Seven years ago, the Goods and Services Tax (GST) was implemented as India’s largest indirect tax reform. With its dual taxation system, GST has replaced nearly all other taxes. Although…
The Importance of Accurate Form 16 to Ensure Tax Compliance and Financial Stability
Receiving an accurate Form 16 is essential for various reasons, particularly in terms of income tax compliance, financial planning, and maintaining a clean financial record from the employee’s perspective. Conversely,…
Key Insights and Practical Tips to Deal with the Notices u/s 133(6)
Recently Income Tax Department has increasingly issued notices under Section 133(6) of the Income Tax Act, 1961. Historically, these notices were primarily used to cross-verify third-party information during scrutiny assessment…
Your Guide to Meal Card Tax Savings and Other Benefits
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…