Employers frequently offer food vouchers, such as meal cards, to their employees. These prepaid meal cards can be used by employees to purchase meals and non-alcoholic beverages, providing a convenient…
Ensuring Fairness: Redefining E-Way Bill Penalties
A recent judicial ruling emphasized the critical importance of adhering to procedural fairness in the context of E-Way bill compliance under the CGST/UPGST Act. This case highlights the pivotal question…
CBDT Transforms Taxpayer Experience with Innovative AIS Update
The Central Board of Direct Taxes (CBDT) has unveiled a groundbreaking update to the Annual Information Statement (AIS), revolutionizing how taxpayers manage their financial data. This new feature provides real-time…
Understanding the Implications of the Karnataka High Court Ruling on International Workers’ Provident Fund
On April 25, 2024, a significant judgment was delivered by the Hon’ble High Court of Karnataka, impacting the provisions for ‘international workers’ under the Employees’ Provident Funds Scheme, 1952 (Provident…
Optimizing New Tax Regime Options for AY 2024-25 and Beyond
The new tax regime introduced under Section 115BACfor Assessment Year 2024-25 (Financial Year 2023-24) offers lower rates but limits certain exemptions and deductions available under the old tax regime. Applicability:…
Tax Insights into Gift Giving and Inheritance in India
Giving and receiving gifts is an integral part of India’s cultural heritage. While in most cases, the value of such presents is nominal, but in some cases, the value of…
Adapting to Digital Notices under GST: Implications for Taxpayers and Legal Protections
In an era of digital transformation, the Revenue Department has introduced significant changes in the delivery method of notices and orders related to GST. Here is an overview of these updates, along with the consequences of missing notices and a case law illustrating the safeguards available to taxpayers. Changes in Notice Delivery Method: Notices and…
Navigating Income Tax Declarations: A Comprehensive Guide for Employers
Background: As per the Income Tax law, employers are required to calculate the income tax for each employee based on the chosen tax regime (Old or New) and deduct TDS from their salary accordingly, following the Income Tax Slab Rates. At the beginning of the financial year i.e. in April, employers are required gather declarations…
Is introduction of Section 43B(h) under Income Tax Act in relation to payments to Micro and Small Enterprises and consequent Disallowance too harsh?
In their efforts trying to promote growth of Micro Small & Medium Enterprises, Government has brought about amendment effective from 1st April 2024 which requires all business entities, including companies, proprietorships, partnership firms, or LLPs, to timely make payments to registered Micro and Small enterprises suppliers. Section 43B(h) of the Income Tax Act, a provision…
Understanding the Implications of Enhanced TDS & TCS rates under Sections 206AB and 206CCA for non-Filers
Two sections necessitate the deduction of tax (TDS) / collection of tax (TCS) at higher rates when payments are made to specified persons who have not filed their income tax returns Two sections necessitate the deduction of tax (TDS) / collection of tax (TCS) at higher rates when payments are made to specified persons who…