Effective Date: April 22, 2025 Sellers are required to collect 1% Tax Collected at Source (TCS) on the sale of specified luxury goods with a sale value exceeding ₹10 lakh per item, as per the Central Board of Direct Taxes… Read More
Blog
Budget 2024 Highlights
Budget 2024 Direct Tax Proposals – ₹0-3 lakh: Nil – ₹3-7 lakh: 5% – ₹7-10 lakh: 10% – ₹10-12 lakh: 15% – ₹12-15 lakh: 20% – Above ₹15 lakh: 30% The old slab… Read More
Special All-India Drive against Fake Registrations under GST
CBIC vide Instruction no. 01/2023-GST dated 4th May, 2023 issued guidelines for the Special All-India Drive against fake registrations under GST. The following points were specified in the above mentioned instruction; In the meeting ; The following guidelines are being… Read More
Form 10 and Form 9A to be furnished before 31st May, 2023 in certain cases
The Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax… Read More
UNION BUDGET 2023
Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2023 on 1st February, 2023. Let us discuss the proposed changes in the Income Tax and GST laws by the Union Budget, 2023. INCOME TAX AND GST UPDATES INCOME TAX UPDATES… Read More
FORM ITR-U INDIAN INCOME TAX UPDATED RETURN-AN OVERVIEW
The concept of ITR-U was introduced in the Union Budget 2022. Section 139(8A) of the Income Tax Act along with Rule 12C of Income Tax Rules is brought to help the taxpayers in tackling the mistakes made in the Income… Read More
Electric Vehicles future prospects
Electric vehicles are a much talked topic these days. The reason behind the new concept become popular is a number of benefits attached to the use of electronic vehicles. Today we will discuss a number of reasons why the electric… Read More
GSTR-9 for the FY 2021-22
Deadline : GSTR-9 for the FY 2021-22 is due by 31st December, 2022. Applicability: Every registered taxpayer having aggregate annual turnover of more than Rs. 2 Crore has to file annual return in GSTR-9 mandatorily. Latest Amendments in GSTR-9: Adhere… Read More
Applicability of MGT-7A
The Ministry of Corporate Affairs introduced a great amendment through Companies (Management and Administration) Amendment Rules, on 5th March, 2021. As per the amendment every company except OPC and small company shall file its annual return in MGT-7. One Person… Read More
Common ITR form for all taxpayers
The CBDT on Tuesday 1st November, 2022 proposed to introduce a common ITR form merging all existing ITR forms except ITR-7. As per CBDT the new common ITR form will be user friendly. Also CBDT proposed that the income from… Read More