Finance

Major Tax Relief Alert: Understand the New Section 128A Amnesty Scheme in Budget 2024

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Introduction: The Indian government’s Budget 2024 introduces a significant amendment in the Finance (No.2) Bill – 2024 with the proposal of Section 128A. This new section aims to provide relief to taxpayers involved in non-fraud cases under Section 73 of the CGST Act. The introduction of this amnesty scheme is a strategic move to ease […]

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Ensure Smooth Trade: Update Your IEC Annually!

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Importance of Annual IEC Update for Seamless Import-Export Operations The Importer Exporter Code (IEC) is a critical component for businesses engaged in international trade in India. Issued by the Directorate General of Foreign Trade (DGFT), the IEC serves as a unique identification number for firms engaged in import and export activities. To ensure smooth and

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Understanding House Rent Allowance (HRA) and its Tax Exemption

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Introduction House Rent Allowance (HRA) serves as a significant component of compensation for many salaried individuals in India. Understanding how to leverage HRA effectively can lead to substantial tax savings. In this blog, we’ll delve into the intricacies of HRA exemption, its calculation, relevant income tax sections, and address common queries through FAQs. What is

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