The scheme for applicability of Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) to non-company entities shall come into effect for accounting periods commencing on or after 1 April 2020. For the applicability of Accounting Standards, non-company entities are classified into four categories: Level I Level II Level III Level IV…
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Summary of Major Decisions at 54th GST Council Meeting: Goods: – Namkeens and Savoury Products: GST on extruded/expanded savoury food products reduced from 18% to 12%, excluding un-fried/un-cooked snack pellets. – Cancer Drugs: GST rate reduced from 12% to 5% for Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. – Metal Scrap: Introduction of Reverse Charge Mechanism…
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DIRECT AND INDIRECT TAXES CHANGES: CHANGES FROM 1ST SEPTEMBER 2024 Let us know if you have any additional questions at anshul@karwaandassociates.com
How can NRIs e-Verify IT Return from Abroad? Step-wise procedure Given below are the steps for NRIs to e-Verify IT Return from Abroad through Net Banking: To begin with, log into your e-filing account on the website of the IT Department. Once you’re logged in, you’ll be taken to your dashboard. From there, navigate to…
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Top Highlights of Budget 2024-25: Capital Gains Taxes: – Short-term gains: 20% on all financial assets. – Long-term gains: 12.5% on all assets. – Exemption on profits up to ₹1.25 lakh a year. Standard Deduction: – Increased from ₹50,000 to ₹75,000. Family Pension Deduction: – Increased from ₹15,000 to ₹25,000. New Income Tax…
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F&O Income: Non-Speculative Business Income F&O income is classified as non-speculative business income, i.e., normal business income. Declare your F&O profits or losses under the “Profits and Gains from Business” head. For example, if you earned ₹50,000 from F&O trading, it should be reported as business income. Using the Correct ITR Form Use…
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Prepaid Insurance Calculator Prepaid Insurance Calculator Premium Amount (₹): Period Type: MonthsDays Prepaid Period (months): Prepaid Period (days): Calculate
Key Recommendations made by the 53rd GST Council meeting held today: 1. Waiver of Interest and Penalty 2. Extended Time Limit for ITC 3. Monetary Limits for Appeals 4. Reduced Pre-Deposit for Appellate Authority 5. Reduced Pre-Deposit for Tribunal 6. Amendment in Appeal Time Limits 7. Extension of GSTR-4 Filing Deadline 8. No Interest on…
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