers the ability to get preliminary decisions on controversial tax issues. The blog provides an explanation of Section 158AB's goals, application, process, consequences, and restrictions. It also emphasizes how these rulings are provided by the Authority for Advance Rulings (AAR). Taxpayers can reduce the likelihood of conflicts and successfully navigate the intricacies of the Indian income tax system by being aware of Section 158AB.

An extensive summary of Section 194F of the Income Tax Act in India can be found in this blog post. It describes the main points, the methodology used to compute TDS for various forms of income, and how it affects investments in mutual funds. The blog also covers investor tax preparation techniques and exemptions.

Property sellers are prohibited by Section 50C of the Income Tax Act from undervaluing real estate transactions in order to avoid paying taxes. If the stamp duty value is more than the real consideration, this clause treats it as the considered selling price. This blog offers a thorough explanation of Section 50C's operation, as well as its consequences for capital gains, exemptions, dispute settlement procedures, and the safe harbor limits that have been included in more recent modifications.

Form 1 for the Declaration of Taxable Value of Securities (DTVSV) 2024 is now available for online submission. By October 31, 2024, taxpayers who own securities as of March 31, 2024, must submit this form. Up to December 31, 2024, a late return may be submitted; however, there will be a ₹1,000 penalty. In the event that the form is not submitted by the stipulated deadline, there will be a penalty of ₹10,000 and potential interest on unpaid taxes. Find out how to easily file Form 1 online and make sure you're following the DTVSV rules.