Taxation

Big TDS Rate Cuts from October 2024! What You Need to Know

TDS Changes Effective from 1st October 2024: A Detailed Overview The Income Tax Department has introduced significant changes to the Tax Deducted at Source (TDS) framework, effective from 1st October 2024. These modifications, primarily focusing on reducing TDS rates across several key sections, are intended to reduce compliance burdens and ease cash flows for individuals […]

Big TDS Rate Cuts from October 2024! What You Need to Know Read More »

Overview of the 54th GST Council Meeting: Key Decisions & Their Implications

The 54th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman on 9th September 2024, brought forward significant reforms aimed at simplifying GST compliance, offering sector-specific relief, and addressing ambiguities in existing regulations. These decisions are expected to impact various sectors, such as insurance, healthcare, transport, and R&D, while also setting the stage for

Overview of the 54th GST Council Meeting: Key Decisions & Their Implications Read More »

Understanding Section 73 of CGST Act: Key to Tax Compliance

The Goods and Services Tax (GST) system in India, governed by the CGST Act, 2017, is designed to streamline the taxation process for businesses and ensure compliance. However, there are instances where tax is either short-paid, unpaid, or erroneously refunded, or input tax credit (ITC) is wrongly availed or utilized. Section 73 of the CGST

Understanding Section 73 of CGST Act: Key to Tax Compliance Read More »

Buying Property from an NRI? Avoid Costly Mistakes!

Purchasing property is already a complex process, but when the seller is a Non-Resident Indian (NRI), the process becomes even more intricate due to stringent regulations and tax implications. Here, we break down the essential points every buyer should know before entering into a real estate transaction with an NRI seller. 1. Higher TDS Liability

Buying Property from an NRI? Avoid Costly Mistakes! Read More »

Hindu Undivided Family (HUF): A Strategic Way to Save Income Tax

Introduction The concept of a Hindu Undivided Family (HUF) is an age-old tradition in India, rooted in Hindu law, and offers a unique opportunity for tax savings. This blog delves into the nuances of HUF, its formation, tax implications, advantages, disadvantages, and relevant laws. By the end, you’ll have a comprehensive understanding of how HUFs

Hindu Undivided Family (HUF): A Strategic Way to Save Income Tax Read More »

New TDS Rules for Partners in Firms: Section 194T Explained!

Introduction The Indian taxation landscape is continuously evolving to ensure equitable tax collection. One of the significant updates in Budget 2024 is the introduction of Section 194T, which brings a new dimension to the tax deduction at source (TDS) provisions by including payments made by partnership firms to their partners. This article explores Section 194T

New TDS Rules for Partners in Firms: Section 194T Explained! Read More »

Big Tax Relief for Real Estate: Choose Your LTCG Rate!

Amendment to Provide Relief for Real Estate under LTCG Regime The Indian government has introduced an amendment to the Long-Term Capital Gains (LTCG) regime to provide relief for taxpayers concerning the taxation of immovable property. This amendment offers taxpayers the flexibility to choose between a lower rate of 12.5% without indexation or a higher rate

Big Tax Relief for Real Estate: Choose Your LTCG Rate! Read More »

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

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

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

Understanding the Rules and Benefits of Carrying Forward Losses in Income Tax Returns

One of the main reasons for carrying forward losses in income tax returns is to provide businesses and individuals with a way to recover from financial setbacks and maintain continuity in their operations. By allowing losses to be carried forward, the tax system acknowledges that businesses and individuals may face temporary difficulties that could affect

Understanding the Rules and Benefits of Carrying Forward Losses in Income Tax Returns Read More »