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 …
CBDT notifies Rules & Forms for Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024). The Central Board of Direct Taxes (CBDT) has officially notified the rules and forms for the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024). This scheme, first introduced by the Hon’ble Finance Minister during the Union Budget 2024, …
Changes are set to take effect from 1st September 2024 Starting in September 2024, taxpayers in India will need to adjust their GST return filing practices due to significant changes aimed at enhancing compliance and financial reporting, according to a Hindustan Times report. Chartered accountant RJA highlighted several updates, which align with Notification No. 12/2024 …
HSN(harmonized system of nomenclature) and SAC codes (Services Accounting Code) in Goods and Services Tax Under GST, all goods and services supplied in India have been classified – Goods are classified under the HSN Code(harmonized system of nomenclature) and Services are classified under the SAC Code(Services Accounting Code). Based on the HSN or SAC code …
Challenges being faced by IPs or in the executions of IBC laws Insolvency Professional, Including all major stakeholders in IBC viz Regulators, GOI , Judiciary and IPs are in the know of all the challenges being faced by IPs or in the executions of IBC laws . It sounds like Insolvency Professional are expressing frustration …
Can GST Taxpayer claim GST input on Bank Charges ? Yes, you can claim Input Tax Credit on bank charges under Goods And Services Tax , and there are official circulars that provide guidance on this matter. A GST taxpayer can claim Input Tax Credit on bank charges under the Goods and Services Tax (GST), provided …
Key aspects international tax measures announced in budget 2024 The international tax measures announced in the union Budget 2024 focus on several important aspects, such as the Equalisation Levy, foreign company taxation, and the Vivad se Vishwas Scheme. These are aimed at simplifying processes, reducing litigation, and encouraging foreign investment. But one key area left …
What are the Factors Influencing CIBIL Rank? & How to Improve CIBIL Rank? Micro, Small, and Medium Enterprises are a vital part of India’s economy, and financial awareness is key to their growth and sustainability. Gaining access to timely and affordable finance can significantly impact their business prospects. One-way MSMEs can improve their financial positioning …
Union Cabinet approved the Unified Pension Scheme (UPS) The Union Cabinet, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS), which guarantees a pension of 50% of the average basic pay from the last 12 months before retirement, provided the employee has served for at least 25 years. The scheme also offers …
New GST Ledger from Aug 2024| RCM Liability and ITC Statement To aid GST Taxpayers in accurately reporting Reverse Charge Mechanism transactions, the GST Portal has introduced a new statement called the “RCM Liability/ITC Statement.” This statement is designed to improve accuracy and transparency in handling Reverse Charge Mechanism transactions by capturing the following: RCM …