Legal Suvidha

As a responsible citizen of India, it is crucial to stay aware of the various tax-saving measures available to us. One such measure is Section 80G of the Income Tax Act, which allows taxpayers to claim a deduction on donations made to certain charitable institutions. However, in order to claim this deduction, it is mandatory […]

GST return GST return refers to a document that contains details of all the sales, purchases, tax collected, and tax paid under the Goods and Services Tax (GST) system. In India, GST returns are required to be filed by registered taxpayers on a monthly, quarterly, or annual basis, depending on their turnover and nature of

Bona fide & mala fide non-compliance Bona fide non-compliance refers to non-compliance that occurs unintentionally or without any malicious intent. This may happen due to a mistake, ignorance of the law, or a genuine inability to comply with the rules. On the other hand, mala fide non-compliance refers to intentional or deliberate non-compliance, where a

Deductions under the Old Tax Regime Under the old tax regime, taxpayers were allowed to claim various deductions and exemptions to reduce their taxable income. These deductions were available under various sections of the Income Tax Act, such as section 80C, 80D, 80E, 80G, and so on. Some of the popular deductions under the old

Section 18 of the Central Goods and Services Tax Act, 2017 deals with the provisions related to availability of input tax credit (ITC) in certain situations. It specifies the cases in which a registered person is eligible to claim ITC and the conditions for claiming such credit. The section also covers the procedure for claiming

Prior to the 48th GST Council Meeting, unregistered buyers of flats had limited options to claim a refund of GST paid upon cancellation, only being able to claim it from the builder within a specific timeframe when the builder could issue a credit note. This caused difficulties and increased costs for unregistered buyers who were

As tax laws and regulations continue to evolve, it’s important to stay up-to-date with changes that may affect your tax liability. One area that can be particularly complex is the taxation of undisclosed income. In this article, we’ll explore the taxability of undisclosed income under Section 68 and Section 69D of the Income Tax Act

Since its implementation in 2020, India’s new income tax system has generated a lot of debate. Many people have thought about the potential effects on taxpayers as a result of the government’s desire for a more straightforward tax system. This article will go into greater detail on the new tax regime system, its effects, and

Ocean freight is the transportation of goods by sea from one country to another. The GST on ocean freight is levied on the transportation charges incurred by the shipping line or the freight forwarder. The GST rate on ocean freight is 5% of the total ocean freight charges. GST on Import of Goods by Sea

Section 194DA of the Income Tax Act pertains to the deduction of TDS on payments made towards the maturity proceeds of a life insurance policy. As per this provision, the insurer is required to deduct TDS at the applicable rate on the amount paid to the policyholder upon maturity of the policy. The TDS rate

Understanding the basics of tax planning is crucial for salaried employees in India to maximize their take-home pay and minimize their tax liabilities. Here are some key points to keep in mind: Know your taxable income: Your taxable income is the income on which you have to pay tax. It includes your salary, allowances, and

In today’s business world, it’s essential to stay up-to-date with the latest regulatory changes. One such change is the filing of announcements in XBRL format on the National Stock Exchange (NSE) NEAPS and BSE Listing Centre. This article will provide you with all the necessary information on the topic, including why it’s important, how to