The income other than from capital gains up to Rs. 12,00,000 is not taxable due to rebate under the income tax. This is the key highlight of the Budget 2025 with regards to Income Tax. This is welcome step taken by the Government. The idea behind this is to boost the consumption. The economic survey… Read More »
Investment of money in a place where the expected return is assured with protection for the safety of capital invested is vital for any investment decisions. This requires careful analysis of the investment alternatives with limited exposure to risk. The analysis is on the proposed investment product or project. There are two ways to analysis… Read More »
Income tax return can be filed after the due date latest by 31st December of the following Financial Year. For example for the financial year 2023-24 belated income tax return can be filed by 31st December, 2024. After 31st December, system will not accept filing of return unless there is relevant notice to file the… Read More »
The biggest event of the world is going on in India. The main attraction is from Naga Sadhu who lives away from modern society to attain liberation. The lifestyle of the Naga Sadhu is entirely different from the rest. They live in cave and mountain region with limited food and infrastructure. The process to become… Read More »
Representations have been received from trade and industry that as a common trade practice, the original equipment manufacturers /suppliers offer warranty for the goods / services supplied by them. During the warranty period, replacement goods /services are supplied to customers free of charge and as such no separate consideration is charged and received at the… Read More »
Representations have been received from the trade and field formations seeking clarification regarding the taxability of Employee Stock Option (ESOP)/Employee Stock Purchase Plan (ESPP)/ Restricted Stock Unit (RSU) provided by a company to its employees. It has been represented that some of the Indian companies provide the option to their employees for allotment of securities/shares… Read More »
Representations have been received from the trade and the field formations seeking clarification regarding the time of supply for payment of GST in respect of supply of spectrum allocation services in cases where the successful bidder for spectrum allocation (i.e. the telecom operator) opts for making payments in instalments under deferred payment option as per… Read More »
The insurance companies, which are engaged in providing general insurance services in respect of insurance of motor vehicles, insure the cost of repairs/ damages of motor vehicles incurred by the policy holders. Representations have been received from the trade and field formations seeking clarification as to whether in case of motor vehicle insurance, GST is… Read More »
The 53rd GST Council met on 22nd June 2024 under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Bihar, Haryana, Madhya… Read More »
Though there are a range of hedging instruments that can be used to reduce risk but often Exporters use Natural Hedging Strategy to mitigate transaction exposure risk by availing different Short Term Foreign currency loans i.e. Pre-Shipment Credit in Foreign Currency (PCFC)/ Foreign Currency Non- Resident Account (FCNR B) Loans because of following two major… Read More »