• SOP for TDS under GST

    The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) to provide clarity on the applicability and procedures related to Tax Deducted at Source (TDS) under GST. Under the GST regime, specific categories of registered entities are obligated to deduct tax when making payments to suppliers. The deducted tax…

  • Form 35: How to Download and File Income Tax Appeal Form 35 Online?

    If you disagree with the decision made by the Assessing Officer regarding your total income, you can submit Form 35 to the Income Tax Department to challenge the order. Section 246A of the Income Tax Act outlines the types of orders that can be appealed. These include intimations under Section 143(1), search assessments under Section…

  • Udyam Registration Certificate

    The Ministry of Micro, Small and Medium Enterprises (MSME) in India grants a digital certificate called the Udyam Registration Certificate to officially recognized MSMEs. This certificate, also referred to as the MSME Registration Certificate, is provided online once the MSME registration procedure is successfully completed. Budget 2025 Highlights: What is the Udyam Registration Certificate? The…

  • Section 17(5) of the CGST Act – Blocked Input Tax Credit

    Section 17(5) of the CGST Act, commonly known as the “blocked credit” provision, is a crucial clause for every regular GST-registered taxpayer. It outlines specific transactions where GST is paid, but the Input Tax Credit (ITC) cannot be claimed by the business. This section highlights the categories of ineligible ITC in a detailed, clause-wise manner,…

  • Documents Needed for GST Registration

    Any individual involved in the taxable supply of goods or services within a state, with an annual turnover exceeding Rs 20 lakh (Rs 40 lakh or Rs 10 lakh depending on the type of supply and state/UT), or anyone engaged in inter-state supply (irrespective of turnover), must obtain GST registration. The GST Registration Number, or…

  • NRI Taxation and Residency Criteria Under the Income Tax Act

    An individual of Indian origin residing outside India is referred to as a Non-Resident Indian (NRI). The Income Tax Act of 1961 outlines separate tax provisions for Indian residents and NRIs. A person is considered a resident for tax purposes if they meet specific stay requirements in India. The Act clearly defines who qualifies as…

  • Income Tax Notice to Salaried Employees: Reasons, Types & How to Respond

    Are you a salaried employee who filed your Income Tax Return (ITR) on time but still received a notice from the Income Tax Department? Don’t worry—it’s more common than you might think. In this article, we explain why salaried individuals may receive income tax notices, the different types of notices, and how to respond to…

  • What is Tax Deducted at Source (TDS)?

    Tax Deducted at Source (TDS) is a tax collection mechanism introduced by the Indian government where tax is deducted at the very source of income. It ensures that tax is collected in advance by requiring the payer to deduct a specified percentage of tax before making certain payments to the recipient. This deducted amount is…

  • GST on Gold: Updated GST Rates for Gold, Jewellery, Coins, Bars, and Digital Gold

    The introduction of Goods and Services Tax (GST) brought notable changes to the taxation structure of gold in India. Currently, a 3% GST is levied on both 24-carat and 22-carat gold purchases, impacting the overall cost of physical gold significantly. Current GST Rates on Gold This guide provides a detailed breakdown of GST implications on…

  • How to File ITR Online: A Step-by-Step Guide to E-File Your Income Tax Return for FY 2024-25 (AY 2025-26)

    An Income Tax Return (ITR) is a form that allows a taxpayer to report their income, expenses, tax deductions, investments, and taxes. According to the Income-tax Act of 1961, it is required for a taxpayer to file an income tax return in certain situations. E-filing is the process of submitting an Income Tax Return (ITR)…

  • Budget 2025: Date, Time, and How to Watch the Live Broadcast

    The Union Budget is presented every year on February 1st by Finance Minister Nirmala Sitharaman. This will be her eighth budget presentation and the second budget of the Modi government’s third term, including one interim budget. In this article, we’ll tell you the date, time, and where you can watch the Budget live. Usually, the…

  • What is House Rent Allowance: HRA Exemption, Tax Deduction, Rules & Regulations

    House Rent Allowance (HRA) is an important component of an individual’s salary package. It serves as a valuable benefit offered by employers to help cover a part of an employee’s residential rental expenses. In this article, we will explore the importance of HRA and the extent of deductions allowed under it. What is HRA (House…

  • Last Date for ITR Filing for FY 2024-25 (AY 2025-26)

    Filing your Income Tax Return (ITR) is an important step in managing your taxes. It’s essential to keep track of the latest deadlines and rules. This guide provides the ITR filing due dates for different taxpayers, making the process easier to follow. Budget 2025 Update In Budget 2025, the deadline for taxpayers to file updated…

