• Tax Benefits of One Person Company (OPC) Registration in India

    A One Person Company (OPC) is a unique business structure introduced under the Companies Act, 2013, allowing a single entrepreneur to operate a corporate entity with limited liability protection. This model combines the advantages of sole proprietorship and corporate status, offering several benefits, including specific tax advantages. Key Tax Benefits of OPC Registration Corporate Tax…

  • Importance of ROC Filing for Private Limited Companies

    Registrar of Companies (ROC) filing is a mandatory compliance requirement for private limited companies in India. It involves submitting essential documents and financial statements to the Ministry of Corporate Affairs (MCA), ensuring that companies operate within the legal framework established by the Companies Act, 2013. Key Reasons for ROC Filing Legal Compliance: All private limited…

  • Union Budget 2025-26: Customs Reforms and GST Surge

    The Union Budget 2025-26 introduces significant customs duty reforms to enhance trade efficiency, encourage domestic manufacturing, and simplify tariff structures. Additionally, the Goods and Services Tax (GST) collection has surged, reflecting economic growth and improved compliance. Customs Reforms in Budget 2025-26 Tariff Simplification: Seven tariff rates have been eliminated to reduce complexities.This rationalization is expected…

  • Key Highlights of Finance Bill 2025: Income Tax Changes

    Overview of Income Tax Changes in Finance Bill 2025 The Finance Bill 2025 introduces several pivotal amendments to India’s income tax framework, aiming to simplify compliance and provide relief to taxpayers. Revised Tax Structure Under Section 115BAC A new tax regime under Section 115BAC has been proposed, offering an alternative to the existing tax structure.…

  • Income Tax on ₹12 Lakh Salary for FY 2024-25 & FY 2025-26: New Tax Slabs & Rebate Benefits

    The Union Budget 2025 introduced significant changes to the income tax structure, offering substantial relief to individual taxpayers. One of the notable amendments is the increase in the tax rebate under Section 87A of the Income Tax Act, 1961. Previously, individuals with a net taxable income of up to ₹7 lakh were eligible for a…

  • Income Tax Return (ITR-U)/Belated Return u/s 139(8A): A Detailed Overview Post Budget 2025

    The Updated Income Tax Return (ITR-U) is a provision under Section 139(8A) of the Income Tax Act, 1961, introduced to allow taxpayers to correct errors or omissions in their previously filed returns, even after the prescribed deadlines have passed. Whether it’s missed income, incorrect claims, or errors in reporting, the ITR-U form enables individuals to…

  • TDS Rate Chart for FY 2024-25 (AY 2025-26)

    TDS Rate Chart for FY 2024-25 (AY 2025-26) Understanding TDS:Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department to collect tax at the point of income generation. Under this system, the payer is required to deduct tax while making specified payments and remit the amount to the government on behalf…

  • Leave Encashment – Tax Exemption, Calculation & Formula with Example, Rules

    Have you ever come across the term ‘leave encashment’? For salaried employees, leave encashment is a common concept. It essentially means that even unused leave can be converted into financial benefits. Keep reading to understand what leave encashment is, how it is taxed, and how the calculation works. What is Leave Encashment? Under labor laws,…

  • GST on Mobile Phones: Applicability, HSN Code, and GST Rate

    The GST rate on mobile phones and accessories was increased from 12% to 18% effective 1st April 2020, as decided in the 39th GST Council meeting. Additionally, Budget 2023 proposed a hike in import duty on components used in mobile manufacturing, leading to increased costs. This article explores the GST rate on mobile phones, its…

  • GST on Food and Restaurants – Rules & Rates Explained

    This article explores the impact of GST on one of our favorite indulgences—food and restaurants. It delves into how GST applies to food items and restaurant services, explaining its effect on restaurant bills and the difference in GST rates between standalone restaurants and hotel-based dining establishments. Additionally, we analyze how GST influences end consumers, restaurant…

  • GST Rate & HSN Code for Software and Software Services

    GST Rate & HSN Code for Software and Software Services Understanding the taxation framework for software and its services can be challenging, particularly when determining the appropriate HSN code and GST rate. This guide simplifies these complexities, ensuring clarity on software taxation in the digital landscape. GST Applicability on Software and Software Services The GST…

  • Form 15G & Form 15H: Save TDS on Interest Income

    Are you worried about TDS deductions on your interest income when your total income is not taxable? Under Section 194A of the Income Tax Act, banks must deduct TDS if the annual interest earned exceeds ₹40,000 for individuals (other than senior citizens) and ₹50,000 for senior citizens. This threshold applies to the total interest earned…

  • Income Tax Surcharge Rate & Marginal Relief – Latest Updates

    If you fall under the higher income tax bracket of 30%, you may be subject to an additional surcharge on your tax liability beyond a certain threshold. Simply put, a surcharge is an extra tax imposed on individuals earning above a specified limit. The government has implemented this surcharge to ensure that high-income earners contribute…

