Category: Tax

CGST Section 16 Revised: Taxpayers Gain Relief with New ITC Claim Provisions for 2017-2021

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In a significant update to the Central Goods and Services Tax (CGST) Act, Section 16 has been amended with the insertion of two new sub-sections. This change aims to address input tax credit (ITC) claims for past financial years and offers relief to taxpayers whose GST registration was cancelled and later revoked. Key Highlights of […]

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6 income tax rules introduced in Budget 2024 to be effective from Oct 1. Check list

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The STT applicable to futures and options (F&O) trading is set to increase from October 1, 2024. Specifically, the tax rates for Futures & Options (F&O) of securities will rise to 0.02% and 0.1%, respectively. Union Budget 2024: Union Finance Minister Nirmala Sitharaman introduced some changes in terms of income tax in the Union Budget […]

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Intimation Under Section 143(1) of Income Tax Act

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Section 143(1) of the Income Tax Act, 1961 is essentially a computer-generated automated message which lets the taxpayer know of any error that exists in his/her tax filing. It also tells the taxpayer if he/she has any interest that is payable. Anytime someone receives a notice from the Income Tax Department, there seems to be an overwhelming […]

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Advance tax collection for H1 swells 22.6% to Rs 4.36 lakh crores

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Advance tax collections in India increased by 22.61% to ₹4.36 lakh crores in the first half of the current financial year, indicating strong corporate performance and a robust economy. Net direct tax collections rose 16.12% to ₹9.95 lakh crores, with personal income tax showing significant growth over corporate income tax. The Government’s advance tax collections […]

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Overseas Citizen of India (OCI) income tax depends on person’s residency status under I-T Act:

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A foreign national applied for an OCI card based on her marriage to an Indian citizen, but her application was rejected as her estranged husband was not present. While her petition was upheld by the Delhi High Court, the Supreme Court ruled that the Indian spouse’s physical or virtual presence was mandatory under Section 7-A(d) […]

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Net direct tax collection rises 22.5% to Rs 6.93 trillion till August 11

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India’s net direct tax collection, with refunds adjusted, grew 22.5% to Rs 6.93 trillion between April 1 and August 11 of FY25. In the same period last year, tax collection was at Rs 5.65 trillion, according to the Income-Tax (I-T) Department’s latest data released on Monday. Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. […]

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Special Drive To Weed Out Fake GST Registration Begins On Aug 16: CBIC

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The second Special All-India Drive may be launched by all Central and State Tax administrations from August 16 to October 15, 2024, to detect suspicious or fake GSTINs. Central and State GST officers will launch a pan-India special two-month drive against fake registration beginning August 16, the CBIC said on Monday. This is the second […]

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