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Tax Audit Applicability: Criteria and Thresholds You Should Know
Tax audit applicable if business/profession exceeds certain turnover/income threshold or if opting for certain presumptive taxation schemes.
Tax Implications of Dearness Allowance in India For FY 24-25
Dearness allowance is calculated as a percentage of the basic salary. Know more about its implications and how it works.
Bogus Income Tax Refund Claims: Consequences
Bogus income tax refund claims involve taxpayers intentionally underreporting income, inflating deductions which can result in penalties ranging from 100% to 200%.
Pension Income: How to Report It In ITR For FY 24-25?
Pension income in India is taxable under the head "Income from Salaries". However, the tax treatment varies depending on the type of pension.
Section 194P: IT Filing Exemption for Senior Citizens Over 75
Section 194P of the Income Tax Act introduced to simplify tax compliance for senior citizens aged over 75 years.
GST on Vehicles: Higher Rates for Used Vehicles
GST on vehicles varies based on type like new EVs at 5% rate, used vehicles at 12%, and 18% for larger vehicles and SUVs.
GST Highlights: 2024 Year End Review
GST highlights include simplified compliance through GST returns, ITC mechanisms, e-invoicing, and provisions like reverse charge.
Pre-Deposit for Penalty under GST Reduced: Amendments in CGST Act
The CGST Act has been amended to reduce the pre-deposit requirements for penalty disputes. Here is a quick summary.
GST Refund Process for Exporters in India
GST refund process for exporters in India ensures that businesses exporting goods or services are not burdened with the taxes paid on inputs.
How the IT Department is Leveraging AI to Detect Tax Evasion?
IT Department is increasingly using AI to combat tax evasion, leveraging advanced technologies to improve compliance and efficiency.
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