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# news

12 posts in `news` tag

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GST

GSTR-1 Updates: Mandatory HSN Code Reporting Explained for Taxpayers

With effect from February 2025, the GSTN has implemented Phase-3 modifications for HSN code reporting in GSTR-1 and GSTR-1A. These modifications are intended to improve compliance, guarantee standardization, and increase data accuracy. Businesses may face initial difficulties, but there are substantial long-term advantages. To guarantee a seamless transfer, get ready today.
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GST

GST Updates: Key Changes and Announcements for the Week of 14th–20th January 2025

Significant changes were made to the GST this week (January 14–20, 2025) for both taxpayers and companies. Highlights include clarifications on e-invoicing thresholds, rate modifications for EV batteries and BPO services, GST Council meeting outcomes, and extensions for GSTR-3B reporting deadlines. To assist stakeholders in successfully navigating these changes, the blog discusses notices, compliance tactics, industry responses, and impending deadlines.
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Income tax

IFSC Units' Tax Deduction Exemption

For transactions using IFSC units, the Ministry of Finance's notification S.O. 21(E), issued January 2, 2025, offers TDS exemption under Section 194Q. Businesses operating in these global financial zones can find it easier to comply with tax laws thanks to this program. Reduced administrative constraints for sellers and simpler procedures for buyers promote improved cooperation and help India realize its goal of becoming a major international financial center.
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GST

New GST Rates on Popcorn: What You Need to Know

Significant adjustments to the Goods and Services Tax (GST) rates for popcorn have been recommended by the GST Council. By establishing consistent prices for packaged and unbranded popcorn, this amendment seeks to streamline compliance and guarantee equity. The adjustments may have an effect on government income, corporate profit margins, and consumer prices. Find out how the food and beverage sector may be impacted by this change and how companies may maintain compliance.
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GST

Essential GST Updates for Businesses and Taxpayers (Dec 10–16, 2024)

All of the major GST announcements and updates that were released between December 10 and December 16, 2024, are compiled in this blog. Input Tax Credit explanations, GST rate adjustments, e-invoicing updates, GSTR-1 filing extensions, and new features like filing NIL returns by SMS are all included. To guarantee seamless compliance and prevent fines, be informed.
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Income tax

Big Changes in India’s Tax Policies: Are You Exempt in 2024?

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.
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Income tax

CBDT's Latest Update on Income-Tax Clearance Certificate: What It Means for You

The Central Board of Direct Taxes (CBDT) has issued a clarification on the Income-Tax Clearance Certificate (ITCC), specifying the circumstances under which an individual is required to obtain one. This blog post breaks down the CBDT's clarification, explaining who needs an ITCC, when it's required, and the procedure to obtain one.
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Income tax

Innovative Move: Income-Tax Department Launches Automated Reconciliation System - APNOKACA Update

A pilot project was initiated in September 2022, resulting in updates to about 4,300 ITRs.
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Income tax

Demystifying Taxation in India: Income Tax vs. TDS - APNOKACA Insights"

On the other hand, Tax Deducted at Source (TDS) is a mechanism where tax is deducted at the time of making certain payments such as salary, rent, or professional fees.
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RBI

RBI's Vigilance: Action Against Unauthorized Payment System in Card Network Intermediary - APNOKACA Update

The Reserve Bank of India has discovered that a certain Card Network had set up a system allowing businesses to make card payments through intermediaries to entities that don't accept card payments.
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Income tax

2024-25 TDS Rate Chart Update: AY 2025-26 Insights - APNOKACA Guidelines

TDS, or Tax Deducted at Source, is a method introduced by the Income Tax Department of India to prevent tax evasion.
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Notice

Navigating Cash Transactions: Unveiling New Guidelines - APNOKACA Update

Introducing the "New Guidelines for Cash Transactions"! These rules are changing how we use cash.