Apply Condonation delay in ITR filing for claim refund / C/F losse
CBDT Guideline: Apply for condonation delay in filing ITRs for claims refunds or C/F losses New guidelines issued by the CBDT streamline the process for condonation of delay in filing ITRs specifically for claims related to income tax refunds or carrying forward losses. These Guideline Rules, which override all previous Income Tax instructions, grant different …
Summary of TDS Rate Chart in Budget 2024 w.e.f. Oct 1, 2024
Tax Deducted at Source rates chart proposed in Union Budget 2024 have been approved in the Finance Bill: Budget 2024 introduced several tax reforms & Income Tax amendments, which were ratified in the Finance Bill and became effective from Oct 1, 2024. Some of the key changes include revised TDS rates and adjustments to other …
No need to pay interest & penalty on GST tax demand
No required to pay interest & penalty on GST tax demand; conditional waiver from Nov 1, 2024 Central Board of Indirect Taxes and Customs has introduced Section 128A into the Central Goods and Services Tax Act, 2017 effective from November 1, 2024. This provision grants GST Taxpayers relief from interest and penalties on non-fraudulent Goods …
GST on advertising service offered by Company to foreign Co.
GST treatment on cross-border advertising services offered by Indian companies to foreign clients The Circular No. 230/24/2024-GST, dated 10th September 2024, provides significant clarifications on the GST treatment of advertising services offered by Indian companies to foreign clients. This circular addresses important concerns related to the status of intermediaries, place of supply, and classification of …
last date Extend for Payment of COP fee 2024-25 to 31st Dec
Extension of last date for payment of Membership/COP fee for the year 2024-25 to 31st December 2024 Council of ICAI has decided to extend the last date for payment of the Annual Membership/Certificate of Practice (COP) fee for the year 2024-25 from 30th September 2024 to 31st December 2024. This extension is granted due …
ITC reversal is not required when unsecured loan remain loan
No ITC reversal is required when unsecured loans remain loans (not considered supplies). Under GST laws, Input Tax Credit reversal is mandated in cases where goods or services are used for non-business purposes or for making exempt supplies. Since unsecured loans are not considered as “supplies” under GST, the Input Tax Credit availed on inputs …
Whether digital gift cards are Virtual Digital Assets ?
Whether digital gift cards are Virtual Digital Assets ? Meaning of Virtual Digital Asset : Definition of VDA: Section 2(47A) of the Income Tax Act defines a VDA as any digital item like data, code, numbers, or tokens (excluding Indian or foreign currency) created using cryptography or other methods. This includes non-fungible tokens and other …
FAQs related to Tax Residency Certificate:
FAQs related to Tax Residency Certificate: Do I need a Tax Residency Certificate to get tax treaty benefits, and can I be denied these benefits if I don’t have a TRC? Yes, a TRC is mandatory to claim tax treaty benefits under Section 90(4) / 90A(4) of the Income Tax Act. Without it, you may …
Change in interpretation of Section 87A Post- July 5th 2024
The Section 87A Story : The Section 87A Mystery The changes in the interpretation of Section 87A, particularly regarding the New Tax Regime after July 5th, 2024, have indeed caused confusion and tax demands for many taxpayers who filed their Income Tax Returns before the updated interpretation was implemented. This sudden change in the interpretation …