Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt or subject to a nil rate of tax. These exemptions are provided to ensure that essential financial services remain accessible and affordable to the general public. Below is a detailed explanation of the exemptions on banking-related services under GST: […]
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In the context of the Goods and Services Tax (GST), the term “non-supplies” refers to transactions or activities that are not considered as supplies under the GST law. These transactions are outside the scope of GST, meaning they are not subject to tax, and no input tax credit (ITC) can be claimed for such activities. Section 7(2)(a) provides
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Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Reference is invited to Circular No. 24/2022 dated 07.12.2022, whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961 (hereinafter referred
The Companies Act, 2013 outlines various penalties and offences that can be imposed on companies and their officers for non-compliance with its provisions. Below is a summary of the penalties and offences up to Section 100. Sr. No. Section Description of section Penalty 1. 4(5) Name reservation by furnishing wrong information (5)(ii) Where after reservation
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The Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number issued by the Income Tax Department of India. It is mandatory for entities responsible for deducting or collecting tax at source (TDS/TCS) to obtain a TAN. However, there may be situations where you no longer need a TAN (e.g., if your business has ceased
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An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities visit your business premises to gather information or verify the books of accounts to ensure compliance with tax laws. Objective of an Income Tax Survey– The primary objectives of conducting an income tax survey include: Verifying the
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 30th August, 2024 Press Release CBDT rolls out e-DRS Scheme, 2022 In pursuance of section 245MA in the Income-tax Act, 1961 (hereinafter referred to as “the Act”), the Central Board of Direct Taxes (hereinafter referred to as “CBDT”)
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Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and strategic financial planning. These components are pivotal in the Indian income tax system, ensuring the government receives tax revenues periodically throughout the financial year rather than at the end. This article will provide a comprehensive guide on advance tax and
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Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax. This section is crucial for tax professionals to understand as it impacts the computation of interest liabilities for assessee who fail to pay advance tax instalments within the stipulated deadlines. This article provides an in-depth analysis of Section
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Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and incentivize employees. However, the taxation of ESOPs can be complex, particularly in the Indian context where specific provisions under the Income Tax Act, 1961, govern their treatment. Legal Framework: Under Indian tax law, ESOPs are considered as perquisites (additional benefits)
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