Tax Dept. Crackdown on fake political donations Taxpayers who have donated more than Rs. 500,000/- to political parties under strict Income Tax surveillance This scrutiny by the Income Tax authorities highlights potential misuse of Section 80GGC, which allows individuals to claim a 100% deduction on donations made to political parties. The investigation seems to revolve around …
30k Cr taxpayers Revised their ITR & Disclosed Foreign Assets, Income In November 2024, the CBDT initiated a Compliance-Cum-Awareness Campaign for AY 2024-25. This campaign aimed to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITR. Compliance with these schedules is mandatory under the Black Money (Undisclosed …
Increase in authorised capital of a Private Limited Company in India Increasing the Authorised Share Capital of a Private Limited Company in India their is No approval from the Central Government is needed. And Government fees depend on the amount of increase in authorised capital. Moreover Delay in filing SH-7 may attract penalties. Reasons for …
When a Delivery Challan Must Be Issued Under GST Regulations in India This blog guide outlines key scenarios where a delivery challan is required under GST, along with mandatory documentation and compliance requirements. Structured Scenarios Requiring a Delivery Challan to be Issued by Taxpayer: Transportation of Goods for Job Work Every consignment for job work …
ITAT Chandigarh Order Assessee Regarding FTC not be denied merely on procedural lapses if substantive conditions are met. Income Tax Appellate Tribunal Chandigarh in the case of Ashish Sood vs. DCIT (order dated 23.04.2024) ruled in favor of the assessee regarding the foreign tax credit claim. foreign tax credit should not be denied merely on …
GSTN Introduces Biometric Authentication Facility in Home State for GST Registration The Goods and Services Tax Network has introduced a new facility allowing promoters and directors of a company to complete their biometric authentication for GST registration in their home state instead of the state where the company is being registered. Previous Process for Goods …
GST collections rose by 9.1 percentage points to about INR 1.84 lakh crore in Feb 2025 Basic Key Insights from February 2025 GST Collections The 9.1% YoY rise in gross GST collections to ₹1.84 trillion in February 2025 reflects sustained domestic consumption and a potential economic revival. However, the collections are lower than ₹1.96 trillion …
Why we should Never Withdraw Cash with a Credit Card Withdrawing cash using a credit card is one of the costliest financial mistakes you can make! why you should avoid it at all costs: Why You Should Never Withdraw Cash with a Credit Card. Key Points on Credit Card Cash Withdrawals High Cash Withdrawal Charges …
Form ENR-03: Introduced for Unregistered Dealers on E-Way Bill Portal The E-Way Bill (EWB) system now allows unregistered dealers to generate e-Way Bills using Form ENR-03, eliminating the requirement for a GSTIN. This simplifies goods transportation compliance and enhances logistics efficiency. GSTN Issue Notification issued on ENR-03 filing process for Unregistered Persons (URPs) to generate …
Assessees have now received Intimation Orders on Feb 2025 for demands- Due to Post-Filing Disallowance Section 87A rebate Taxpayers who claimed Sec 87A rebate in Income Tax return’s for AY 2024-25, But later rebate disallowed by AO – What is Solution for Such demand case? This situation has created a lot of confusion among taxpayers …