For classifying assets into long-term and short-term, there will only be two holding periods: 12 months and 24 months. The 36-month holding period has been removed. The holding period for all listed securities is 12 months. All listed securities with a holding period exceeding 12 months are considered Long-Term. The holding period for all other […]
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GST NEW AMENDMENT IN BUDGET 2024
Goods and Services Tax (GST) is a comprehensive indirect tax system in India that was introduced in July 2017, replacing multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and services being supplied. […]
Last date for income tax audit report: Deadline for tax audit report extended
The last date for filing the income tax audit report has been extended to October 7, 2024 . This is a welcome relief for taxpayers who were facing difficulties in electronically filing the required reports due to technical issues on the e-filing portal . The Central Board of Direct Taxes (CBDT) made this announcement on […]
Income tax news: New TDS rates effective October 1 – What will change for taxpayers
Great news for companies! As of October 1, 2024, the Indian government has relaxed the rules for depositing Tax Deducted at Source (TDS). Companies now have more time to deposit TDS with the government, up to the deadline for filing the TDS return, which is an additional 20 days ¹. However, it’s essential to note […]
As per Explanation 2 to Section 139(1) of the Income Tax Act, 1961, the following classes of taxpayers are required to file their tax returns on or before October 31, 2024
Corporate assessees. Non-corporate assessees whose books of account are required to be audited under the Income Tax Act or any other law. Partners of a firm whose accounts are required to be audited under the Income Tax Act or any other law. The spouse of such a partner if Section 5A (Apportionment of Income between […]
New GST amnesty scheme notified: Waiver of interest and penalty on GST tax demand for eligible taxpayers to be effective from November 1, 2024
The Ministry of Finance has released rules and procedures for GST-registered taxpayers to apply for the ‘conditional waiver of interest and penalty’ scheme announced in Budget 2024. This scheme is effective from November 1, 2024, and aims to provide relief to eligible taxpayers . The scheme, under section 128A of the CGST Act, allows for […]
ITR deadline alert: CBDT extends last day for corporate Income-Tax filing to Nov 15
The Central Board of Direct Taxes (CBDT) has extended the deadline for corporate income tax returns for the Assessment Year 2024-25 to November 15, 2024 . This is a 15-day extension from the original deadline of October 31, 2024. The CBDT made this announcement through a circular on October 26, 2024, exercising its powers under […]
ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A
The waiver scheme under Section 128A of the Central Goods and Services Tax Act, 2017, is a huge relief for taxpayers, aiming to reduce tax disputes. Introduced via the Finance Act, 2024, and effective from November 1, 2024, this scheme allows for the waiver of interest, penalties, or both, related to tax demands under Section […]
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