Union Budget 2025 has brought good news for the middle class. The announcement of no income tax on ₹12 LPA by Finance Minister Nirmala Sitharaman led to a meme fest on social media. As a part of the reorganized New Income Tax Regime 2025, this relaxation is given to reduce difficulties for early middle-income individuals. Let’s get into all of that, but first, let’s sink into the meme mania that swept the Internet! The Internet Has Been Meme-ing Up a Storm After the announcement of the new tax regime by the Finance Minister, social media was flooded with memes, and all of those were meant for…

Setting up an LLP in India has various compliance requirements. The basic needs include getting a PAN and a TAN for Tax Deduction and Collection. These two components are vital to the smooth financial and legal functions of an LLP. PAN and TAN are a sign of the commitment of an LLP towards the tax laws of India and, hence, to the regulations. PAN for LLPs PAN is a unique ten-character long alphanumeric number issued by the Income Tax Department of India. It is the most important tool for tax administration. For LLPs, it is mandatory to obtain a PAN.…

Filing an Income Tax Return (ITR) for the first time can seem overwhelming, but the process is simpler than it appears. With a clear understanding of tax provisions, the necessary documents, and step-by-step guidance, first-time filers can efficiently e-file their returns without hassle. This guide will walk you through the essentials of ITR filing and key considerations for a smooth experience. What is an Income Tax Return (ITR)? An ITR is a form used by taxpayers to disclose their income from various sources, deductions, investments, and expenses. Filing ITR is mandatory if your total income exceeds the basic exemption limit…

The real estate sector in India is the second-largest employment generator after agriculture and the third-largest sector in terms of Foreign Direct Investment (FDI). With the market projected to reach ₹65,000 crores by 2024-25, it presents a lucrative opportunity for new businesses. Why Register a Real Estate Company in India? The Indian government has introduced initiatives like: Smart City Project (100 smart cities) Pradhan Mantri Awas Yojana (PMAY) (20 million affordable houses) Real Estate Investment Trusts (REITs), which could unlock ₹1.25 trillion in market potential These developments make it essential for real estate businesses to establish themselves legally and benefit…

With the growth of digital businesses, online service providers must understand their Goods and Services Tax (GST) obligations. This guide outlines the GST registration process, turnover limits, and important regulations for online service providers in India. Turnover Limit for GST Registration As per GST regulations, service providers must obtain GST registration if their aggregate annual turnover exceeds: Rs. 20 lakh per annum in most states. Rs. 10 lakh per annum in Special Category States (such as Arunachal Pradesh, Nagaland, Manipur, and others). However, if an online service provider operates through an e-commerce platform or engages in inter-state supply of services,…

Entrepreneurship is a very thrilling process, and it is always a good thing to start a business. At the same time, it has its nuances that are deemed as problems, primarily in legal and compliance jurisdiction. In particular, those who are to establish a Limited Liability Partnership (LLP) need to find the right advice. In Delhi, which is full of opportunities, many people and companies looking to start their own business turn to professional LLP registration consultants. Of them all, Saptax Hub is one of the most reliable partners. In this blog we will explain why it is necessary to…

One of the important decisions for Goods and Services Tax has come from the Court of West Bengal, related to that offering bundled services of renting premises along with catering service. This ruling issued by the West Bengal Authority for Advance Ruling (AAR) states that such services which include premises rent along with catering at nomenclatured premises have attracted a 5% GST rate. Such an update is more significantly important to the event management company, banquet hall as well as the others renting spaces along with extra added catering service. Well, let's dive into what it means, to whom it…

Filing Income Tax Returns (ITR) is a mandatory requirement for individuals meeting specific income and financial criteria. The process has been simplified through online platforms, making it easier for taxpayers to fulfill their obligations efficiently. This guide provides a step-by-step approach to filing ITR online for the financial year 2024-25 (assessment year 2025-26). What is E-Filing? E-filing refers to the process of submitting an income tax return electronically through the official Income Tax portal. Taxpayers can log in using their Permanent Account Number (PAN) and access features that streamline the tax filing process. Step-by-Step Process to File ITR Online Step…

It was recently that an important decision concerning the matter was taken by the Advance Ruling Authority of Karnataka. This is in relation to the Goods and Services Tax. According to the ruling, in some special conditions, if an employee leaves the company early, then GST shall not be levied on the bonus paid. It must be noted that this ruling is significant to all employers and employees, so let us break down what it means with the advice of the best accountant in Delhi. Explaining The Ruling The AAR ruling came after a company sought clarification on whether GST…

In an important decision dated June 4, 2024, the Kerala High Court stated the procedural amendment initiated by the Finance Act 2022, which expanded the deadline for filing GST returns from September 30th to November 30th, with retro effect from July 1, 2017. The court's decision in the case of M. Trade Links v. Union of India (WP(C) Nos. 31559 of 2019 and others) tried to mitigate starting compliance difficulties faced by taxpayers during the past imposition of GST. Here we will be explaining in detail about this particular decision and introducing you to the professional assistance of one of…

The Andhra Pradesh High Court made it clear about an important feature of the Goods and Services Tax (GST) law, particularly regarding the provisions under Sections 129 and 130. The court's ruling stressed that detention must take place before the confiscation of goods, with proper guidelines on the implementation of these sections. This decision has a serious impact on businesses and tax authorities, making sure that due process will take place before the state can seize goods under the GST system. Here we will be explaining in detail about this particular decision and introducing you to the professional assistance of…

Introduction the Punjab and Haryana High Court has highlighted important issues related to the attached proceedings under Section 74 of the CGST Act, 2017. This decision led to a heavy impact on business firms and also tax consultants, specifically in the field of lawful compliance and transparent proceedings. Being one of the best-chartered accountant firms in Delhi, we at SapTax will provide you transparency on this vital decision and its effect on our clients. Explaining Section 74 of the CGST Act Section 74 of the Central Goods and Services Tax (CGST) Act, 2017, is related to the determining of taxes…

Oil Minister Hardeep Singh Puri said on Tuesday that the Ministry of Petroleum and Natural Gas (MoPNG) will work on bringing petrol, diesel, and ATF under the goods and services tax (GST). India's fuel sector has always been a topic of major debate and scrutiny. With the ever-changing global cost of oil and domestic tax patterns, the cost of petrol, diesel, and  Turbine oil used in the field of aviation has often been acknowledged to be of great change. The idea to bring these fuels under the Goods and Services Tax (GST) structure has become a superb game-changer, which makes…

The Goods and Services Tax (GST) compliance calendar for June 2024 brings forth a series of important dates and deadlines that businesses must adhere to in order to maintain their compliance with tax regulations. As GST continues to evolve, staying abreast of these deadlines is crucial to avoid penalties and ensure smooth operations. In this comprehensive guide, we will delve into the key compliance dates and actions required for businesses in June 2024. Filing GSTR-1: Deadline: 10th June 2024 GSTR-1 is the monthly or quarterly return that contains details of outward supplies of goods and services. It must be filed…