# implications
11 posts in `implications` tag
Diwali 2023 Tax Implications Gifts Relatives Tax Free
Diwali is just a few days to go and many of you are wondering whether the gift will also be taxable on Diwali or not! With the Diwali gift-giving season upon us, you might be curious about which gifts could potentially incur taxes.
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By Krishna
CESTAT Rules No Service Tax on Sales Tax VAT Paid on Goods for Repair Service
Since Sales Tax/VAT had already been paid on these items, they contended that these amounts should not be included in the assessable value, and therefore, no Service Tax should be applied to them.
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By Krishna
Moonlighting in ITR: Under IT Department Investigation - Learn What it Is
Given the evolving job landscape, particularly due to job cuts and layoffs, numerous workers are seeking extra avenues to supplement their earnings alongside their primary employment.
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By Krishna
Income Tax Return Govt plans increase section 80c deduction limit details
Section 80C of the Income Tax Act, of 1961, is widely utilized for claiming tax deductions. It allows individuals to avail deductions for specific investments and expenses, such as pension schemes, PPF, and life insurance, among others.
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By Krishna
Important Update: New GST Rule Impacting Indian Companies Effective Today - Changes in Threshold
Companies engaged in B2B transactions and having a transactional value exceeding Rs. 5 Crore will be obligated to generate electronic or e-invoices. Furthermore, for all B2B transactions, companies with annual revenue of Rs. 10 Crores or more are currently required to generate electronic invoices.
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By Krishna
Income Tax Raids on UP Youtuber Earning Rs. 1 Crore Through Videos: Insights and Updates
The income tax department conducted a raid on the home of YouTuber Taslim in Uttar Pradesh. Taslim is accused of earning nearly Rs 1 crore through illicit YouTube videos on share market trading.
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By Krishna
CBDT Clarifies Tax Implications of Offshore Investments through Alternative Investment Fund: Key Insights
The definition of 'investment fund' in the Income-tax Act, of 1961 underwent an amendment through the Finance Act of 2023.
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By Krishna
50th GST Council Meeting Highlights: Key Updates from July 11, 2023
On July 11, 2023, the 50th meeting of the GST Council took place at Vigyan Bhawan, New Delhi. This milestone marks the completion of 50 Council meetings since the introduction of GST.
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By Krishna
AAR Ruling: Same Place of Business Doesn't Mandate Separate GST Registration for Each Type of Business
The applicant has submitted this application under subsection (1) of section 97 of the GST Act and the corresponding rules, addressing the following queries in sequential order (number 14) on FORM GST ARA-01
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By Krishna
Section 234F: Penalty for Late Filing of Income Tax Return - Overview and Implications
However, taxpayers who filed their returns after the due date were liable to pay interest under Sections 234A, 234B, and 234C of the Income Tax Act. These sections imposed interest charges for the delay in filing the return and/or the delay in payment of taxes.
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By Krishna
Tax Implications of Cash Deposits in Bank Accounts
The RBI has announced the withdrawal of Rs. 2000 notes from circulation & requested the public to submit the 2000 notes if they have them for exchange
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By Krishna