ISD Mechanism Mandatory After Finance Act 2024: Kerala HC Quashes ₹1.31 Crore GST Demand Introduction The Kerala High Court has delivered a significant ruling that brings much-needed clarity to the ISD Mechanism under the Goods and Services Tax (GST) regime. In the case of Intertek India Pvt. Ltd. v. Assistant Commissioner of Central Taxes and
Off-market debit and credit transactions in your AIS are share transfers made outside the stock exchange, such as gifts, transfers between your own demat accounts, or private deals. They show up in your Annual Information Statement, so you need to understand and reconcile them while filing your ITR to avoid mismatches that can trigger a
Even under the new tax regime, a few tax benefits under the new tax regime still apply. You can claim the Rs 75,000 standard deduction (salaried and pensioners), the employer’s NPS contribution under Section 80CCD(2), the family pension deduction, the Agniveer Corpus Fund deduction under Section 80CCH, and interest on a let-out house property loan.
For traders, intraday equity trading is treated as speculative business income, while futures and options (F&O) is non-speculative business income – each with different rules for loss set-off, turnover computation and tax audit. This guide explains how intraday and F&O income are taxed and the compliance every trader should know. Intraday Trading vs F&O Taxation
Banks report large cash deposits to the income tax department, and deposits that do not match your declared income can trigger a notice. This guide explains the cash deposit reporting thresholds, why notices are issued, and how to respond correctly to avoid penalties. A cash deposit income tax notice is something almost every taxpayer dreads,
The Supreme Court upheld the levy of 28% GST on online real-money gaming, calculated on the full face value of bets. This has significant implications for gaming companies’ pricing and tax outgo. This guide summarises the ruling and its impact. The Supreme Court has upheld the government’s decision to impose 28% GST on online gaming
The income tax department uses multiple data sources to detect undisclosed income – the Statement of Financial Transactions (SFT), the Annual Information Statement (AIS), TDS/TCS data, high-value transaction reports and data analytics. This guide explains the main ways your income is tracked and why matching your return to this data matters. The Income Tax Department
An income tax refund can be delayed for several reasons: the return not being e-verified, a mismatch in bank or PAN details, an outstanding demand adjusted against the refund, or the return still under processing. This guide explains the common reasons and how to track your refund status. Filing an Income Tax Return (ITR) on
Your ITR is considered defective when it contains incomplete, inconsistent, or mismatched information, and the Income Tax Department may issue a notice under Section 139(9). A single automated flag can stop refunds, block loss carry-forwards, and trigger follow-ups. The good news: most defective-return notices are entirely avoidable with systematic reconciliation and correct ITR
Best-Judgment Assessment is a tax estimation process used by the Assessing Officer (AO) when individuals fail to file returns or comply with tax notices. Taxpayers at risk include non-filers, those ignoring notices, and individuals not cooperating during audits. The AO estimates income based on various data sources like GST filings, as well as past profit ratios. Non-compliance can lead to significantly higher tax demands, interest charges, penalties, and increased scrutiny in future audits. To avoid this, taxpayers should file returns timely, respond to notices, and keep accurate records. Proactive compliance is crucial in preventing assessment risks.
Advance tax is the ‘pay-as-you-earn’ income tax paid in instalments during the year rather than as a lump sum at year-end. It applies when your tax liability after TDS is Rs 10,000 or more. This guide explains who must pay advance tax, the quarterly instalment schedule and the interest for shortfall. Advance Tax (also known
Many families struggle to locate and claim a loved one’s assets because the accounts, investments, insurance and nominee details were never documented. Keeping an organised, accessible record of your financial life – and updating nominees – ensures your family can access what is rightfully theirs. This guide explains why and how to document your finances.
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