More Than 40 deductions or exemptions available under New Tax Regime For FY 24-25: Check Before Filing

The New Tax Regime for the financial year 2024-25 offers a total of 45 deductions and exemptions. Let's check what those are-

ICAI Recommends Key Suggestions On Practical Issues in GST

The Institute of Chartered Accountants of India (ICAI) has submitted a detailed set of recommendations aimed at resolving persistent compliance and procedural challenges under the GST. The suggestions, compiled by the GST & Indirect Taxes Committee, cover critical areas such as adjudication, input tax credit (ITC), registration, refunds, returns, and e-way bills.

Chartered Accountant arrested by ED in Rs 792 Crore Falcon Invoice Discounting Scam (A 🧵 Post) The Directorate of Enforcement (ED), Hyderabad, has arrested CA Sharad Chandra Toshniwal in connection with the Rs 792 crore Falcon invoice discounting scam. He has been remanded to 14 days' judicial custody.

Common Mistakes Frequently Observed in Financial Statements for Corporate Entities (A 🧵 Post) Financial statements play a critical role in reflecting a company's financial position and performance.

ROC Filing for Newly Registered Pvt Ltd Companies (A 🧵 Post) Starting a private limited company is an exciting step for any entrepreneur. However, along with registration, it's essential to comply with legal commitments, one of which is the private limited ROC filing.

IT Department Uses Satellite Imagery to Crack Down on Dubious Agricultural Income Claims (A 🧵 Post) In a major tax crackdown, the Income Tax Department has uncovered discrepancies in agricultural income declarations using satellite imagery.

Major Tax Changes for Partnership Firms and LLPs from April 1, 2025 (A 🧵 Post) Starting April 1, 2025, significant income tax changes will apply to partnership firms and Limited Liability Partnerships (LLPs) due to amendments introduced in the Finance Act. These changes focus on two key areas:

New Income Tax Bill: Tax Officers Could Gain Access to Emails & Social Media for Tax Scrutiny 🤯 #IncomeTax #IncomeTaxBill (A 🧵 Post) The recently introduced IT Bill, 2025, is making headlines, but not for the reasons taxpayers would hope. While the govt claims the bill is meant to simplify India's tax laws, a controversial provision buried within the draft has raised concerns over digital privacy.

Consequences of Submitting Fake Rent Receipts 🧾 for Claiming HRA (A 🧵 Post) Since the salaried class is one of the big tax contributors to the exchequer. The Income Tax Act, 1961 has provided various exemptions u/s. 10 and deductions u/s. 80C, 24 etc. so that taxpayers reduce their tax liabilities judiciously.

55th GST Council Meet Resolves ITC & Late Fee Ambiguities via Circulars (A 🧵 Post) Issuance of clarifications through the circulars to remove ambiguity and legal disputes in certain issues
To issue circulars to provide clarity in the following issues due to varied interpretations by the field formations:

Verify Authenticity of GST Bill: Ensuring GST Bill is Genuine! 🧐 (A 🧵Post) Verifying authenticity is necessary to avoid fraud as it safeguards you against inaccuracies and fraudulent activities. To ensure your GST bill is genuine you need to follow some steps 👇

🧐 Know the Cash Transaction limit for FY 2024-25 or else a penalty may be imposed by the IT Department. Follow this🧵to unveil the details! ⏩ Thresholds Limit for savings and current accounts under the Income Tax Act:

- Individuals depositing in savings accounts INR 10 lakh or more in a financial year must notify tax authorities.

📃 GST: Action Points of Closing of FY 2023-24. Follow this 🧵to decode the details! 'A stitch in time saves nine' is an old proverb that holds relevance even in the current times.

📌 Applicable for FY 2023-24 (AY 2024-25). Follow this 🧵 to unveil the details! ➡️ Change in Tax Slab under New Regime for Individuals and HUF: The New regime tax slab has been revised from ₹ 2,50,000 to ₹ 3,00,000.

🧐 ITR Deductions Under New Tax Regime. Follow this 🧵to decode the details! The new tax regime offers lower tax rates but fewer deductions as compared to the old regime.

🧐 Income Tax Department issued Instructions to AOs for initiating proceedings u/s 147 of the IT Act in e-Verification cases. Follow this 🧵 to decode the details! The Directorate of Income Tax (Systems) released e-Verification Instruction No. 2 (i) of 2024 on March 19, 2024. This instruction pertains to initiating proceedings under section 147 of the Income Tax Act, 1961, in cases related to e-Verification.

📌 20-Point Checklist for GST & Income Tax for Trade & Industry at FY 23-24 Year-End. Follow this 🧵 to decode the points! 1. Stock Taking & ITC Reversals: For Stock lost/ stolen/ Destroyed/ Written Off - But Not stock 'damaged'/ provision for non-moving items. In such stock taking, there are various items which are found destroyed, stolen, and which are written off or found lost.

📄 CBDT Announces Waiver of Pending Tax Demands up to Rs 1 Lakh per Individual. Follow this 🧵to decode the full details! 🧐 #incometax CBDT has issued an Order, bearing reference number F. No. 375/02/2023-IT-Budget and dated February 13, 2024, detailing the remission and extinguishment of specific outstanding direct tax demands.

👩‍💻 12 Changes in ITR-6 Form for AY 2024-25. Check this 🧵to unveil the changes! CBDT has notified Income-tax Return Form 6 for the AY 2024-25, vide Notification No. 16/2024, dated 24-01-2024.

📢 Income Tax Department Notifies Higher TDS/TCS Rates for 'Inoperative' PANs. Check this 🧵 to decode the full details! The Income Tax Department has issued a crucial attention notice to Tax Deductors and Collectors, notifying them of the implications of PAN status marked as 'Inoperative' on TDS and TCS rates.

🏡 Know All About "TDS and GST on Rent!"
Check this 🧵to decode the details! Rent is the payment made for tenancy, lease, sub-lease or other arrangements for use of property or machinery, furniture or other assets. 🛖