What is the Composition Scheme? The Composition Scheme under GST is a simple way for small businesses to pay tax at a fixed rate without too much paperwork. It helps small traders, shopkeepers, and local service providers to easily follow GST rules. Best for: When Did It Start? Composition Tax Rates under Section 10(1) (a) … Read more
What is Section 54F? Section 54F of the Income Tax Act allows individuals and HUFs to claim exemption from long-term capital gains (LTCG) if the gains are reinvested in buying or constructing a residential house in India. It applies only when you sell any long-term asset other than a residential house (like land, gold, commercial … Read more
Presumptive Taxation Scheme is a relief for small taxpayers who don’t want to maintain complicated books of accounts. If you are a small business owner, professional, or someone who runs a goods vehicle, the Income Tax Act offers you a simpler way to pay tax under sections 44AD, 44ADA, and 44AE. Let’s understand it in … Read more
📅 Updated: July 2025 | ✍️ By TaxGiveIndia.com Benefits of MSME Registration include easy bank loans, lower interest rates, government subsidies, faster payments from buyers, and special access to government tenders. It helps your business grow with legal and financial support. 💡 What is MSME Udyam Registration? Udyam Registration is a government certificate for small … Read more
1️⃣ GSTR-3B Once Filed – Cannot Be Changed Earlier, many businesses used to adjust figures in GSTR-3B. But now, after 1 July, you cannot edit GSTR‑3B once submitted.✅ Details in GSTR-3B will be picked directly from your GSTR-1.✅ Any correction must be done through GSTR-1A only — and only once per month. 🧾 For example:If … Read more
If you’re filing your Income Tax Return (ITR) for the financial year 2024–25, here new changes—explained in simple terms. 📆 ITR Filing Deadline Extended 🧮 New Income Tax Slabs (Default Regime) The New Regime is now the default tax structure unless you choose the old one. Here’s the slab structure:http://incometax.gov.in/iec/foportal/help/individual/return-applicable-1#taxslabs Income (₹) Tax Rate 0 … Read more
If you get a Notice u/s 148 from the Income Tax Department? This notice is sent when income is not reported correctly, or Income Tax Return (ITR) is not filed, and the department has information that your income has escaped assessment. In this blog, we’ll explain: ✅ What is a Notice under Section 148✅ Reasons … Read more
In financial year 2024–25, if you are a salaried person, freelancer, content creator, or small business owner, the Indian Income Tax Act offers several smart ways to reduce your tax. 🔍 New vs. Old Tax Regime – Which One to Choose in FY 2024–25? In India there is two tax regimes: ✅ Old Regime (with … Read more
1. Tax Incentives for Electric Vehicles (EVs) Electric vehicles (EVs) play a vital role in reducing India’s dependence on fossil fuels and cutting down harmful emissions. To encourage more people to buy EVs, the government offers several tax benefits. Here’s how you can benefit: A. Section 80EEB: Deduction on EV Loan Interest B. FAME India … Read more