20 Jun Govt may raise tax exemption limit to Rs 5 lakh
The government is considering raising the tax exemption limit to Rs 5 lakh in the new regime, aiming to boost consumption by providing more disposable income to lower earners. ...
Tax Planning Tag
25 Apr Blocked Input Tax Credit (ITC) under GST: Key Points You Need to Know
In the realm of Goods and Services Tax (GST) in India, understanding Input Tax Credit (ITC) is crucial for businesses to ensure compliance and optimize their tax liabilities....
20 Apr Extended Period of Limitation: Understanding and Challenging Sec. 74
In the realm of taxation, navigating through various sections and provisions can be daunting....
13 Apr Identifying Instances Leading to Income Tax Notices in Real Estate Deals and Credit Card Transactions
The Income Tax Department meticulously monitors all financial transactions carried out by individuals, utilizing various data sources to ensure adherence to tax regulations....
12 Apr E-Invoicing Under GST
E-invoicing within the GST framework refers to the electronic authentication of invoices as outlined by GST regulations....
10 Apr Understanding the Mechanisms of Tax Relief: Remission and Extinguishment
The concepts of remission and extinguishment of tax demand involve the cancellation or forgiveness of a taxpayer’s outstanding tax liabilities....
10 Apr Understanding the Tax Advantages of Section 115H for NRIs
Section 115H of the Income Tax Act provides favorable tax rates for non-resident Indians (NRIs) on specific investments, encouraging them to invest in India and boosting the country's attractiveness as a financial destination....
09 Apr Reinstatement of GST Numbers Contingent on Clearing Dues Highlights Tax Adherence and Procedural Flexibility
This case law concerns a judgment from the High Court of Jammu & Kashmir and Ladakh, which offers a lifeline for GST compliance by restoring GST registration upon the settlement of dues....
09 Apr Collaborative Audits by Central and State GST Authorities Targeting Businesses
Beginning this fiscal year, there will be a collaborative effort between Central and State Goods and Services Tax (GST) authorities to conduct audits within the indirect tax framework....
04 Apr Tax Liability cannot be imposed merely because the financial statement did not provide State-wise turnover
The imposition of tax liability solely based on the absence of state-wise turnover information in financial statements has been contested in the legal realm....