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Advisory on Entry of Receipt Numbers for Leased Wagons in the E-Way Bill System

Effective from January 1, 2025, the Goods and Services Tax Network (GSTN) has issued updated guidelines for the accurate entry of Receipt Numbers pertaining to Leased Wagons in the E-Way Bill (EWB) system. These instructions aim to ensure streamlined data validation and compliance for taxpayers transporting goods via rail networks, particularly through Leased Wagons. Key …

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Key Highlights from the 54th GST Council Meeting

The 54th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, brought about several pivotal recommendations aimed at fine-tuning India’s GST regime. Attended by key officials and ministers from various states, the meeting resulted in decisions on tax rates, trade facilitation, and procedural improvements, benefiting both businesses and consumers. Here are some of …

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Understanding Tax Exemption vs. Tax Deduction in India

Tax planning is a crucial aspect of personal finance management, helping individuals and businesses reduce their tax liabilities within the framework of the law. Two important concepts in this realm are tax exemptions and tax deductions. While both mechanisms serve to lower your taxable income, they function differently. This article elucidates the differences between tax …

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Understanding Dividend Tax in India for AY 2024-25

Dividend tax refers to the tax imposed on the income earned from dividends in India. For the Assessment Year (AY) 2024-25, there are certain key aspects to consider regarding dividend taxation in the country. 1. Dividend Distribution Tax (DDT) Prior to the financial year 2020-21, companies were required to pay Dividend Distribution Tax (DDT) on …

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Home Loan Deductions Available Under Income Tax Act for AY 2024-25

Home Loan Deductions Available Under Income Tax Act for AY 2024-25 When it comes to purchasing a home, many individuals opt for a home loan to fulfill their dream of becoming a homeowner. The Indian government provides certain tax benefits on home loans, which can help reduce the financial burden. Here are the home loan …

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ITR Forms Applicable in India for AY 2024-25

Income Tax Return (ITR) forms are documents that individuals and entities in India use to file their income tax returns. The forms vary depending on the type of taxpayer and the nature of their income. Here are the different types of ITR forms applicable in India for Assessment Year (AY) 2024-25: ITR-1 (Sahaj) ITR-1 is …

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Income Tax Slabs: New Tax Regime vs. Old Tax Regime in India

When it comes to income tax in India, taxpayers have the option to choose between the new tax regime and the old tax regime. Let’s take a closer look at the income tax slabs applicable for the assessment year 2024-25 under both regimes. New Tax Regime The new tax regime, introduced in 2020, offers lower …

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The Importance of Income Tax Return Filing in India

Income Tax Return Filing in India Filing income tax returns is a legal obligation for individuals and entities in India who meet certain income thresholds. It is a process of reporting your income and paying taxes to the government. The income tax return filing process in India is governed by the Income Tax Act, 1961, …

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PAN Card: Features and Benefits in India

A PAN (Permanent Account Number) card is a unique 10-digit alphanumeric identification number issued by the Income Tax Department of India. It serves as a crucial document for various financial transactions and is mandatory for certain activities. Features of PAN Card: 1. Unique Identification: Each PAN card has a unique number assigned to an individual …

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Understanding Section 80EE of the Income Tax Act: Features and Benefits

Introduction:Section 80EE of the Income Tax Act is a provision that offers tax benefits to individuals on the interest paid on home loans. Introduced to encourage homeownership, this section provides an additional deduction over and above the benefits available under Section 24(b) of the Income Tax Act. Features of Section 80EE: Benefits of Section …

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