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 …
All about the tax treatment on Dowry vs. Marriage Gift vs. Stridhan Dowry Prohibition Act, 1961 makes giving, taking, or demanding dowry a criminal offence. Punishable with imprisonment up to 5 years and a fine. Dowry here means property or valuable security given or agreed to be given directly or indirectly in connection with marriage. …
What is RERA(– the Real Estate (Regulation & Development) Act, 2016 ? A central law to regulate and develop the real estate sector, ensuring transparency, accountability, and protection for homebuyers. – RERA – the Real Estate (Regulation & Development) Act, 2016 which regulates the real estate sector and safeguards homebuyers. RERA stands for: R …
Tax Audit Deadline/ Key Dates, Applicability & Compliance Guide for FY 2024-25: Among the most crucial compliance deadlines in the Income Tax Calendar 2025, the Tax Audit deadline holds special importance for businesses, professionals, and partnership firms. Key Dates for FY 2024-25 Tax Audit Report Submission Deadline: 30th September 2025 Income Tax Return Filing Deadline …
FAQs on New Tax vs Old Tax Regime From AY 2024-25, the new tax regime under Section 115BAC is the default tax regime for Individuals, HUFs, AOPs (excluding co-operative societies), BOIs, and Artificial Juridical Persons. However, taxpayers can opt out of the new regime and choose the old regime. Non-Business Income Cases: Option can be …