The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 210/04/2024-GST to clarify the valuation of supply of import of services by a related person where the recipient is eligible for full input tax credit (ITC). This circular addresses concerns raised by businesses regarding demands for tax on reverse charge basis for certain activities undertaken by related persons ...

The Central Board of Indirect Taxes and Customs (CBIC) recently issued Circular No. 218/12/2024-GST, which addresses the taxability of loan transactions between related parties. This clarification is crucial for businesses involved in cross-border financial dealings, as well as for those engaging in loans within their corporate groups. Let’s delve into the key points of this circular to understand its implications. ...

The Indian government’s recent budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, has introduced significant changes to the long-term capital gains (LTCG) tax on real estate. These changes include the removal of the indexation benefit and a revision of the tax rate. This article explores the implications of these changes, compares the tax liability under the previous and new ...

Imagine having ₹1 crore at your disposal. It’s a substantial amount that opens up numerous opportunities to generate passive income. While securing a fixed income isn’t always possible in the world of investments, a strategic allocation can help you achieve financial stability and peace of mind. Here’s how you can split your corpus and invest wisely to create a steady ...

The Goods and Services Tax (GST) in India is a comprehensive tax levied on the supply of goods and services. It has streamlined indirect taxation, replacing many central and state taxes. Recently, the government has issued Circular No. 225/2024 to clarify the taxability and valuation of corporate guarantees provided between related persons. This article aims to break down the circular’s ...

Retirement planning is crucial for financial security in your later years, and the National Pension System (NPS) is an excellent way to achieve this. Whether you are new to the concept of retirement planning or looking for a reliable pension scheme, this guide will help you understand the NPS, its benefits, and how to get started. What is NPS? The ...

The Authority for Advance Rulings (AAR) in Karnataka issued an important ruling (KAR ADRG 26/2023) on July 13, 2023, concerning the classification and applicable GST rates for various types of chikkies manufactured by M/s. Sirimiri Nutrition Food Products Private Limited. This ruling provides clarity on how different varieties of chikkies should be classified under the Goods and Services Tax (GST) ...

Planning for your child’s future can be a complex task, given the myriad of financial options available today. Parents often find themselves overwhelmed by choices like Unit Linked Insurance Plans (ULIPs), mutual funds, and child education plans. Each of these financial instruments comes with its own set of benefits and drawbacks, making the decision even more challenging. Understanding these options ...

In today’s financial landscape, credit cards are essential tools for managing expenses, earning rewards, and building credit history. Among the various credit card options available in India, RuPay credit cards have emerged as a popular choice. Launched by the National Payments Corporation of India (NPCI), RuPay cards offer a range of benefits tailored to the needs of Indian consumers, including ...

Financial planning is about making informed decisions that maximize your financial health and minimize unnecessary expenses. Recently, I faced a dilemma when buying a scooty worth ₹1,14,000. Even though I had enough savings to pay the full amount upfront, I opted for an EMI plan. This decision wasn’t just about convenience but also about strategic financial planning. Here’s a detailed ...