  • Understanding Notice under Section 142(1) of the Income-tax Act (ITA)

    After you file your income tax return online, the Income Tax Department reviews it. If the assessing officer (AO) needs more information about any detail, they may send you a notice under Section 142(1) of the Income-tax Act. Purpose of Notice under Section 142(1) When a notice under Section 142(1) is issued, the Assessing Officer…

  • Section 80TTA of the Income Tax Act – A Guide to Claiming Deduction on Interest Income

    Did you know that the interest you earn from your savings bank account is taxable? Many of us maintain savings accounts but are unaware that the interest received from them is taxable under the head ‘Income from Other Sources’. Fortunately, you can claim a tax deduction on this interest income up to Rs 10,000. Section…

  • Summary of Penalties Under the Income Tax Act

    Timely and accurate tax payments, along with consistent filing of returns, are essential to ensure the government has sufficient funds for public welfare initiatives. To discourage taxpayers from delaying payments or omitting required information in returns or statements, the Income Tax Act outlines several penalties. These penalties serve as consequences for non-compliance. Let’s review some…

  • Chartered Accountant in Mumbai

    Jethani & Associates – Best Chartered Accountant in Mumbai Looking for a reliable and experienced Chartered Accountant in Mumbai? At Jethani & Associates, we specialize in delivering comprehensive CA services tailored for individuals, startups, small businesses, and corporates across Mumbai. Whether you’re launching a new venture, managing daily accounting, or handling complex audits, our end-to-end…

  • How to Register a Construction Company in India

    India, being a developing nation, has a high demand for construction services due to continuous infrastructure development. Many businesses also focus on demolishing older structures and rebuilding them with modern designs. The construction sector is expanding quickly, although it requires a significant investment, especially in equipment. Below is the step-by-step process for registering a construction…

  • What is a Small Company in India?

    The Companies Act, 2013 introduced the term “small company” to extend benefits to privately held businesses with lower revenue brackets. These small entities contribute significantly to India’s economic growth by generating employment and supporting development, positioning themselves as crucial players in the national economy. There isn’t a separate registration process for becoming a small company…

  • Application for Company Strike Off

    Striking off a company’s name is an alternative method to formally close its operations. The Registrar of Companies (ROC) may initiate this process by issuing a notice to remove a company from the Register of Companies under specific circumstances. Companies themselves may also file a request to the ROC for voluntary strike-off. Sections 248 to…

  • How to Check Company Registration Status on the MCA Portal

    The Ministry of Corporate Affairs (MCA) provides a centralized online platform where information about all registered companies and Limited Liability Partnerships (LLPs) in India can be accessed. Through this portal, users can verify details such as the Company Identification Number (CIN), company type, incorporation date, director details, charges registered against the company, and more. Additionally,…

  • Section 133(6) of the Income Tax Act: Time Limit, Case Laws, Penalties, and Responding to Notices

    The Income Tax Department treats tax compliance with utmost seriousness and is known for taking swift action against defaulters. For instance, in July 2023 alone, over 1 lakh notices were sent to individuals suspected of income misreporting or underreporting in their returns. Section 133(6) of the Income Tax Act allows the department to issue such…

  • GST State Code List and Jurisdiction

    Each state and Union Territory in India is assigned a distinct state code under the GST framework. These GST state codes form a crucial part of a business’s GST Identification Number (GSTIN). Additionally, they help determine the jurisdiction of the appropriate GST officer based on the business’s location, PIN code, and region. This article covers…

  • Section 80DDB of the Income Tax Act: Deduction Limit, Covered Diseases, Claim Process & Certificate

    Many taxpayers with dependents suffering from specific illnesses seek guidance on claiming deductions under income tax laws. Section 80DDB offers a tax deduction for expenses incurred on the treatment of certain diseases for self, spouse, dependent children, parents, or siblings. These specified diseases are listed under Rule 11DD of the Income Tax Rules. This deduction…

  • GST Composition Scheme: Eligibility, Limits, Rates, and Advantages

    The GST Composition Scheme is a simplified tax scheme designed to ease the compliance burden for small taxpayers. Under this scheme, eligible taxpayers can pay GST at a fixed percentage of their turnover, avoiding complex filing procedures. It is available to businesses with an annual turnover of less than ₹1.5 crore*. To check whether a…

  • Section 16(4) of the CGST Act: Deadline for Claiming Input Tax Credit

    Section 16(4) outlines a definitive period within which taxpayers must claim Input Tax Credit (ITC). This provision aims to streamline the process and minimize errors in tax reporting. In this article, we will explain Section 16(4) of the CGST Act, explore the changes introduced to it, and discuss the issues and effects associated with Section…