The E-Way Bill is an important compliance mechanism under GST (Goods and Services Tax) in India, designed to ensure smooth movement of goods while preventing tax evasion. It is applicable to the transportation of goods exceeding ₹50,000 in value. The generation of an E-Way Bill is necessary for the movement of goods across states and …
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Introduction to E-Way Bills in India As per Indian regulations, the movement of goods valued over ₹50,000 requires an e-way bill, a mandatory document. In this discussion, we will delve into the benefits of e-way bills, their applicability, the generation process, and associated procedures. Effective April 1, 2018, e-way bills are mandatory for both interstate …
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The Central Government, acting on the recommendations of the 54th GST Council, issued Notification No. 22/2024-CT on October 8, 2024. This notification introduced a significant amendment allowing registered persons to file applications for rectification of demand orders related to wrongful availment of Input Tax Credit (ITC) under specific conditions. Key Provisions of Notification No. 22/2024-CT …
The Income Tax Department frequently runs campaigns and issues clarifications regarding the reporting of foreign assets and foreign income in the income tax return. This indicates that, in the future, the Income Tax Department will take strict action if foreign income and assets are not reported in the income tax return. Recently, the Income Tax …
1. What is Form 15CB? Form 15CB is a certification issued by a Chartered Accountant (CA) in situations where payments exceeding ₹5 Lakh in a financial year, chargeable to income tax, are made to a Non-Resident (excluding companies) or a Foreign Company, and no certificate under Section 195/197 from the Assessing Officer is obtained. This …
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When Non-Resident Indians (NRIs) return to India permanently or for an uncertain period, their residential status changes under Indian law. Consequently, it is crucial for them to redesignate their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts to resident savings accounts. This article explores the importance of this conversion, the regulatory requirements, potential consequences …
In India, rental income from house property is charged under the head “Income from House Property.” However, before the income is taxed, certain deductions are allowed under Section 24 of the Income Tax Act, which can reduce the taxable income. These deductions help ease the tax burden on property owners and encourage investment in real …
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The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute income. Eligibility for Section 44ADA Professionals can opt for the presumptive taxation scheme …
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The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
The Institute of Chartered Accountants of India (ICAI) has submitted its suggestions for the Union Budget 2025 and released a detailed Pre-Budget Memorandum focusing on Direct and International Taxation. This comprehensive memorandum aims to address critical issues faced by taxpayers and professionals, and proposes actionable solutions to simplify compliance and promote tax equity. For detailed …
