The income tax slab rates differ between the old and new tax regimes. Furthermore, the old tax regime divided the slab rates into three categories. What Is Income Tax Slab? Individuals in India are taxed based on a slab system,…
Last month’s GST Council meeting saw various new updates and revisions to the GST statute. In addition to making judgements on GST rates for goods and services, the Council also discussed the taxability of GST on casinos, online gaming, and…
Section 112A of Income Tax Act is a section that deals with the tax on long-term capital gains from the sale of certain assets like: These assets should be held for more than one year to be considered as long-term…
The Indian government has introduced taxability regulations for virtual digital assets through the Finance Bill 2022, effective from April 1, 2022. This article explores the tax consequences arising from the transfer of virtual digital assets by assesses. Understanding Virtual Digital…
Discover the game-changing Annual Information Statement (AIS) introduced by the Income Tax Department for individuals and Hindu Undivided Families (HUFs). This comprehensive article unveils the key points and benefits of AIS, replacing the previous Form 26AS. Get ready to simplify…
With effect from December 26, 2022, Rule 37A of the CGST Rules 2017 has been added by the CBIC via Notification 26/2022 Central Tax. In the five years after the introduction of GST, several notices have been sent, and beneficiaries…
Nowadays it has turned into a pattern of being social and keeping up with one’s personality on the computerized stage. One of the virtual entertainment model is Youtube, which in the current situation offering parcel of chances to individuals from…
At this point, businesses across the country is skeptical about filing their GSTR-9. The Council is expected to simplify the form. Importantly, the decision to not file GSTR-9 can have many repercussions on the compliance status of businesses. Let us…
The Finance Act, 2022, introduced Section 194R, which pertains to the deduction of tax on benefits or perquisites in respect of businesses or professions. Businesses, companies, or entities often extend multiple types of benefits and perquisites to their distributors, channel partners,…
The Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021. How was ITC utilisation allowed before Rule 86B Input tax…
