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Do Freelancers Need GST Registration? Income Tax Guide for Freelancers in India for 2024-25

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 […]

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Supreme Court Cracks Down on Cash Transactions Above ₹2 Lakhs

🚫 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)]

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 & FY 2024-25 – Ensure Correct Compliance

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/-

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Statutory Obligations for the month of Feb 2025

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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Statutory Obligations for the month of Jan 2025

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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Difference Between ASMT-10 and DRC-01 under GST – Know about this for correct compliance

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

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GST on Commercial Rentals – Important GST amendment w.e.f. 10.10.2024

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

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Understanding the Invoice Management System (IMS) in GST – applicable from 01.10.2024

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

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Composite and Mixed Supply under GST – Key information you should know

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

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Understanding Form GST DRC-20: A Complete Guide to Requesting Payment Installments in GST

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

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Income Tax Refund Delays: How to resolve the issue?

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,

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