Both citizens and non-resident individuals will be impacted by the substantial changes to the capital gains tax structure brought about by the Indian Union Budget 2024. The changes, including uniform tax rates, TDS adjustments, and investment ramifications, are covered in detail in this blog. Learn how to modify tactics to conform to the most recent rules.

The taxability of sponsorship services underwent significant revisions during the 55th GST Council Meeting. In order to improve revenue collection and streamline compliance, body corporates and partnership businesses are switching from the Reverse Charge Mechanism (RCM) to the Forward Charge Mechanism (FCM). This blog explores the situations before and after the meeting, the updated tax structure, and the ramifications for companies and service providers.

For Indian cryptocurrency investors, the Income Tax Appellate Tribunal's (ITAT) recent decision is a huge relief. Gains from bitcoin transactions completed before to FY 2022–2023 are exempt from the recently implemented 30% tax under Section 115BBH of the Income Tax Act, the ITAT clarified. Rather, depending on the nature and purpose of the transaction, these earnings will be taxed as either capital gains or business income under the current laws. This historic ruling guarantees that tax regulations cannot be enforced retroactively, eliminates uncertainty, and gives investors clarity. The decision emphasizes the significance of accurate record-keeping and helps taxpayers who still owe money on assessments from prior years.

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.

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.

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.

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.

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.

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.

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.