
December 2024

Income Tax Calendar 2025: Key Dates You Must Remember to Avoid Penalties
As the new year begins, it’s crucial to stay updated on important tax deadlines to effectively manage your finances and avoid penalties. The Income Tax Department has released its calendar for the first quarter of 2025, covering key tax-related tasks for January, February, and March. This calendar will help you plan your tax savings and…
APAAR ID Card: Revolutionizing Student Identification
What is APAAR ID?The APAAR ID card, short for “Automated Permanent Academic Account Registry,” is an innovative initiative launched by the Ministry of Education and the Government of India as part of the National Education Policy (NEP) 2020. This unique identification card, also called the “One Nation One Student ID Card,” provides students with a…

Tax Return: Four Key Deadlines to Note Before December 31, 2024
As the year-end approaches, taxpayers must take note of crucial deadlines related to income tax filing. While various categories of taxpayers have distinct Income Tax Return (ITR) submission dates, the final deadline for filing belated and revised returns is consistent: December 31, 2024. Missing this deadline can lead to significant consequences. Income Tax Return Filing…

Income Tax Refund: Step-by-Step Guide to Raise a Refund Reissue Request
If your income tax refund hasn’t been credited, you might need to raise a “Refund Reissue Request.” Here’s everything you need to know about the process. What is an Income Tax Refund?An income tax refund is issued when taxpayers pay more taxes than required, either through Advance Tax, Self-Assessment Tax, Tax Deducted at Source (TDS),…

PMJJBY: Comprehensive Guide to Eligibility, Benefits, and Application Process
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a key life insurance initiative introduced by Prime Minister Narendra Modi on May 9, 2015. This central government scheme offers yearly renewable life insurance coverage against death from any cause. According to recent data shared by the Ministry of Finance on platform X (formerly Twitter), the…

Who Pays the Bank Loan If the Principal Borrower Dies?
Taking out a loan can be a practical solution to financial needs, but it’s crucial to understand the implications, especially if the borrower passes away before fully repaying the loan. While loans can provide financial relief, over-reliance on borrowed money without careful planning can lead to serious financial difficulties. One key question often overlooked is:…

ITR Filing Deadline Extended: Relief for Taxpayers Eligible for Section 87A Rebate
The Honourable Bombay High Court recently intervened to address a pressing issue affecting taxpayers eligible for the Section 87A rebate. The court has ordered the Central Board of Direct Taxes (CBDT) to extend the due date for filing revised and belated income tax returns (ITRs) to January 15, 2025. This interim relief ensures that affected…

GST Advisory: New E-Way Bill Rules Impact Buyers, Sellers, and Transporters; Input Tax Credit at Risk
The Goods and Services Tax Network (GSTN) has issued an important advisory introducing key changes to the GST portal, effective January 1, 2025. These changes impact buyers, sellers, and transporters, with potential consequences for compliance and business operations. Key Updates at a Glance Implications of E-Way Bill Rules on Buyers, Sellers, and Transporters For Buyers:…

Section 194O – TDS on Payments Made to E-commerce Participants
Section 194O was introduced in the Union Budget 2020 and mandates E-commerce operators to deduct Tax Deducted at Source (TDS) for facilitating the sale of goods or services through their platforms. This provision came into effect on 1st October 2020, marking a significant shift in the taxation framework for digital transactions. What This Blog Covers:…

Can You Carry Forward Losses When Filing Income Tax Return (ITR) Late?
Profit and loss are integral parts of any financial journey. While losses are undesirable, the Indian Income-tax Act provides taxpayers with some relief by allowing the set-off and carry-forward of losses under specific conditions. Let’s delve into the provisions for set-off and carry-forward of losses to understand how they can benefit taxpayers. Set-Off of Losses…