Introduction The 54th GST Council meeting has introduced several significant changes and clarifications to GST rates, procedures, and compliance measures. These updates aim to streamline tax processes, clarify ambiguities, and facilitate trade and business operations across various sectors. This article delves into the key recommendations and changes announced during the meeting. Changes/Clarifications in GST Tax…
The Public Provident Fund (PPF) remains one of India’s most popular and secure long-term savings schemes, offering tax benefits and guaranteed returns. However, the Ministry of Finance has introduced new rules for PPF accounts, effective from October 1, 2024, that could impact PPF account holders, especially those with minor accounts, multiple PPF accounts, or Non-Resident…
Introduction: Starting from October 1st, a groundbreaking feature is coming to the GST portal: the Invoice Management System (IMS). This new functionality aims to simplify the way taxpayers manage invoice corrections and amendments, enhancing the accuracy and efficiency of Input Tax Credit (ITC) claims. Here’s a detailed look at how the IMS will revolutionize the…
In a significant development for taxpayers, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has ruled that penalties for income concealment cannot be imposed if errors are corrected in a revised tax return. This ruling, which emerged from the case of R. Chatterji, could potentially offer relief to many taxpayers who may inadvertently misreport income or…
Filing your Income Tax Return (ITR) on time is crucial to avoid penalties, interest, and other complications. However, there may be situations where an individual or entity is unable to file their ITR within the prescribed due date. In such cases, the Income Tax Department provides a mechanism known as “Condonation of Delay,” allowing taxpayers…
