Category: Business Tax
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How to Plan for Big Life Events Financially
Life is full of surprises. Some are pleasant ones, while some may not be so. While emotions take centre stage during major life events such as marriage, parenthood or buying a home, these events bring in certain financial implications. If not planned for properly, they can lead to consequences such as falling into unmanageable debt…
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Key Updates to TCS Provisions from April 1, 2025
In continuation of our previous blog on the key changes to the TDS provisions, this blog focuses on the amendments to Tax Collected at Source (TCS) provisions introduced in the Union Budget 2025. Such amendments aim at rationalizing the tax collections and easing out the compliances. Let us delve into this blog to stay updated…
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Key Updates to TDS Provisions from April 1, 2025
Significant changes to the Tax Deducted at Source (TDS)provisions were introduced in the Union Budgets 2024 and 2025 presented by the Finance Minister of India. These changes have been brought in with the aim of rationalizing the provisions involved in the collection of TDS, while alleviating the difficulties involved and easing the compliance burden on…
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TDS on Remuneration to Partners – New Compliance Under Section 194T
Introduction Section 194T of the Income Tax Act 1961 entails a new TDS (Tax Deducted at Source) provision on the payments to the partners of a partnership firms and LLPs. Payment in the nature of salary, remuneration, commission, bonuses or interest by a firm to their partners, and such payments, if exceeding INR 20,000 in…
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Cross Utilization of GST Input Credit
Input GST credit can be cross-utilized for payment of other tax liabilities, this means that a credit component of Central Goods and Services Tax (CGST) / State Goods and Services Tax (SGST) can be utilized for Integrated Goods and Services Tax (IGST), and vice versa. The Law on the order of Input Tax Credit (ITC)…