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...
The Hindu Undivided Family (HUF) is a unique entity under Indian tax laws, providing various tax benefits that can significantly aid in tax planning and savings. This blog delves into the tax implications of HUF, highlighting the relevant sections from the Income Tax Act and exploring various methods of tax planning.
Tax Benefits and Implications of HUF
HUFs are eligible for a range of tax...
Under the GST regime, proper documentation is crucial for compliance and accurate tax reporting. Two important documents in this context are Debit Notes and Credit Notes. This blog aims to provide a comprehensive overview of these documents, their purposes, and the situations in which they are used, with a focus on GST treatment.
Introduction to Debit and Credit Notes
Debit Note: As defined...
The Employees’ Provident Fund (EPF) scheme is a mandatory retirement savings plan for employees in India, regulated by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Employers and employees contribute to the EPF on a monthly basis, and the contributions accumulate to provide financial security for employees upon retirement or during emergencies. One of the critical...
Introduction
The Indian tax landscape has undergone significant changes over the years, aiming to curb tax evasion and promote transparency in business transactions. One such critical provision is Section 40A(3A) of the Income Tax Act, 1961. This section deals with the disallowance of business expenses in cases where payments exceeding a specified limit are made in cash. This blog explores...
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....
