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Prior to the implementation of the Goods & Services Tax (GST), all business owners and dealers were required to register under VAT. In their sphere of influence, state laws were in charge. As a result, each of them was given a TIN by the authorities in charge of collecting state-level taxes. The Central Board of Indirect Taxes and Customs (CBIC) assigns a comparable registration number to service providers. But since the GST was put into place, all taxpayers have been placed

All trusts, organisations, institutions, funds, and hospitals registered under Section 12A, Section 80G , or Section 12AA of the Income Tax Act are required to apply for new registration under Section 10(23C). Before the deadline, they must deliver Form 10A in the required format to the Principal Commissioner or a Commissioner designated by the CBDT. The Form 10A submission process is now made easier by the revised e-filing platform. Whether you're a new application or an e

Digital payments gained prominence in 2016 when the National Payments Corporation of India (NPCI) launched the Unified Payment Interface (UPI). Without their banking credentials, you can now quickly pay peers and merchants. All you require is their mobile number or Virtual Payment Address (VPA). While UPI transactions are convenient, you might sometimes face issues due to technical glitches, slow bank services, or other hiccups. It is vital to know how to file a complaint ab

Section 80U of the Income Tax Act, 1961, provides a fixed tax deduction to individuals certified as persons with disabilities. It is designed to ease financial strain by reducing taxable income, irrespective of medical expenses. The deduction applies to resident individuals who have at least 40% disability certified by a recognized authority. This benefit reflects the government’s intent to ensure inclusivity and financial support for differently-abled taxpayers through stra

The World Customs Organisation (WCO) created the Harmonised System Nomenclature (HSN) Code, an internationally standardised system for classifying commodities. The HSN Code, which offers a methodical and rational framework for categorising items, is essential to international trade. This approach makes it easier to identify products and apply the appropriate taxes and levies. Additionally, the HSN Code guarantees adherence to international trade laws and facilitates the gathe

On December 21, 2024, the 55th GST Council meeting took place in Jaisalmer, Rajasthan. The Union Minister of State for Finance, Shri Pankaj Chaudhary, the Chief Ministers of Haryana, Jammu and Kashmir, Meghalaya, and Odisha, the Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana, as well as the Finance Ministers of States and UTs (with legislature) and senior officers of the Ministry of Finance & States/UTs, were among the attendees. Certain goo

Capital gains exemptions under Sections 54 , 54EC , and 54F allow taxpayers to reduce their tax burden by reinvesting profits from the sale of assets. Each section has distinct conditions, eligible investments, and timelines. Understanding these provisions helps taxpayers plan efficiently and maximize savings. Online platforms like TaxBuddy simplify this process by automatically identifying eligible exemptions and ensuring accurate reporting while filing ITR, making complex

Capital gains tax on mutual funds is determined by how long the investment is held and the type of fund—equity or debt. The Income Tax Act, 1961, categorizes these gains into short-term and long-term, each attracting distinct tax rates. Budget 2025 has introduced clarity on holding periods, tax slabs, and exemption limits, making compliance easier for investors. With automation-led tax filing platforms like TaxBuddy , reporting capital gains has become simpler and more accur

The Income Tax Department of India is reminding taxpayers that September 15, 2025, is the deadline for submitting their Income Tax Return (ITR)  for the fiscal year 2024–2025. In accordance with Section 139(4) of the Income Tax Act, individuals who do not file by this date may still choose to file a delayed return. A belated return may be submitted until December 31, 2025 (three months before the conclusion of the applicable assessment year 2025–2026) or before the assessment

Employee Stock Option Plans (ESOPs) are a popular way for companies to reward and retain employees by offering ownership in the business. However, these benefits come with tax implications at multiple stages. ESOP taxation in India occurs first when shares are allotted (perquisite tax) and again when they are sold (capital gains tax). Proper reporting in your Income Tax Return (ITR) is crucial to avoid errors, penalties, and scrutiny. Understanding how these taxes apply, how