  • Understanding Deductions Under Section 80CCD of the Income Tax Act

    Paying your income tax accurately and on time is essential for the nation’s economic progress. As a responsible taxpayer, it’s important to be aware of the deductions available under the Income Tax Act, 1961. The government provides several tax-saving options, and one such benefit is the deduction under Section 80CCD, which allows tax relief on…

  • Consent Letter for GST Registration: Format and Guidelines

    In today’s digital age, many entrepreneurs operate businesses remotely or from home, often without a dedicated office space. In such cases, businesses must register under GST by declaring a place of business, even if they neither own nor rent the premises. This is where a consent letter comes into play. GST registration is essential for…

  • PAN Aadhaar Link – How to Link Your Aadhaar Number with PAN Card Online After the Deadline?

    As per government regulations, all PAN card holders were required to link their Aadhaar with their PAN by 30th June 2023. This mandate applies to all taxpayers to ensure compliance with tax laws. If the PAN-Aadhaar linking was not completed by the given deadline, the PAN card became inoperative from 1st July 2023. However, individuals…

  • Input Service Distributor (ISD) under GST

    An Input Service Distributor (ISD) is a category of taxpayer under the Goods and Services Tax (GST) system responsible for distributing input tax credits (ITC) related to its GSTIN to various branches or units. These branches must have different GSTINs but be registered under the same PAN. Latest Updates 50th GST Council Meeting During the…

  • GST on Stabilizers: Voltage Stabilizer HSN Code & GST Rate

    In India, the Goods and Services Tax (GST) applies to the production and sale of voltage stabilizers and regulators. These stabilizers fall under the Harmonized System of Nomenclature (HSN) code 8504. The HSN system is an internationally accepted classification framework designed to systematically categorize products. Read on to learn about the HSN code and applicable…

  • Understanding GST on Cross Charge Transactions

    The term “cross charge” is not explicitly defined in the GST Act, but it generally refers to the invoicing of goods supplied between distinct entities or persons. What Are Cross-Charge Transactions? Under the CGST Act, tax is levied on the supply of goods and services between distinct persons, even if no consideration is exchanged. Distinct…

  • Resignation By Auditor Under The Companies Act, 2013

    As per the Companies Act, 2013 (“Act”), every company must appoint an auditor to oversee and maintain its financial records. The audit report prepared by an auditor is a crucial document that ensures financial transparency. Therefore, companies are required to appoint an auditor at their first Annual General Meeting (AGM). Both individuals and firms can…

  • GSTR-9 Excel Format: How to Download and Review GSTR-9 Draft on the GST Portal

    Registered taxpayers can preview their GSTR-9 information before filing it on the GST portal. The portal offers an option to download the draft GSTR-9 in Excel format, allowing taxpayers to cross-check details before making the final submission. This article explains how to access and review the GSTR-9 draft and highlights the importance of verifying the…

  • GST on Directors’ Remuneration

    Directors’ remuneration refers to the compensation a company provides to its directors in exchange for their services. This payment may take the form of fees, salary, or the use of company assets. Before remuneration is disbursed, it must be approved by the shareholders and the Board of Directors. Directors may hold various designations, including Executive…

  • Indian Trusts Act: Objectives, Registration & Taxation

    Creating a trust in India is a legally recognized way to manage and distribute assets for the benefit of individuals or communities. The Indian Trusts Act, 1882 (“the Act”) governs the establishment and administration of private trusts across India. However, it does not apply to Waqfs, personal or customary laws governing Hindu undivided families, or…

  • What is a GST Clearance Certificate: How to Get and Download It?

    In India, certain business transactions require a GST Clearance Certificate. Issued by the GST tax authorities, this certificate holds significant importance. In this guide, we will explore everything about the GST Clearance Certificate, including its purpose, application process, and how to download it. What is a GST Clearance Certificate? A GST Clearance Certificate is an…

  • Rule 86B of GST: Restriction on ITC Utilisation in Electronic Credit Ledger

    The Central Board of Indirect Taxes and Customs (CBIC) introduced Rule 86B through Notification No. 94/2020 dated 22nd December 2020, which came into effect on 1st January 2021. ITC Utilization Before Rule 86B Input Tax Credit (ITC) plays a crucial role in GST by preventing the cascading effect of taxation. Over time, the order of…

  • GST on Tours and Travels: HSN Code and GST Rates for Travel Agents

    The Goods and Services Tax (GST) on tours and travel services varies based on whether input tax credit (ITC) is claimed. If ITC is not availed, a 5% GST is applied to the total tour package. However, if ITC is utilized, the applicable GST rate is 18%. These differing rates impact pricing for both travelers…