Changes under GST Interim Budget 2024
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2M ago
GST has been a landmark reform of Independent India, enabling a “One Nation One Tax One Market”. GST has reduced the compliance burden on trade and industry by unifying the highly fragmented indirect tax regime in India, leading to supply chain optimization and elimination of tax arbitrage and octroi. Therefore, the Introduction of GST has benefitted not only the taxpayers but the Consumers as ..read more
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Changes under the Income Tax Law Interim Budget 2024
SIMPLE TAX INDIA
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2M ago
The interim Budget for 2024-25 is presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman today i.e. February 01, 2024 and highlighted that the Indian economy has witnessed profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism.With ‘Sabka Saath, Sabka Vikas’ as its ‘mantra’, the Government overcame those challenges ..read more
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Purchasers responsibility to verify the GST registration of the seller on the GST Portal
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2M ago
The Hon’ble Supreme Court in the case of Deputy Assistant Commissioner-1 (ST) v. Arhaan Ferrous and Non Ferrous Solutions (P.) Ltd. [Petitions for Special Leave to Appeal (C) No (S). 24711-2474 of 2023 dated November 6, 2023] held that they are not inclined to interfere in the matter where the Hon’ble Andhra Pradesh High Court held that the assessee was responsible only to the extent of ..read more
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Tax Benefits for Seniors Citizens
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2M ago
Are you or someone you know approaching or already enjoying the golden years of life? In the realm of personal finance, senior citizens need to be aware of the numerous tax benefits tailored to support them in their retirement journey. In this comprehensive guide, we'll explore 15 exclusive benefits under direct taxes specifically designed for senior citizens and super senior citizens in the USA ..read more
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Free E Book On Background Material on GST By ICAI Download Free
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2M ago
In the dynamic landscape of Goods and Services Tax (GST) in India, The Institute of Chartered Accountants of India (ICAI) continues to play a pivotal role in policy-making and implementation. The 11th edition of the 'Background Material on GST' stands as a testament to ICAI's commitment to providing up-to-date, qualitative insights into the evolving GST laws.Foreword:The foreword emphasizes the ..read more
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NSC Interest Accrual Rates Since 1989 and NSC Details
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2M ago
National Saving Certificates (NSC) play a crucial role in financial planning, offering individuals a secure and reliable investment avenue. Understanding how NSC works and its advantages is essential for making informed decisions in wealth management.How National Saving Certificates WorkNational Saving Certificates are government-backed savings instruments that provide investors with a fixed and ..read more
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Say No To Cash Payment : 7 Transaction Restricted By Income Tax Department
SIMPLE TAX INDIA
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2M ago
In the fast-paced and digitally evolving world, cash transactions still play a significant role in various financial dealings. However, individuals and businesses must be aware of the legal implications and consequences associated with certain types of cash transactions in India. The Income Tax Act lays down specific guidelines to regulate cash transactions and prevent the misuse of cash for ..read more
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Missed the December 31 ITR Deadline? Don't Panic! Here's Your Last Chance
SIMPLE TAX INDIA
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2M ago
Don't panic! If you missed the December 31st deadline for filing your Income Tax Returns (ITRs) for the financial year 2022-23, you're not alone. While meeting deadlines is crucial, life throws curveballs sometimes. This post walks you through your options for rectifying the situation and minimizing potential penalties.Understanding Belated ITRs:While December 31st marked the final day for filing ..read more
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RTGS-NEFT MEANING CHARGES TIMING LIMIT ADVANTAGES PROCESS
SIMPLE TAX INDIA
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2M ago
In the fast-paced world of finance, the seamless and instantaneous transfer of funds is essential for businesses and individuals alike. Electronic Fund Transfers (EFTs) have emerged as a cornerstone in facilitating these transactions. Two widely used EFT systems are Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). This blog post aims to unravel the complexities ..read more
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Download 89(1) Relief Calculator FY 2023-24 AY 2024-25
SIMPLE TAX INDIA
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2M ago
If you've received arrears of salary or pension in the Financial Year 2023-24 related to previous years, you may face higher tax liability. However, there's a solution – you can distribute the arrears in respective years on a notional basis and avail relief under section 89(1) of the Income-tax Act, 1961.Section 89(1) Relief Calculator for FY 2023-24, AY 2024-25:To make the process easier, we've ..read more
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