Personal Income Tax Collection Surpasses Corporate Tax for the First Time For the first time in India’s history, personal income tax collections have surpassed corporate tax collections, marking a major structural shift in the country’s tax landscape. The development reflects a structural shift in the country’s direct tax architecture, driven by formalisation, digitisation, and stronger …
CA vs CPA: Which is Smarter Choice for Finance Professionals When it comes to building a high-growth career in accounting & finance, two qualifications often top the list: CA (Chartered Accountant – India) CPA (Certified Public Accountant – US) A side-by-side CA vs CPA comparison table (Duration, Cost, Eligibility, Recognition, Salary, Career Scope) right after …
ICAI Merger & Demerger Guidelines, 2024 (Effective 23 Jan 2025) The Institute of Chartered Accountants of India (ICAI) has issued new guidelines governing merger and demerger of CA firms. These replace all prior Council rules, and are applicable to firms as defined in Section 2(ca) of the Chartered Accountants Act, 1949. Why New Guidelines? Gap …
Good News for Salaried Taxpayers- New Rules for Salaried Employees Finance Act, 2025 raises tax-free salary perk limits to INR 4 lakh for specified employees and INR 8 lakh for overseas medical treatment, effective April 1, 2025. The Finance Act, 2025 has brought major relief for employees by raising the income thresholds for tax-free …
The existing 12% & 28% GST rates were Scrapped, which resulted in leaving only 2 FST slab of 5% & 18% rates. The Group of Ministers on GST rate rationalisation has accepted the Centre’s proposal to reduce the current four-slab structure to two, Bihar Deputy Chief Minister Samrat Choudhary said on Thursday. The Group of …
What is an Updated Income Tax Return (ITR-U) ? A facility allowing taxpayers to rectify mistakes, disclose omitted income, or file returns if they missed the due date. Introduced to reduce litigation and promote voluntary compliance. Updated Income Tax Return (ITR-U) is a mechanism introduced to promote voluntary tax compliance and reduce litigation. It allows …
GST Council meetings in September and the possible GST reforms: Prime Minister Narendra Modi on Monday chaired a high-level meeting, which included top Union ministers, secretaries and economists, to deliberate on the roadmap for next-generation reforms, one of the key announcements he had made in his August 15 address Goverment moves ahead with the two-slab …
Overview on Golden Rules Of Accounting — Made Simple! Golden Rules of Accounting These rules guide which account to debit and credit, based on the account type: Account Type Rule Example Personal Debit the Receiver, Credit the Giver Paid ₹5,000 to supplier → Dr Supplier, Cr Cash Real Debit What Comes In, Credit What Goes …
JioFinance Launches INR 24 ITR Filing Service Convenience with Caveats Reliance-owned Jio Financial Services has introduced a new, ultra-affordable Income Tax Return filing module on its JioFinance app, starting at just INR 24 for self-service filing. They made a platform that aims to make tax filing more accessible, especially for first-time filers, and offers two …
ITR-5 filing eligibility and requirements in India for AY 2024-25 / FY 2023-24 Who Can File ITR-5 : Eligibility Who Can File ITR-5 ITR-5 is meant for entities other than individuals and HUFs, specifically: Firms (including LLPs) AOPs (Association of Persons) BOIs (Body of Individuals) Artificial Juridical Persons (AJP) Co-operative Societies Local Authorities Private Discretionary …