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,
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Calculate HRA Exemption Under Section 10(13A) with Detailed Breakdown HRA Calculator Basic Salary (₹): HRA Received (₹): Rent Paid (₹): Is Metro City: YesNo Calculate HRA Exemption HRA Exemption Amount: ₹ Detailed Calculations: HRA Received: ₹ Rent Paid minus 10% of Basic Salary: ₹ 50% (or 40%) of Basic Salary: ₹ Provisions of Section 10(13A)
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TCS on Foreign Remittance Transactions under LRS as per Income Tax Act, 1961 (Updated for October 2023) Introduction The Liberalized Remittance Scheme (LRS) allows Indian residents to remit money abroad for various purposes, such as travel, education, medical treatment, and investments. As of October 1, 2023, the Government of India has revised the Tax Collected
Important Advisory: GSTR-1 Bank Account Update – Update Your Bank Account Details Before Filing GSTR-1/IFF The GST department has issued a crucial update that all taxpayers need to be aware of. If you are registered under the Goods and Services Tax (GST) in India, it is now mandatory to furnish the details of a valid
GST E-Way Bill: 15 Essential Precautions to Avoid Costly Mistakes Introduction The Goods and Services Tax (GST) E-Way Bill system is an essential part of transporting goods across India. It ensures that goods in transit comply with the GST laws and helps prevent tax evasion. However, generating an E-Way Bill correctly is crucial to avoid
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TDS on Rent payment by Individuals / HUF – Tax Deduction at Source (TDS) Under Section 194-IB Section 194-IB of the Income-tax Act, 1961, pertains to the deduction of tax at source (TDS) on rent payments made by individuals or Hindu Undivided Families (HUFs) who are not required to get their accounts audited under section
Cost Inflation Index for the year 2024-25 The CBDT has notified that the Cost inflation Index for the year 2024-25 as 363 The relevant notification is reproduced below Click here to send an enquiry to us
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Importance of Responding to DRC-07 GST Notice Introduction Have you ever received a notice from the tax authorities about your Goods and Services Tax (GST) filings? It can be a bit nerve-wracking, right? But fret not, because in this article, we’re going to delve into the significance of responding to a DRC-07 GST notice. So,
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GST Annual return Due date Extention for the year 2022-23 The due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2022-23 extended till January 10, 2024 in respect of GST Registered persons having Principal place of business in the Districts of Chennai, Tiruvallur, Chengalpattu, Kanchipuram, Tirunelveli, Tenkasi, Kanyakumari , Thoothukudi &
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Double Taxation Avoidance Agreement (DTAA) in India In the complex world of international taxation, Double Taxation Avoidance Agreements (DTAAs) are a boon for individuals and businesses. These agreements are designed to prevent double taxation, ensuring that income is not taxed in both the home country and the foreign country. India, a hub for international trade
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Points to Remember While Claiming Mediclaim Deduction under Section 80D When it comes to tax planning, it is essential to take advantage of the various deductions and exemptions provided by the government. One such deduction that can significantly reduce your tax liability is the Mediclaim deduction under Section 80D of the Income Tax Act. This
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Understanding GST on Reverse Charge Mechanism (RCM) for Security Services The implementation of the Goods and Services Tax (GST) in India brought significant changes to the taxation system. One such change is the Reverse Charge Mechanism (RCM), which shifts the responsibility of tax payment from the supplier to the recipient. In this article, we will
Project Report Preparation for Bank Finance In today’s competitive business environment, obtaining financial support from banks for projects is a common practice. However, banks require thorough evaluation and assessment of the project’s feasibility and profitability before approving loans. This is where a well-prepared project report plays a vital role. In this article, we will delve
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Advance Tax 1st Instalment Due on June 2023: Importance and Consequences Advance tax is a key aspect of income tax in India, requiring taxpayers to pay estimated tax liability in installments. The first instalment for the financial year 2023-24 is due in June 2023. Non-payment has significant repercussions. Let’s explore the importance of timely payment
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