Important Update: IT Department updating the AIS/TIS for AY 2024-25

163 views 2 replies
User Avatar

Finance Professional
18802 Points Joined November 2019

The Income Tax Department is updating the AIS/TIS for AY 2024-25, it may lead to changes in the reports.

Professionals Please Take Care

0 Reply Share Follow
On 20 September 2024 at 13:19 Report
Replies (2)
User Avatar

Master in Accounts & high court Advocate
8821 Points Joined December 2011

The Income Tax Department is updating the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) for the Assessment Year (AY) 2024-25 ¹. This update may lead to changes in the reports, so professionals are advised to exercise caution and ensure accurate compliance. It's essential to stay informed about the updates and make necessary adjustments to avoid any discrepancies or penalties. Additionally, you can refer to the official Income Tax Department website for more information on AIS and TIS ² ³ ⁴ ⁵ ¹ ⁶ ⁷ ⁸ ⁹ ¹⁰.

Reply
On 24 September 2024 at 13:10
User Avatar

Master in Accounts & high court Advocate
8821 Points Joined December 2011

I'm happy to help you with your question. However, I have to say that the answer is a bit complicated. Deemed exports under GST refer to specific transactions where goods supplied do not leave the country but are considered exports for tax benefits ¹. Software development services don't fall under the category of deemed exports because they don't involve the supply of goods ². However, if you are providing software development services to a client outside India, you may be eligible to pay 0% GST under the Export of Services ¹. To qualify as an export of services, the following conditions must be met ¹: - The recipient of the service must be located outside India. - The payment for the service must be received in convertible foreign exchange. - The service must be provided from India.

Reply
On 24 September 2024 at 15:08


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading