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Budget 2024-25: Revamping Search and Seizure Cases with Block Assessment
Streamlining Search AssessmentsThe Finance Act, 2021, introduced provisions for search and seizure proceedings under Section 132. However, the income tax field formations faced multiple challenges, pa...
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Budget 2024-25: Reforms to Re-Assessment Regime: A New Era
BackgroundThe Finance Act, 2021 introduced significant changes to the procedure for assessment or reassessment of income, effective from April 1, 2021. However, as litigation progressed, the Central B...
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Budget 2024-25: Overhaul of Capital Gains Regime
Simplification of Holding PeriodsThe Finance Bill 2024 proposes a significant overhaul of the capital gains regime, starting with the simplification of holding periods. The new regime will have only t...
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Budget 2024-25 - Simplifying Tax Deduction at Source (TDS): A Step Towards Ease of Doing Business
The Indian government has proposed significant changes to the Tax Deduction at Source (TDS) system to improve compliance and ease of doing business. The current TDS system has multiple rates and thres...
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Budget 2024-25: Key Amendments to Section 37 of the Income-tax Act, 1961
Deductions for Business Expenses: A Closer LookSection 37 of the Income-tax Act, 1961, allows for the deduction of expenditures incurred wholly and exclusively for business or professional purposes. H...
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Budget 2024-25: A New Era of Dispute Resolution
Reviving the Spirit of Vivad Se VishwasThe Income-tax Act, 1961, provides a framework for filing appeals against orders passed under the Act, allowing both taxpayers and the Department to approach app...
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Budget 2024-25: Enhancing Transfer Pricing Officer's Powers
Domestic Transactions: A New FrontierThe Transfer Pricing Officer (TPO) is set to gain significant powers to deal with domestic transactions, a move aimed at strengthening the country's transfer prici...
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Budget 2024-25 - Budget 2024: Government Proposes Relaxation of ITC Time-Limits for Initial GST Years
In a significant move aimed at easing compliance burdens and addressing the challenges faced by businesses during the initial implementation of the Goods and Services Tax (GST), the Union Budget 2024...
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Budget 2024-25 - Boosting Investment and Employment in IFSC: Proposed Tax Incentives
The Union Budget has introduced a series of proposals to incentivize operations in International Financial Services Centres (IFSC), aiming to stimulate investment and employment. The proposed amendmen...
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Budget 2024-25 - Key GST Proposals: A Comprehensive Overview
The GST Council has proposed several significant changes to the Goods and Services Tax (GST) regime, aimed at simplifying and clarifying various provisions. These proposals are designed to address con...
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Budget 2024-25- Retrospective Amendment Proposed for Transitional Credit Provision
Retrospective Amendment Proposed for Transitional Credit ProvisionEnhancing Availment of Transitional Credit for Input Services DistributorsThe Finance Minister has proposed a significant retrospectiv...
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Budget 2024-25 - Rationalization of Charitable Trusts Provisions: A New Era
Streamlining Tax Exemption RegimesThe Union Budget has proposed a significant overhaul of the tax exemption regimes for charitable trusts, aiming to merge two existing regimes into one. This move is d...
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Budget 2024-25 - Relaxation of Time Limit for Availing Input Tax Credit
GST Council's Recommendations ImplementedThe Budget 2024 has proposed a significant amendment to the GST laws, in line with the recommendations made by the GST Council during its 53rd meeting. This am...
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Union Budget 2024-25 - No More Indexation Benefit for Capital Gains
Union Budget 2024-25The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, introduced significant changes to the capital gains tax structure in India. One of the most notable chan...
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Union Budget 2024-25: Key Highlights
Tax ReformsStandard Deduction Increased: The standard deduction for the new ITR regime has been increased to Rs 75,000.Revised Tax Rates: Tax rates have been revised for all income slabs, resulting in...
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Tax Benefits on Transfer of Agricultural Land: A Comprehensive Guide
Understanding Section 54B of the Income Tax Act, 1961Section 54B of the Income Tax Act, 1961, provides a valuable exemption to individuals and Hindu Undivided Families (HUFs) who transfer their agricu...
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Delhi High Court's Landmark Ruling: No Incriminating Evidence, No Addition
Background of the CaseThe Delhi High Court's decision in the case of PCIT Vs Pavitra Realcon Pvt. Ltd. revolves around the complexities of tax assessments following a search and seizure operation. The...
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Time Limit for Availing ITC under Reverse Charge Mechanism (RCM)
Time Limit f or Availing ITC under Reverse Charge Mechanism (RCM)The introduction of Section 9(4) of the CGST Act under GST was initially challenging for recipients. It required them to pay tax on sup...
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Understanding Input Tax Credit (ITC) under GST: Rules & Benefits.
Understanding Input Tax Credit (ITC) under GST: Rules & BenefitsAbstract Input Tax Credit (ITC) is an essential feature of the Goods and Services Tax (GST) system, allowing businesses to reduce their...
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Corporate Guarantee and GST
IntroductionThe 53rd GST Council Meeting clarified the valuation of corporate guarantees, building on the 52nd meeting's decisions about personal guarantees by directors and corporate guarantees, incl...