Retrospective Amendment on ITC for Construction Costs What’s Changing : A retrospective amendment, effective from July 1, 2017, prevents entities—like commercial real estate companies—from claiming Input Tax Credit (ITC) on goods and services used in the construction of immovable property on their own account (e.g., buildings, warehouses). The government proposes a retrospective amendment (effective from …
NPS: Extending Your Tax-Exempt Limit Beyond INR 12,00,000/-. In Budget 2025, Finance Minister Nirmala Sitharaman announced a no-tax limit for salaried individuals earning up to INR 12,00,000/-. However, by combining the standard deduction with National Pension System investments, this exemption can effectively extend to INR 13,70,000/-. per annum. How Does It Work under the National Pension …
Liberalized Remittance Scheme (LRS) & TCS Changes in Budget 2025 The Union Budget 2025 has introduced key adjustments that affect how Indian residents remit money abroad, particularly benefiting travellers, students, and medical tourists. Here’s what you need to know: What is the Liberalized Remittance Scheme? Liberalized Remittance Scheme: A framework that allows resident individuals to …
Which Regime is More beneficial New/ Old: Budget 2025 The Most Asked Question after Budget 2025 i.e Question: Which Regime is More Beneficial, New or Old ? Answer: If you have deductions u/s 80C, 80D and Interest on Home Loan u/s 24 and Your Income was taxable at NORMAL rate of tax then Old Regime …
Tax on LTCG for FIIs raised to 12.5%: Budget 2025 This increase in the LTCG tax rate for FIIs from 10% to 12.5% u/s 115AD aligns with the broader push toward uniformity in capital gains taxation. Here are some key takeaways: The Finance Bill, 2025, proposes an amendment to Section 115AD increasing the Income tax …
Impact on ITR has to be filed by non-residents in the case earning royalty/FTS income key implications of the Section 115A amendment and its impact on ITR filing for non-residents earning royalty/FTS income: Amendment in Section 115A (2023): The withholding tax rate for fee for technical services (FTS) increased to 20% + surcharge + cess, …
Union Budget 2025 key initiatives to support economic growth The Union Budget 2025 has introduced several key initiatives to support economic growth, provide relief to taxpayers, and drive development across various sectors. This budget aims to increase accessibility to financial services, foster innovation, and boost infrastructure. The middle-class tax relief and support for farmers through …
Latest Trends in Claims Under Section 80GGC Introduction : Recently, many taxpayers have received messages from the Income Tax Department advising them to review their Section 80GGC deductions for donations made to political parties. The Income Tax Department has started sending messages to taxpayers who claimed deductions under Section 80GGC—pertaining to donations made to political …
Obligations for Maintenance of Records under PMLA – FIU-IND Under Section 12 of the Prevention of Money Laundering Act, 2002 (PMLA), every reporting entity is required to maintain records of all transactions in a manner that enables the reconstruction of individual transactions. This ensures that the information can be used for analysis and investigation if …
Introduction to FIU-IND and Its Role The FIU-IND is the central agency responsible for receiving, processing, and analyzing financial information related to suspicious transactions. Its role is pivotal in preventing and detecting money laundering and terrorist financing in India. By registering with Financial Intelligence Unit—India, organizations fulfill their legal obligation to comply with the PMLA, contributing …