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Union Budget 2025 Key features on Income Tax \Finance Bill 2025

Union Budget 2025 Key features\Finance Bill 2025 Direct Tax proposals Introduction of  a scheme  for determining  arm’s length price  of international transaction for  a block period of three years. Expansion of scope of safe harbour rules to reduce litigation and provide certainty in international taxation.  Rationalization of TDS/TCS for easing difficulties Tax deduction limit for […]

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GST Clarification on various issues pertaining to GST treatment of vouchers-Circular No. 243/37/2024-GST

Clarification on various issues pertaining to GST treatment of vouchers- . Circular No. 243/37/2024-GST Dated the 31st December, 2024 References have been received from the trade and industry as well as the field formations seeking clarity on various issues with respect to vouchers such as whether transactions in voucher are a supply of goods and/or […]

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EXEMPTIONS FROM CAPITAL GAINS UNDER INCOME TAX ACT

EXEMPTIONS FROM CAPITAL GAINS The Income-tax Act permits a capital gains tax exemption if the proceeds from the sale, or capital gains, as applicable, are used to purchase specific new assets. These exemptions are offered according to the following sections : 1. Section 54: Exemption from the capital gains arising from the transfer of residential […]

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No GST on Penalties, Late Fees/Panel Interest, fine levied or collected by RBI: GST AAR MAHARASHTRA

Case Name:- Reserve Bank of India (GST AAR Maharashtra) Appeal Number: Advance Ruling No. GST-ARA-117 of 2022-23/2024-25/B-53 Date of Judgement/Order: 31/07/2024 (1) Shri. AJAYKUMAR V. BONDE Joint Commissioner of State Tax, (Member) (2) Ms. PRIYA JADHAV, Joint Commissioner of Central Tax, (Member) BACKGROUND: The present application has been filed under Section 97 of the Central […]

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FINANCE BILL 2024: INSERTION OF NEW SECTION 128A IN CGST ACT 2017

Conditional Waiver to Interest/ Penalty relating to demand raised u/s 73 of CGST Act, 2017- Introduction: Based on the recommendation of the GST Council and in response to the challenges faced by taxpayers during the early years of GST implementation, the Government has introduced Section 128A of the CGST Act, 2017. This section allows for […]

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FINANCE BILL 2024: INSERTION OF SECTION 74 A IN CGST ACT, 2017

The Finance Bill 2024, introduced in Parliament on 23rd July 2024, proposes major changes in Income tax law, Direct and Indirect taxes. Chapter V of the Finance Bill provides several new amendments to provisions of the CGST Act, 2017. Section 74 A has been introduced in the CGST Act, 2017. Section 74 A: Determination of […]

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Finance Bill 2024: Amendment to Section 16 of CGST Act, 2017

Amendment to Section 16 of CGST Act, 2017 The Finance Bill 2024, introduced in Parliament on 23rd July 2024, proposes major changes in Income tax law, Direct and Indirect taxes. Chapter V of the Finance Bill provides several new amendments to provisions of the CGST Act, 2017. Section 16 of the CGST Act, 2017 provides […]

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UNION BUDGET 2024: KEY HIGHLIGHTS ON INCOME TAX

The Union Finance Minister, Smt. Nirmala Sitharaman on Tuesday, presented her Seventh consecutive budget speech. The budget focuses on four major castes namely, ‘Garib’ (Poor), Mahilayein (Women), ‘Yuva’ (Youth), and ‘Annadata’ (Farmer). Key announcements include a thorough review of the Income-tax Act, 1961 within six months, plans to digitize all major taxpayer services under GST, […]

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E-Magazine on Tax Update Part-5 (June-2024) || Online Publication-13.07.2024         

Magazine on Tax Update Part-5 (June-2024) || Online Publication-13.07.2024 Subscription Option Available  Subscription for E-GST Update Rates (Hindi) YEAR PRICE Click For Subscription (After Payment Send Receipt on What’s App Number- 8386982822) 1 Year 350/- Subscribe 2 Year 600/- Subscribe legal-Tax-Guru-small Bank Option only 2 Year Name- LTG Publication Pvt Ltd Bank- IDBI Bank Ltd Account Number:- 1278102000010362 […]

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53वीं जीएसटी काउंसिल की बैठक के नए निर्णय से मिली व्यापारियों/ कारोबारियों को राहत |

जीएसटी काउंसिल की बैठक के नए निर्णय से मिली व्यापारियों/ कारोबारियों को राहत जीएसटी परिषद की 53वीं बैठक 22 जून 2024 को नई दिल्ली में आयोजित की गई, जो पिछली बैठक के लगभग आठ महीने बाद हुई थी। इस बैठक की अध्यक्षता नवनियुक्त केंद्रीय वित्त एवं कॉर्पोरेट कार्य मंत्री श्रीमती निर्मला सीतारमण जी ने की।लोकसभा […]