Introduction: One of the key highlights of the Budget 2024, announced by the Hon’ble Union Finance Minister that attracted the investors and the entrepreneurial class, is the scrapping of ‘Angel Tax’. “….to bolster the Indian startup eco-system, boost the entrepreneurial…
Summary of Key Proposals – DIRECT TAXATION 1. Revised Tax Rates under Section 115BAC (Effective from AY 2026-27): The government has proposed new tax slabs under the default tax regime as follows: Total Income Range (Rs.) Tax Rate Up to…
Summary of Amendments – INDIRECT TAXATION Goods and Services Tax: 1. Input Service Distributor can now distribute ITC availed on taxes paid under reverse charge under CGST, SGST and IGST 2. Finance Bill proposes to define local fund and municipal…
Un-denatured extra neutral alcohol / rectified spirit used for manufacture of alcoholic liquor, for human consumption is kept out of the ambit of GST Law.
Tax rates under section 115BAC (new tax regime).
Have you ever thought it’s secure to hold gold in your home and cost-effective to store gold in a bank locker…!!!
During today’s pre-election budget proposed for the financial year 2024-25, it is to be noted that there are no significant amendments.
The CBIC has notified that all the GST related amendments introduced vide Finance Act, 2023 shall be effective from 01.10.2023. Few of the important amendments introduced are as follows
Finance Bill, 2023 Summary of Amendments – DIRECT TAXATION Individuals: No change in old tax regime New tax regime is the default tax regime. However, individuals are free to change to old tax regime, which is same as last year….
An invoice is a commercial instrument issued by a supplier of goods/services to a recipient. It not only identifies both the parties involved, but also lists, describes the items sold/services supplied, quantifies the items sold, shows the date of shipment…
In the Union Budget 2018, there has been a clear effort to empower rural economy by providing support to agriculture and boosting infrastructure and social sectors. Reduced tax burden for senior citizens has been met with great cheer and is…
TDS under Section 194J has been one of the most talked about and puzzling things. However, is it really that puzzling or just tedious? Let us find out. Section 194J of the Income Tax Act of 1961, states that the Deductor…