Major Changes in TDS and TCS Rates from 1st October 2024
The Finance Act (No. 2), 2024, introduces significant changes to the Tax Deducted at Source (TDS) and Tax Collected at …
taxation
Income Tax Amendments for streamlining Assessment, Appeals, and Refunds applicable from 1 October 2024
The Finance Act (No. 2), 2024, has introduced significant amendments to the Income Tax Act, 1961, aimed at streamlining various …
OCI income tax depends on person’s residency status under I-T Act
A foreign national applied for an Overseas Citizen of India (OCI) card based on her marriage to an Indian citizen, …
Over Rs 80,000 crore worth GST notices issued for assessment year 2018-22
The investigation arm of the Goods and Services Tax (GST) authority has issued over 20,000 notices pan-India for assessment year …
Remitting large amount abroad? Pay TCS, declare income accurately
The Central Board of Direct Taxes (CBDT) has reportedly launched a probe into foreign remittances exceeding Rs 6 lakh in …
ITR filing: Who is responsible for paying taxes on minor’s earnings?
India is increasingly seeing a surge in young entrepreneurs, child actors, and social media influencers, many of whom are under …
CBIC Circular 214/8/2024 : Tax Rules for Life Insurance Premiums
Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life …
CBIC Circular 208/2/2024-GST: What Manufacturers Need to Know
The Central Board of Indirect Taxes and Customs (CBIC) has released a new circular, Circular No. 208/2/2024-GST, providing clarifications on …
Next GST Council Meeting Scheduled: What to Expect
The GST Council, chaired by Finance Minister Nirmala Sitharaman, is set to meet on June 22, 2024, to review the …
Gifting shares? Bombay HC ruling clarifies capital gains tax treatment
In a potentially significant decision for wealth transfer strategies, the Bombay High Court has ruled that gifting shares may not …
