New Delhi: When India rolled out the Goods and Services Tax (GST) on July 1, 2017, it replaced a patchwork of indirect taxes with a single nationwide system. To accommodate different economic priorities, the GST Council introduced multiple tax slabs. Among these, the 5% GST slab has emerged as a key category — designed to […]
In a landmark announcement, Finance Minister Nirmala Sitharaman has unveiled major changes to India’s income tax structure. Under the new tax regime, individuals earning up to ₹12 lakh annually will now pay zero tax. The move aims to make India’s tax system more equitable, growth-oriented, and supportive of the middle class. New Income Tax Slabs
Introduced on July 1, 2017, the Goods and Services Tax (GST) transformed India’s indirect tax framework by merging multiple state and central levies into a single, unified system. As a destination-based tax, GST is collected where goods or services are consumed, not where they originate. One defining feature of GST is its tiered tax structure,
The Indian real estate market is witnessing a growing interest from Non-Resident Indians (NRIs). But while investment opportunities abound, one crucial aspect demands attention — Tax Deducted at Source (TDS) on property transactions. Governed by the Income Tax Act, 1961, these rules can significantly impact your returns if not followed correctly. This guide breaks down
The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, Rajasthan, has introduced major tax changes for India’s hospitality sector. The revised GST rates and compliance norms, effective from April 1, 2025, are aimed at simplifying tax structures, improving transparency, and boosting competitiveness for hotels and restaurants. Key Highlights Council Meeting Overview Chaired
New Delhi: Understanding Tax Deducted at Source (TDS) on rent is crucial for both landlords and tenants in India. Under Section 194-I of the Income Tax Act, certain rental payments require mandatory TDS deductions—ensuring tax compliance and preventing evasion. If annual rent exceeds ₹2.40 lakh, TDS rules come into play, making it essential to know
India is gearing up for one of its most significant tax reforms in decades — the Direct Tax Code (DTC) — set to replace the Income Tax Act of 1961. Slated for implementation by April 2025, the DTC aims to simplify tax laws, widen the taxpayer base, and bring India’s taxation framework closer to global
