Concerns for Businesses: GST ITC Restriction on CSR Spend Introduction: Concerns for Businesses: GST ITC Restriction on CSR Spend highlights the crucial role of a robust VAT system in maintaining a seamless flow of Input Tax Credit (ITC). However, businesses face challenges in determining the eligibility of ITC, particularly regarding the Goods and Services Tax (GST) paid for fulfilling Corporate Social Responsibility (CSR) obligations. This article focuses on the debate surrounding whether CSR expenditure can […]

Chat GPT-4 Pro: Income Tax Return Checklist Tax season is approaching, and it’s crucial to be prepared to avoid the last-minute hassle and ensure that you’re correctly reporting tax benefits and claims while maintaining proper documentation. Here is a comprehensive ten-point checklist to help you prepare for a hassle-free tax compliance. ITR Form Selection Choosing the right Income Tax Return (ITR) form is essential for the Financial Year (FY) 23-24 to ensure hassle-free tax compliance. […]

Claim Exemption on Capital Gains by Selling Jewellery for Buying a House Introduction: If you have recently sold jewellery, it is important to understand the tax implications. The Income Tax Act 1961 allows taxpayers to claim tax exemption on long-term capital gains (LTCG) by purchasing a residential property. In this article, we will explore the provisions and conditions for claiming this exemption and provide a comprehensive understanding of the process. Provisions for Claiming Tax Exemption: […]

 Why Delaying Income Tax Return Filing Until 15 June Might Be Wiser Introduction: The income tax return (ITR) filing for the financial year 2023-24 (current assessment year) was opened in the first week of April. Although this is earlier than usual, there are compelling reasons to delay filing until 15 June. Reasons to delay ITR filing until 15 June TDS Reporting Exercise by Banks Finishes by 31 May: Banks and other entities report the tax […]

How to Minimize Tax Liability and Maximize Investment Returns: Easy Tax Management Rules for Retail Investors Introduction: Over the past decade, India’s equity markets have seen remarkable growth, attracting participation from retail investors. However, income from investments such as dividends, long-term capital gains, and short-term capital gains attracts taxes that can reduce their total returns. In this article, we present easy tax management rules for retail investors to help them minimize their tax obligations and […]