The Union Budget 2025 has introduced significant direct tax amendments aimed at simplifying tax laws, reducing compliance burdens, and fostering economic growth. These reforms are expected to benefit both individuals and businesses, ensuring a more efficient and transparent tax regime. Here’s a detailed look at the major changes proposed for the Assessment Year (AY) 2025-26.
Introduction of a...
The Employees Provident Fund Organization has streamlined the transfer process of Provident Fund Accounts for members changing employment. This new guideline eliminates the requirement for routing through previous employers in specific cases, ensuring a smoother transition when members have linked their accounts correctly.
Read more: Circular on Simplification of Transfer of Provident...
As per the attached circular, we would like to inform you about recent updates and guidelines regarding UAN (Universal Account Number) activation for employees. The circular highlights the following key points:
🔹 Objective
To streamline the process of UAN activation and ensure compliance with EPFO (Employees’ Provident Fund Organisation) norms.
🔹 Employer Responsibility
Employers must...
Continuous Operations for Businesses
The notification allows all shops and commercial establishments employing ten or more persons to remain open throughout the day and night, 365 days a year. This decision aims to promote business growth and cater to the needs of consumers around the clock, especially in urban centers. However, it comes with several safeguards to ensure employee...
The Employees’ Provident Fund Organisation (EPFO) continues to innovate its outreach initiatives with Nidhi Aapke Nikat 2.0. Scheduled for 27th September 2024, this program is designed to enhance accessibility, transparency, and service delivery for both employees and employers across India. Thecamps provide participants with the opportunity to engage directly with EPFO officials, ensuring...
The Employees’ Provident Fund (EPF) is a vital savings scheme for salaried employees in India, providing financial security post-retirement. The interest rate on EPF is determined annually by the government and is subject to tax implications if contributions exceed certain thresholds. For the financial year 2023-24, the EPF interest rate is set at 8.25%. This blog delves into the taxable...
Tax Deducted at Source (TDS) is a crucial compliance mechanism under the Income Tax Act, 1961. Section 194I specifically deals with the deduction of TDS on rent payments. In this blog, we will explore the provisions, applicability, limits, and rates under Section 194I, along with a real-life case study to illustrate the implications of not deducting TDS on rent.
Applicability and Rates under...
In a significant move aimed at ensuring fair compensation for workers across various industries, the Government of Maharashtra has recently announced revisions to the minimum wage rates. These Revisions, effective from 30th August 2024, apply to several key industries, including the film production sector, paper and cardboard manufacturing, and the manufacturing of silver articles,...
When it comes to income tax compliance, timely filing of returns and payment of advance tax are crucial. Sections 234A, 234B, and 234C of the Income Tax Act deal specifically with the interest levied on delayed filing of returns, delayed payment of advance tax, and deferment of advance tax, respectively. Understanding these sections is essential for taxpayers to avoid hefty interest charges....
Presenting “Compliance Handbook” F.Y. 2024-25 A.Y. 2025-26!
This booklet aims to provide practical aid to the compliance challenges faced by professionals in practice and industry and summarizes all important provisions of various laws by using different charts, schedules, tables, and useful notes.
Features:
Income Tax
Companies Act
Limited Liability Partnership (LLP)
Service Tax
Excise...
