Learn how to reply to GST notices online quickly and efficiently with our comprehensive step-by-step guide, complete with screenshots. Avoid penalties and ensure compliance. The Goods and Services Tax (GST) regime in India, while streamlining taxation, often presents its own set of challenges, particularly when it comes to compliance and responding to official communications. Receiving … Read more
(Read 4 Min) Section 80CCH – Contribution to Agnipath Scheme After section 80CCG of the Income-tax Act, the following section shall be inserted, namely:–– Deduction in respect of contribution to Agnipath Scheme. ‘80CCH. (1) Where an assessee, being an individual enrolled in the Agnipath Scheme and subscribing to theAgniveer Corpus Fund on or after … Read more
Amendment of section 16. In section 16 of the Central Goods and Services Tax Act, in sub-section (2),–– (i) in the second proviso, for the words “added to his output tax liability, along with interest thereon”, the words and figures “paid by him along with interest payable under section 50” shall be substituted; (ii) in … Read more
New Benefits for Composition levy operators. Amendment of section 10. (CGST ACT) In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 10,–– 12 of 2017. (a) in sub-section (2), in clause (d), the words “goods or” shall be omitted; (b) in sub-section … Read more
Amendment of section 35D. In section 35D of the Income-tax Act, in sub-section (2), in clause (a), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:– “Provided that the assessee shall furnish a statement containing the particulars of expenditure specified in this clause within such … Read more
Taxation on Electronic Gold Receipt… Amendment in Section 2 for FY 2023 24. (hi) in the case of a capital asset, being–– (a) Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gold was held … Read more
How compute tax when your total income contains agriculture income ?? Insight of Agriculture Income Tax It is well establish fact that government announce many key productive benefits to farmers as part of green revolution aim. Even in latest budget for FY 2023 24 major focus is on sustainable growth of rural India by passing … Read more
Benefits for opting new personal tax regime (Section 115BAC) Welcome Patrons!!! Get your self ready for upcoming FY 2023-24. Understand the tax slabs and Plan your finance and save money wisely. Key Benefits to opt in new regime from 01.04.2023 Slab wise tax saving Comparison:- Income (Rs) FY 2022-23(Rs) FY 2023-24(Rs) … Read more