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.

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.

This blog provides a comprehensive guide to understanding the Tax Deducted at Source (TDS) mechanism on GST bills. It covers who is liable to deduct TDS, how to calculate TDS, and the benefits and challenges of implementing TDS on GST bills. The blog also provides best practices for implementing TDS on GST bills and answers frequently asked questions.

The Income Tax Act's Sections 115BAB and 115BAA, which are intended to give domestic Indian businesses tax advantages, are thoroughly examined in this blog. While Section 115BAA gives existing domestic companies a lower tax rate to improve competitiveness and simplify the tax system, Section 115BAB targets new manufacturing companies with a reduced tax rate to encourage industrial expansion. In order to assist businesses in selecting the section that best meets their needs, the blog provides a comparative study of the salient characteristics, eligibility requirements, benefits, and compliance requirements of each section. Comprehending these provisions can result in noteworthy tax benefits and enhance the financial well-being and expansion of Indian enterprises.

This comprehensive guide covers essential information for businesses and individuals operating in India regarding income tax, provident fund (PF), and employees' state insurance (ESI) compliance in June 2024. Understand the requirements, deadlines, and forms to be submitted to maintain compliance with Indian tax laws and regulations.

Tax Deduction at Source (TDS) is a key mechanism in the Income Tax Act, 1961, to collect tax at the source of income generation. This guide covers the detailed provisions under Sections 192 to 206CA, including TDS on salary, interest, dividends, professional fees, and payments to non-residents. It explains the rates, thresholds, and procedures for deductors, along with the consequences of non-compliance. The guide also highlights the importance of obtaining a TAN, issuing TDS certificates, and filing returns.

This blog provides a detailed overview of the returns and forms applicable to individuals with business income for the Assessment Year 2024-2025 in India. From understanding the basics to filing tips, readers will gain insights into ITR-3, Form 16, Form 26AS, Form 44AB, and Form 10AA, along with key compliance strategies.

Blockchain for GST: Enhancing Transparency and Security in the Indian Tax System" highlights the application of blockchain technology to bolster transparency and security within India's Goods and Services Tax (GST) framework. By leveraging blockchain's immutable ledger system, the initiative aims to create a more robust and trustworthy tax ecosystem, reducing fraud, enhancing accountability, and fostering greater confidence among taxpayers and stakeholders.