Introduction
In the GST regime, Input Tax Credit (ITC) plays a crucial role in avoiding the cascading effect of taxes. ITC refers to the credit of the GST paid on purchases of goods and services which can be used to offset the GST payable on sales. Understanding the eligibility, conditions, and restrictions for availing ITC is essential for businesses to optimize their tax liability....
Capital gains tax in India is a significant aspect of the income tax system, affecting both individuals and businesses. This comprehensive guide will delve into the nuances of capital gains tax, including its types, tax rates, calculation methods, exemptions, tax-saving strategies, and planning tips. We will also use real-life examples to illustrate these concepts.
Introduction to Capital...
Deferred Tax Liabilities and Assets (AS 22):
Deferred Tax Liability (DTL): Arises when taxable income is lower than accounting income due to temporary differences. These differences will reverse in future periods, leading to higher tax payments.
Taxable Income <Accounting Income.
The above difference will reverse in tax years yet to come.
Deferred Tax Asset (DTA): Occurs when...
Navigating the complexities of tax deduction at source (TDS) regulations can be challenging for autonomous bodies and their employees. The recent case involving an autonomous body (EPFO) highlights significant considerations for similar organizations. This blog post explores the implications of the decision, emphasizing the necessity of a cautious approach before applying the ratio of this...
Assessment years 2011-12 and 2015-16
Flow of Events:
Initial Findings
Revenue observes significant cash deposits in the assessee’s Syndicate Bank and OBC accounts for the relevant assessment years.
Assessee’s Defense
The assessee fails to explain the source of the cash deposits, and there are no maintained books of account.
Reassessment Proceedings
Proceedings under section...
New employee and employer contribution rates for the Maharashtra Labour Welfare Fund are now in effect, and online payment is mandatory from June 2024.
Read more here 👉 – Maharashtra labour welfare fund new fees.
Software Solutions Available on:
TDS | PAYROLL | WEB PAYROLL | WEB HRMS | XBRL | FIXED ASSET |INCOME TAX| SERVICE TAX | DIGITAL SIGNATURE | ATTENDANCE MACHINE &...
Case Study: Rahul’s Tax Troubles After Termination:
Introduction:
Mr. Rahul, a dedicated employee at INX Media, faced unexpected challenges after being terminated from his position. His subsequent receipt of a lump sum amount and a new car led to legal complexities with the Income Tax Department.
Rahul worked diligently at INX Media for several years before his sudden...
Introduction:
In the bustling city of Mumbai, India, resides Priya, a middle-class working professional. She finds herself grappling with a challenging decision: whether to opt for the New Tax Regime introduced by the Government or stick with the familiar Old Regime. This decision holds immense significance for Priya and millions of other Indian taxpayers, impacting their financial stability...
Background: Utilization Trends of the New Tax Regime
The dual objectives outlined in the budget speech for the new tax regime are recognized, yet there is a noticeable reluctance to fully embrace it. This hesitation seems to originate from the elimination of numerous exemptions and deductions linked to choosing the new regime. Considering that Indian society tends to prioritize saving for...
The Hon’ble Finance Minister in her speech mentioned five major announcements impacting personal income tax rates and once of major announcement is tax rebate for income upto ₹ 7 lacs in new tax regime. Thus, comparing it with old tax regime individual having income (taxable income) up to ₹ 5 lacs will not have to pay any tax the new tax regime looks favourable for the taxpayers....