Do Freelancers Need GST Registration? Income Tax Guide for Freelancers in India for 2024-25 Freelancing is booming in India, and more professionals are choosing flexibility and remote work over traditional jobs. But along with independence comes the responsibility of handling your own taxes. Two of the biggest questions every freelancer faces are: 👉 Do I […]
🚫 Supreme Court Cracks Down on Cash Transactions Above ₹2 Lakhs Landmark Judgment in RBANMS Educational Institution vs. B. Gunashekar & Another – Civil Appeal No. 5200 of 2025 The Hon’ble Supreme Court, in a recent judgment dated 16th April 2025, has delivered a significant verdict impacting real estate and financial transactions involving cash payments
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Gift from Relatives – Income Tax Exemption Explained [Section 56(2)(x)] Are you wondering whether gifts received from your family members are taxable? The good news is – gifts received from relatives are exempt from tax under the Indian Income Tax Act. But who exactly qualifies as a “relative” under the law? In this comprehensive guide,
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TDS / TCS Rates for FY 2025-26 Please check this table for TDS/TCS rates applicable w.e.f. 01.04.2025 and also for the previous year 2024-25 TDS / TCS Rates for FY 2025-26 Sl. No Section Nature of Payment Threshold Limit(w.e.f. 01-04-2025) TDS/TCS Rate(w.e.f. 01-04-2025) Earlier Threshold Limit / Rate(Upto 31-03-2025) 1 193 Interest on securities Rs.10,000/-
TDS / TCS Rates for FY 2025-26 & FY 2024-25 – Ensure Correct Compliance Read More »
The following are the various Statutory Obligations for the month of Feb 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Jan 2025 07th Feb 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Feb 2025 GST
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Important GST Updates Effective January 2025 Here are the significant changes in the GST rates and rules effective from January 2025: The relevant notifications relating to the above are provided below : Click here to send an enquiry to us Click here to book an Online consulting appointment with us
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The following are the various Statutory Obligations for the month of Jan 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Dec 2024 07th Jan 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Jan 2025 GST
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How to Set Off GST Input Tax Credit? Effective utilization of Input Tax Credit (ITC) is one of the most crucial aspects of GST compliance in India. For businesses, understanding the set-off mechanism can help reduce their tax burden and optimize working capital. This article explains the GST Input Tax Credit (ITC) set-off process in
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Difference Between ASMT-10 and DRC-01 under GST In the Goods and Services Tax (GST) system, the government follows a structured process to ensure that taxpayers comply with their obligations. Two important notices that taxpayers may receive during this process are ASMT-10 and DRC-01. Though both notices are linked to discrepancies in tax filings, they serve
Difference Between ASMT-10 and DRC-01 under GST – Know about this for correct compliance Read More »
GST on Commercial Rentals – Important GST amendment w.e.f. 10.10.2024 Applicability of Reverse Charge Mechanism (RCM) on Renting of Properties (Non-Residential) Introduction: The Government of India has recently issued Notification No. 09/2024 – Central Tax (Rate) on October 8, 2024, further amending Notification No. 13/2017 – Central Tax (Rate) regarding the applicability of GST under the Reverse Charge Mechanism
GST on Commercial Rentals – Important GST amendment w.e.f. 10.10.2024 Read More »
Understanding the Invoice Management System (IMS) in GST – applicable from 01.10.2024 The Invoice Management System (IMS) is an innovative platform introduced under the Goods and Services Tax (GST) regime. Set to launch on October 1, 2024, the IMS enables registered taxpayers to efficiently manage their invoices, improving transparency and accuracy in Input Tax Credit
Understanding the Invoice Management System (IMS) in GST – applicable from 01.10.2024 Read More »
Composite and Mixed Supply under GST Introduction The Goods and Services Tax (GST) regime in India classifies supplies of goods and services into different categories, including composite supply and mixed supply. These classifications are essential because they determine the applicable GST rates and treatment for bundled transactions. Understanding the difference between composite and mixed supplies
Composite and Mixed Supply under GST – Key information you should know Read More »
The following are the various Statutory obligations for the month of October 2024. Compliance Type Compliance Due Date Income tax Due date for deposit of tax deducted/collected for the month of September, 2024. 07.10.2024 Income tax Due date for filing of audit report under section 44AB for the assessment year 2024-25 in the case of
Statutory Obligations – October 2024 Read More »
Understanding Form GST DRC-20: A Complete Guide to Requesting Payment Installments in GST Form GST DRC-20 plays a critical role for taxpayers facing difficulties in paying their GST dues in a lump sum. This form provides an option to request payment in installments, allowing for better financial planning and easing the tax burden for businesses
Income Tax Refund Delays: How to resolve the issue? Income tax refunds are a crucial aspect of financial planning for taxpayers. However, many individuals face delays in receiving their refunds due to various reasons, one of the most common being pending queries from the Income Tax Department. These queries often require the taxpayer’s immediate response,
Income Tax Refund Delays: How to resolve the issue? Read More »
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