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What is Export through an E-Commerce Operator? E-commerce exports refer to selling goods to international customers through online platforms like Amazon Global, Flipkart Global, eBay, Etsy, or your own website. These exports can be B2C or B2B and are usually fulfilled via courier or postal modes, especially under the Electronic Commerce Export Program (ECEP). Step-by-Step […]
Read MoreTDS/TCS Alert for Businesses: Key Changes You Must Know If Your Turnover Exceeds ₹10 Crore Are you a business with a turnover exceeding ₹10 crore? If so, there are crucial updates related to TDS and TCS compliance that you need to be aware of for high-value transactions. These updates can directly impact how you handle […]
Read MoreITR-B: A New Step Toward Simplifying Tax Disclosure The Finance Ministry has just introduced Form ITR-B, aimed at making it easier to report undisclosed income uncovered during search or requisition operations carried out on or after September 1, 2024. Unlike the regular ITR forms that require exhaustive details, ITR-B simplifies the process by asking only […]
Read MoreGST Taxpayers Gain Protection from Arbitrary Arrests In a significant relief for GST taxpayers, the Central Board of Indirect Taxes and Customs (CBIC) has amended its guidelines to curb arbitrary arrests by GST officials. The revised instructions aim to enhance transparency, ensure procedural fairness, and protect taxpayers’ rights under the GST framework. What’s New in […]
Read More18% GST on Old, Used Cars Only If Seller Earns a Margin The Goods and Services Tax (GST) Council has recently made significant clarifications regarding the taxation of old and used vehicles. Contrary to speculations, no new tax has been introduced. Instead, the Council has streamlined the GST framework, prescribing a unified rate of 18% […]
Read MoreForm G for LTCG Account If you’re managing Long-Term Capital Gains (LTCG) and need to apply for Form G, understanding the required documentation is crucial. This guide will help you prepare your submission efficiently, ensuring a smooth process with your bank or the designated authority. What is Form G? Form G is used to withdraw […]
Read MoreGSTN Approves 5 Mobile Apps for Quick Invoice Verification: Enhancing GST e-Invoicing The Goods and Services Tax Network (GSTN) has recently approved five mobile apps designed to simplify and streamline invoice verification. This major development, announced on November 27, 2024, is a game-changer for businesses, providing a convenient, secure, and accurate way to ensure compliance […]
Read MoreFiling Application for Condonation under Section 119(2)(b) of the Income Tax Act, 1961 The Income Tax Act, 1961 allows taxpayers to seek relief for delays in filing Income Tax Returns (ITRs) under certain conditions. Section 119(2)(b) enables individuals and entities to apply for condonation of delay by submitting an application to the appropriate income tax […]
Read MoreDeclare Foreign Assets and Income by December 31, 2024, to Avoid Severe Penalties The Income Tax Department of India is taking a firm stance on tax compliance, the information about which was not declared under income tax; the assessees should declare any hidden foreign assets or income by 31st December, 2024. This is meant to […]
Read MoreNew PAN Card 2.0 with QR Code to Be Issued to Taxpayers – Charges Explained The Permanent Account Number (PAN) card is a ten-digit alphanumeric number, issued in the form of a laminated card, It is a crucial document for taxpayers in India, serving as a unique identifier for financial and tax-related transactions. The Income […]
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