Starting October 1, 2024, significant reductions in Tax Deducted at Source (TDS) rates under the Income Tax Act, 1961, will come into effect, making tax compliance easier and reducing the burden on taxpayers. These updates are part of the government’s ongoing efforts to streamline tax processes …
Market and Economy Updates Insurance Companies GST Notices: Insurance companies have received ₹2,000 crore in GST notices. Kotak’s Auto Financing: Kotak’s auto financing arm is focusing on the SUV and used car business. Cholamandalam MS General Insurance: Motor insurance is projected to constitute 62% of their …
Understanding the tax implications and compliance requirements for cash withdrawals and deposits is crucial for financial management. Here’s a comprehensive guide on the relevant rules and regulations to help you stay compliant and avoid unnecessary penalties. Section 194N: TDS on Withdrawals TDS on High Withdrawals: 2% …
In a significant development under the Goods and Services Tax (GST) regime, Infosys has been slapped with a staggering tax demand of ₹32,000 crore. This pre-show cause notice was issued by the Bengaluru branch of the Directorate General of GST Intelligence (DGCI), covering the period from …
In a significant development, the Government has proposed an amendment to offer substantial relief to taxpayers in the real estate sector under the Long-Term Capital Gains (LTCG) regime. This move aims to provide flexibility and potential tax savings for those involved in real estate transactions. Key …
Key highlights from the 53rd GST Council Meeting: 1. Time limit for ITC availment under Section 16(4) to be retrospectively extended till 30th November for FY 2017-18 till FY 2020-21 2. For demand notices issued under Section 73 for FY 2017-18 till FY 2019-20, waiver of …
When selling your Employee Stock Options (ESOPs) or Employee Stock Purchase Plan (ESPP) shares, it’s crucial to use the Fair Market Value (FMV) as of the grant or purchase date to determine the cost basis, not the actual amount you paid. This is because you’ve already …
