How to File GST-3B: A Detailed Guide for Businesses
The Indian taxation system has become more stringent in recent times. Businesses that are registered as taxpayers need to abide by all the rules, especially those related to the Goods and Services Tax. From renewing the license to filing monthly GST 3B return, they need to keep up with the laws and compliance regulations. However, […]
Income Tax Old Tax Regime Vs. Income Tax New Tax Regime
Union Budget 2025 has revised the slab rates of income tax under the new tax regime for FY 2025-26 (AY 2026-27). The slab rates stretch from nil to thirty percent for individual incomes above ₹24 lakh per annum. Tax rebate under Section 87A has been enhanced by ₹60,000 for tax-free incomes below ₹12 lakh. The […]
STCG vs LTCG: Tax Rates & Treatment Under New Regime for FY 2024-25
In the new tax scheme for FY 24-25, short-term capital gains (STCG) and long-term capital gains (LTCG) on listed shares and shares of equity-oriented mutual funds, along with business trust units, are subject to distinct tax treatment. Section 111A applies to STCG taxation if you keep securities for fewer than 12 months. The initial STCG […]
All About ITC Allocation by ISD Under GST From 1 April 2025
From 1 April 2025, all such entities that have separate GST registrations must register as Input Service Distributors. The rule comes into play when an invoice for input service is received by one branch from another. Now, the rule states that ITC allocation by ISD is for all input services received by registered entities. Before […]
TDS and TCS Rates for Financial Year 2025-26
TDS and TCS rates during Financial Year 2025-26 (Assessment Year 2026-27) depend on the nature of transactions and the recipient’s residence status. Residents subject to TDS must file under Section 192 for their salaries. But, TDS on PF withdrawals exceeding ₹50,000 amounts to 10% of the value. Also, Bank interest follows Section 194A, applying a […]