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
Understanding Section 194D of the Income Tax Act is essential for insurance agents and brokers in India. This provision governs how tax is deducted at source (TDS) on insurance commissions, ensuring all such payments are properly recorded and taxed. Since its introduction in 1973, the TDS framework has undergone several changes. The latest update, announced
The Foreign Exchange Management Act (FEMA), enacted on December 29, 1999, is the backbone of India’s foreign currency regulation. Replacing the outdated Foreign Exchange Regulation Act (FERA), FEMA was designed to modernise India’s approach to external trade and payments, aligning it with the country’s liberalised economy and global trade practices. A FEMA licence is mandatory
