A Comprehensive Guide to Income Tax Filing and Appeals in India
Taxpayers in India must follow a structured process for filing income tax returns and appealing assessments under the Income Tax Act. Understanding this Guide to Income Tax Filing and Appeals in India these steps helps ensure compliance and protects taxpayer rights. A Comprehensive Guide to Income Tax Filing and Appeals in India Income Tax Return […]
Government of India Revises MSME Classification: A Boost for Small Businesses
In a transformative policy update, the Indian government has significantly revised the classification criteria for Micro, Small, and Medium Enterprises or MSME. This landmark announcement was made by Finance Minister Nirmala Sitharaman during the presentation of the Union Budget 2025. Set to take effect from April 1, 2025, the revised framework aims to stimulate business […]
Top Reasons Your Business Needs a GST Consultant: Streamline and Save
Why Your Business Needs a GST Consultant and let your Business Growth smoothly Running a small business in India is no small feat, especially when it comes to navigating the complexities of GST regulations. For business owners like Pooja Mehta, the challenges of managing multiple invoices, staying updated on tax laws, and ensuring timely GST […]
Understanding Section 194F of the Income Tax Act: TDS on Capital Asset Transfers
Taxation plays a crucial role in financial transactions, especially when it comes to capital asset transfers. One such provision in Indian tax law that ensures tax compliance is Section 194F of the Income Tax Act. This section mandates Tax Deduction at Source (TDS) on specific transactions involving capital assets, particularly when non-residents are involved. What […]
Supreme Court’s Ruling on ITC for Immovable Property: A Game-Changer
In a significant ruling on October 3, 2024, the Supreme Court clarified the eligibility for Input Tax Credit (ITC) on immovable property under the Central Goods and Services Tax (CGST) Act, 2017. This decision impacts businesses, especially in the real estate and leasing sectors, by potentially allowing ITC on construction costs for commercial properties under […]
The Importance of Filing a Nil TDS Return for Businesses
Filing a Nil TDS Return for Businesses A Nil TDS Return is filed when a business has no tax deductions to report for a particular period. Although there may be no TDS deducted on payments such as salaries, professional fees, or rent during that time, businesses are still required to file this return. Failure to […]
Navigating the New World of Crypto Taxes: Understanding the Latest Reporting Requirements
Crypto Taxes and cryptocurrency landscape is constantly evolving, and so are the regulations surrounding it. Following the introduction of a 30% tax on Virtual Digital Assets (VDAs) in 2022, the Indian government has now introduced crucial reporting requirements for crypto asset transactions. These changes, effective from April 1, 2026, are designed to bring greater transparency […]
The New Tax Reform: Simplifying Salary and House Property Provisions for Taxpayers
Tax laws can often feel overwhelming, filled with technical jargon and complex provisions that make filing returns a daunting task for many taxpayers. Recognizing these challenges, the latest tax reform bill introduces significant simplifications to the Salary and House Property provisions, making it easier for individuals to understand and comply with tax regulations. How Has […]
Understanding Unexplained Cash Credits & Section 68 of the Income Tax Act
In financial and taxation matters, accountability and transparency are crucial. To ensure these principles are upheld, Section 68 of the Income Tax Act addresses unexplained cash credits. This provision helps prevent tax evasion, money laundering, and the misuse of financial transactions. Let’s delve deeper into the concept, objectives, and implications of unexplained cash credits. What […]
GSTR 2A: A Crucial Tool for Accurate ITC Claims and GST Compliance
Managing Input Tax Credit (ITC) is a crucial aspect of Goods and Services Tax (GST) compliance for businesses. One key tool that helps businesses ensure accurate ITC claims is GSTR 2A. This auto-generated statement on the GST portal reflects inward supplies based on the GSTR 1 filed by suppliers. By leveraging GSTR 2A, businesses can […]