# tax
12 posts in `tax` tag
Section 57 Deductions - Income Tax Act
A thorough explanation of Section 57 of the Income Tax Act, which permits deductions against income subject to the "Income from other sources" head, is given in this article. It describes the several types of deductions that are permitted under Section 57, including as interest or dividends on tradable financial assets, employee contributions to welfare programs, costs related to rental revenue, and more. The purpose of the essay is to assist taxpayers in comprehending the nuances of Section 57 and in making well-informed decisions regarding their tax compliance and planning.
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By Krishna
Budget 2024: An Examination of the New Section 74A
Budget 2024 has introduced a new provision, Section 74A, which aims to bring clarity to the insurance sector and reduce compliance costs for startups. This blog post provides an in-depth analysis of Section 74A, its features, penalty provisions, and implications on the insurance sector and startups.
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By Krishna
GSTR-1A: New GST Form Details
The Goods and Services Tax Network (GSTN) has introduced a new form, GSTR-1A, to simplify the GST filing process. This comprehensive guide provides expert advice on how to navigate the new form, make corrections, and ensure seamless reconciliation. Learn how to file GSTR-1A accurately, avoid common mistakes, and stay compliant with GST regulations.
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By Krishna
Annual Compliance Schedule 2024-2025
This blog helps taxpayers stay on top of their responsibilities and avoid penalties by offering a thorough annual compliance calendar for TDS and TCS deposit and filing dates.
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By Krishna
New TDS Section 194T: What You Need to Know About Tax Deduction on Partner Payments
The Union Budget of 2024 introduced a new section in the Income Tax Act, 1961 - Section 194T. This provision mandates tax deduction at source (TDS) on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration. This blog provides a comprehensive guide to understanding the new TDS Section 194T, its implications, and compliance requirements. It covers the benefits and challenges of this provision, helping firms and partners navigate the new tax landscape.
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By Krishna
Section 128A: The Game-Changer in Budget 2024 for Taxpayers with Section 73 Demands
The Union Budget 2024 has introduced a significant amendment to the GST law, offering relief to taxpayers with Section 73 demands. This blog post delves into the details of the amnesty provisions under Section 128A, including its benefits, limitations, and exclusions. Learn how to avail the conditional waiver of interest and penalty and simplify your tax compliance process
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By Krishna
Budget 2024–2025: GST Law Changes - A Comprehensive Analysis
The Union Budget 2024-25 has introduced significant changes to the Goods and Services Tax (GST) law, aiming to simplify and rationalize the tax regime. This blog post provides an in-depth analysis of the key changes, including amendments to Sections 13, 16, and 128A, and their implications on businesses and taxpayers.
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By Krishna
Top Ten Amendments in India's Direct Tax System - Budget Proposal 2024–2025
The Budget Proposal 2024-25 has introduced several amendments to the direct tax regime in India. This blog provides a comprehensive guide to the top 10 amendments, including changes to standard deduction, angel tax, buyback tax, and more. Understand how these changes will impact you and plan your taxes accordingly.
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By Krishna
Changes in LTCG Tax on Real Estate Sales: Budget 2024
The Budget 2024 has introduced significant changes to the taxation of long-term capital gains on property sales. This blog post explains the impact of eliminating indexation benefits on property sales and investments, and what it means for property owners and investors.
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By Krishna
Benefits of Budget 2024 for Salaried Individuals
The blog discusses the recent TCS rule change in Budget 2024, which brings relief to salaried individuals by reducing TDS deduction and simplifying the process of claiming credit for TCS paid on foreign remittances and other expenses.
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By Krishna
Modifications to Slab Rate for FY 2024–2025 and AY 2025–2026: An Detailed Guide
The blog discusses the changes in income tax slab rates for FY 2024-25 and AY 2025-26, including the increase in the basic exemption limit, revision of slab rates, and increase in the standard deduction. The implications of these changes, including tax savings, simplified tax structure, and increased disposable income, are also discussed.
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By Krishna
The Standard Deduction in Budget 2024–2025: A Huge Relief
The Union Budget 2024-25 has brought a significant relief to taxpayers with the increase in the standard deduction. This blog post explains the implications of this change and how taxpayers can benefit from it. Learn how to claim the deduction and stay updated on the latest tax reforms.
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By Krishna