BLOGS
ITC on Warehouse Construction under GST (Gujarat)
Relevant GST Provisions – Construction of Immovable Property and ITC Under the GST law, Section 17(5)(d) of the CGST Act, 2017 blocks input tax credit (ITC) on goods or services used for the construction of an immovable property (when capitalized), except for "plant...
Union Budget 2025: Key Highlights – Higher Tax Exemptions, TDS Relief, and Startup Boost
The Union Budget 2025 has introduced several key tax reforms aimed at providing relief to individuals and businesses. Finance Minister Nirmala Sitharaman, in her record eighth consecutive Budget presentation, announced major changes including higher tax exemptions,...
Income Tax Slabs 2025: Major Relief for Taxpayers – No Tax Up to ₹12 Lakh!
The Union Budget 2025 has brought a major relief for taxpayers, particularly the middle-class segment. In a historic move, Finance Minister Nirmala Sitharaman announced that individuals earning up to ₹12 lakh annually will now pay zero income tax under the new tax...
Union Budget 2025-26: No Tax Up to ₹12 Lakh? Check New Slab Rates and Details
The Union Budget 2025 has introduced significant changes in India’s income tax structure, bringing relief to taxpayers across various income groups. One of the biggest highlights is the proposal to increase the tax exemption limit, ensuring that individuals earning up...
Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
A. Tax exemption Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide...
Written representations are invited regarding the issues/glitches on the new Income Tax Portal
Written representations are invited regarding the issues/glitches on the new Income Tax Portal on the email address fmo@nic.in latest by 7 PM on Friday, June 18, 2021. (Prior to the meeting between senior Finance Ministry officials & Infosys on June 22) Senior...
CBDT grants relaxation in electronic filing of forms 15CA & 15CB
CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal http://incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till...
Launch of new e-filing Portal of the Income Tax Department
Non-availability of e-filing services from 01.06.2021 to 06.06.2021 The Income Tax Department is going to launch its new e-filing portal (www.incometax.gov.in) 7th June 2021, The New E Filing Portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and...
Due Dates Extension – Income Tax Compliances for AY 2021-22
Due date for TDS return quarter 4 for FY 20-21 is 30th June 2021 earlier it was 31st May 2021Due date to file return of income u/s 139(1) has been extended to 30th September 2021 for those assesses who were supposed to file return of income on or before 31st July 2021...