Introduction Traditionally, payments made by firms to their partners, such as remuneration, interest, and commission, were not subjected to Tax Deducted at Source (TDS). In contrast, TDS was applicable to payments made to employees. However, a significant shift has been introduced through Clause 62 of the Finance (No. 2) Bill, 2024, which introduces a new…
Finance Minister Nirmala Sitharaman has announced a significant revision in the structure of the new tax regime, aimed at providing relief to taxpayers with income below ₹10 lakh per annum. These adjustments in tax slabs are designed to make the tax system more equitable and beneficial for lower and middle-income earners. Let’s delve into the…
Introduction: Indexation benefits have long been a cornerstone of the Indian tax system, offering property owners a method to adjust the purchase price of their assets for inflation and thus reduce their taxable gains. The recent Union Budget 2024-25, however, has brought significant changes by removing these benefits for properties purchased from 2001 onwards. This…
On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget for the seventh time, unveiling a slew of tax reforms aimed at bolstering revenue streams while fostering growth in the Indian economy. Central to the budget were amendments in direct taxation that significantly impact equity markets and investors alike. Let’s delve into the…
Starting a business is an exciting journey, but choosing the right business structure can be daunting. The structure you select can have significant implications on your liability, tax obligations, and ability to raise capital. Today, we’ll explore three popular business structures in India: Private Limited Company (Pvt Ltd), Limited Liability Partnership (LLP), and Partnership Firm….
