Section 44AD: The Definitive Guide to Presumptive Taxation for Small Businesses (FY 2025-26) The Indian Income-tax Act, 1961, is often perceived as a maze of complex compliance and exhaustive bookkeeping. However, for small business owners, Section 44AD stands as a beacon of simplicity. By opting for the Presumptive Taxation Scheme, eligible taxpayers can shift their
Blocked Credit u/s. 17(5) of the CGST Act, 2017 – ITC That Cannot Be Claimed The fundamental principle of the Goods and Services Tax (GST) is the seamless flow of Input Tax Credit (ITC). However, this flow is not absolute. Section 17(5) of the CGST Act, 2017 specifies certain supplies where ITC is “blocked,” meaning
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Income-tax on Compulsory Acquisition of Land – A Complete Guide Compulsory acquisition of land is a subject that brings together law, tax, public policy and personal finance. For most landowners, the acquisition of their property by the Government is not a routine event. It is often sudden, involves large sums of money, and raises immediate
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1. What is a Section 133(6) Notice? A Notice under Section 133(6) of the Income-tax Act, 1961 is an important tool used by the Income-tax Department (ITD) to gather information that is relevant or necessary for any inquiry or proceeding under the Act. It is fundamentally an information-seeking notice, not an assessment or scrutiny notice
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About this Tool This tool helps manufacturers, traders, and retailers quickly calculate the revised Maximum Retail Price (MRP) of goods whenever there is a change in the GST rate. By entering the old MRP and tax percentage, you can instantly find the new base price, updated GST amount, and the new MRP to ensure compliance
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Taxability of Superannuation on Retirement Vs Termination / Job Change Taxability of Superannuation on Retirement Vs Termination / Job Change Superannuation is a popular retirement benefit extended by employers to ensure long-term financial security for employees. However, the tax treatment of superannuation fund payouts varies significantly depending on the reason for cessation of employment. This
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Income Tax Department Cracks Down on Fake Deductions and Exemptions in ITRs The Central Board of Direct Taxes (CBDT) has launched a massive verification drive across the country targeting fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs) filed for Assessment Year 2025–26. This action comes as part of the government’s enhanced efforts
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Income Tax Filing 2025: A Complete Guide – File early for benefits Understanding Income Tax Basics What is Income Tax? Income tax is a direct tax that individuals, HUFs, and entities pay to the government based on their income earned during a financial year. In India, the Income-tax Act, 1961 governs this taxation. Who Needs
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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/-
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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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