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18% 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 […]
Read MoreHow to Invest in Shares Outside India: A Complete Guide for Indian Investors in foriegn countries How To Invest In Shares Outside India? Investing in shares outside India through various means, but first we need to understand the process and regulatory requirements. There are some steps for investing the shares in international shares. Indian investors […]
Read MoreHow Salaried Person Can Deduct Less TDS In India? The Central Board of Direct Taxes (CBDT) has introduced Form 12BAA, a significant step toward streamlining tax deductions and enhancing employee cash flow management. Announced by Finance Minister Nirmala Sitharaman in the 2024-25 General Budget, this form addresses a critical gap in tax deduction mechanisms, allowing […]
Read MoreDuty-Free Allowances and Entitlements for Arriving Passengers in India Navigating customs requirements can be overwhelming for international travelers. Understanding the duty free allowances and regulations simplifies the process, ensuring a smooth entry into India. This guide provides a detailed overview of permissible items, entitlements, and essential tips for compliance with Indian customs laws. Duty-Free Allowances […]
Read MoreConversion of a Partnership Firm into a Private Limited Company In this article we will discuss about the Conversion of partnership firm into a private limited company in depth. Most partnership firms in India come to a stage where they want to diversify, seek capital or obtain the reputation that a private limited company has. […]
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