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Stay informed with expert insights on business strategies, financial management, and regulatory updates to help your enterprise thrive
Reduced Rate of TDS Under Section 194IB from 1st October 2024
The government has introduced reduced rate of TDS u/s 194IB from 1st October 2024. The new TDS rate will be 2% of the rental amount instead of the earlier rate of 5%.
Frequently Asked Questions on IMS
The GST department has issued a set of FAQs on Invoice Management System on 22 September 24. These FAQs will act as guiding tool for the taxpayers while using the IMF. The Invoice Management System will be launched on the GST Portal from 1st October 2024 and shall be available to the taxpayers for taking actions on the received invoices/records from 14th October 2024 onwards.
Newly Introduced Reverse Charge Mechanism Liability and Input Tax Credit Statement in GST
The GST department through its updates section has announced the introduction of Reverse Charge Mechanism(RCM) Liability/Input Tax Credit(ITC) Statement from the tax period August 2024 onwards. This statement will enhance the accuracy for the RCM transactions by assessing the RCM liability.
What is cloud accounting
With a cloud system, hosting and updating accounting software is handled by the provider, freeing up office resources. Cloud software is accessible online, eliminating the need for software installation and reducing costs. Cloud-based systems offer advantages such as remote access to accurate financial information and automated accounting processes.
Understanding the Deadline for Claiming Input Tax Credit under GST
In this blog, we will explore the concept of input tax credit (ITC) under the Goods and Services Tax (GST) regime, its importance, and the deadline for claiming ITC.
Direct Tax Vivad Se Vishwas Scheme 2.0 for 2024
The Income Tax Department has announced 1st October 2024 as the date from which the Direct Tax Vivad Se Vishwas Scheme 2024 will be applicable.
No Mandatory Disclosure of Goods Transportation Route Under GST
The Allahabad High Court has recently clarified that Goods Transportation Route is Not Mandatory to be disclosed under GST.
Revolutionizing GST Compliance with the Invoice Management System
The GST department has issued draft manual on invoice management system through its news and updates section on 17th September 2024. Final version of the manual will be issued in meantime.
Expired E-way Bills - No Penalty Without Intent to Evade Taxes
The Calcutta High Court has clarified that penalties cannot be imposed for expired E-way bills if there is no intent to evade taxes. This ruling has significant implications for taxpayers and tax authorities alike.