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GST Set-Off Calculator IGST CGST SGST Output Tax Payable Available ITC Calculate Download PDF GST Set-Off Calculator: Optimize Your Input Tax Credit (ITC) Instantly! GST (Goods and Services Tax) is India’s unified indirect tax system, and understanding how to set off your Input Tax Credit (ITC) correctly can make a big difference to your business’s …
GST Late Deposit Interest Calculator Use same Due Date & Payment Date for all Type Amount Due Date Payment Date Interest Action Add Entry Calculate Interest Export to Excel Export to PDF Understanding GST Late Deposit Interest and How to Calculate It What is GST Late Deposit Interest? Goods and Services Tax (GST) …
Introduction The Union Budget 2025, presented on 1st February 2025, introduces major changes in GST compliance, ITC claims, tax liability, and penalties. Here’s a complete analysis of the changes and their impact. Key GST Amendments in Budget 2025 1. Key Definition Changes Section Amendment Effective Date 2(61) ISD can distribute ITC on interstate supply, even …
💼 Union Budget 2025: Key Reforms and Implications for Taxation and Finance The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, brings several significant changes and reforms aimed at driving economic growth, improving social welfare, and modernizing India’s financial landscape. As a finance and taxation expert, it’s important to understand …
For Small and Medium Enterprises (SMEs), going public through an Initial Public Offering (IPO) is a transformative step that can unlock significant growth opportunities. An SME IPO allows businesses to raise capital from the public, enhance their market credibility, and fuel expansion plans. However, the process is intricate and requires careful planning, adherence to regulatory …
🏠 How Much Cash Can You Keep at Home? There is no official limit on how much cash you can keep at home. However, if the Income Tax Department finds a large amount, you must be able to prove its legal source. If you can’t, the authorities may seize the money and impose penalties. So, …
The Income Tax Department of India has recently sent SMS alerts to taxpayers regarding their claims under Section 80GGC, which provides deductions for donations to political parties. This initiative aims to verify the legitimacy of such claims for the Assessment Years 2022-23, 2023-24, and 2024-25. Key Highlights of the Income Tax Alert 1. Purpose of …
🌟 Why is the Income Tax Act 2025 a Game-Changer? Compact and Simplified: पुराने कानून का साइज 300 से ज्यादा पन्नों का था, जबकि नया एक्ट सिर्फ 60 पन्नों में सिमट गया है। 👉 अब यह फॉर्मूला-बेस्ड होगा—आपको बस वैल्यू डालनी है और परिणाम मिलेगा। Easier Language: अब आम जनता भी इनकम टैक्स एक्ट को …
What is TDS under GST and Income Tax? TDS under GST: Applicable when payments to a supplier exceed a specified threshold (e.g., ₹2,50,000), requiring the deduction of 2% on the taxable value of goods/services. TDS under Income Tax: Deducted as per applicable rates based on the type of transaction, typically 1% or 2% for …
Taxpayers, here’s some great news! The Income Tax Department has introduced a significant update that makes claiming the Section 87A rebate easier and more inclusive. The rebate, which was previously not allowed for incomes like short-term capital gains (STCG) taxed at 15%, is now available under certain conditions. Let’s break it down for you: What …