Simbizz Consultancy Services

13/05/2024

Can you really change tax regimes at the last minute?

Many taxpayers are curious about the flexibility to alter their income tax regime while filing their income tax return (ITR). The introduction of the new tax regime by the Indian government in 2020 (FY 2020-21) provided...

Read me... https://simbizz.in/?p=23420

10/05/2024

Employer Will Compensate For The Loss Due To Delay in EPF Contribution: Supreme Court

The employer will have to compensate the loss for delay in contribution to the Employees’ Provident Fund (EPF). The Supreme Court has given this arrangement on Wednesday. According to the news of PTI, a bench of Justice Ajay Rastogi and Justice Abhay S Oka said...

Read more... https://simbizz.in/?p=23416

10/05/2024

Centre Proposes 12% GST for Health Insurance, Aimed at Expanding Coverage

In an effort to make health insurance more accessible and appealing, the Centre is contemplating a reduction in the GST tax rate on health insurance premiums. The proposed decrease would bring the tax rate down to 12% from the current 18% for premiums up to...

Read more... https://simbizz.in/?p=23413

10/05/2024

CBDT Extends Deadline for Charitable and Religious Trusts to Submit Registration Applications

The income tax department has announced an extension of the deadline for charitable and religious trusts to submit their registration applications to the tax authorities. The Central Board of Direct Taxes (CBDT) has granted this extension until ...

Read more... https://simbizz.in/?p=23410

10/05/2024

Understanding High-Value Cash Transactions and Income Tax Notices in India

In India, high-value cash transactions are regulated by income tax laws to monitor cash flow and prevent illegal financial activities. According to these regulations, any cash deposit of...

Read more... https://simbizz.in/?p=23407

10/05/2024

Making GST Payments: A Complete List of Newly Added Banks

Paying your Goods and Services Tax (GST) has never been easier, with the option to make payments through various banks via e-Payment (Net Banking) and Over the Counter ...

Read more... https://simbizz.in/?p=23403

10/05/2024

Understanding Income Tax Returns (ITR) Forms and Their Importance

An income tax return is a document filed with the tax authorities that outlines an individual’s or entity’s income and tax liabilities. It serves as a record of one’s financial activities...

Read more... https://simbizz.in/?p=23400

10/05/2024

09/05/2024

Cash Deposit Limit in Saving Account as Per Income Tax Act (2024)

The cash deposit limit in savings accounts refers to the maximum amount of cash that an individual can deposit within a...

Read more... https://simbizz.in/?p=23395

09/05/2024

Proposed Income Tax Act Amendment Targets MSME Dues Tax Treatment

A recent alteration in the Income Tax Act, aimed at bolstering small businesses by ensuring timely payments, might have inadvertently deterred potential buyers from...

Read more... https://simbizz.in/?p=23389

09/05/2024

CBDT Directs Self-Reporting Organizations to Submit High-Value Transaction Details of FY23 by 30th June

In a recent development, the Central Board of Direct Taxes (CBDT) has issued a directive to Self-Reporting Organizations (SROs) urging them to...

Read more... https://simbizz.in/?p=23386

09/05/2024

Kerala GST Department Guidelines: Issuance of orders u/s 107 and 108 of SGST/CGST/IGST Act

The Kerala GST Department has issued a new circular, Circular No: 05/2024 dated April 06, 2024, providing guidelines on...

Read more... https://simbizz.in/?p=23383