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....
Taxation insights Tag
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....
10 Apr GSTN Issues Advisory on Automatic HSN-wise Summary Population in GSTR-1 Table 12 from e-Invoices
The GSTN has released an important Advisory No. 630 dated April 09, 2024, regarding the automatic population of HSN-wise summaries from e-Invoices into Table 12 of GSTR-1....
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....
22 Mar GST Application to Educational and Allied Services
Are you operating a bus transport service catering to schools for student transportation? Wondering about GST applicability on such services? Let's delve into the specifics of GST laws concerning educational services and allied sectors....
20 Mar Guidelines on Cash Limits and Tax Implications for Individuals
As per the Income-Tax Act (ITA), 1961, there is no restriction on the amount of money stored in the house; in case of an income tax raid, an individual is required to present the source of the money....
20 Mar Filing of Form 10-IEA for Income-Tax Return
The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one....
20 Mar Understanding the Contrast: Income Tax vs Tax Deducted at Source (TDS)
Income tax and Tax Deducted at Source (TDS) represent distinct facets of taxation, each with its own operational framework....
16 Mar Section 194G of the Income Tax Act
Lottery tickets are often seen as gateways to instant wealth, but few realize the tax implications that accompany such windfalls. Section 194G of the Income Tax Act delineates the provisions for Tax Deducted at Source (TDS) on various activities related to lottery tickets, including their...
16 Mar Guide to Tax Collected at Source (TCS) – Rates, Payment, and Exemption
The Indian Income Tax Act incorporates provisions for Tax Collected at Source (TCS), where specific individuals are mandated to collect a predetermined percentage of tax from their buyers during certain transactions....