GSTN Issued Advisory and Process of Filing of Form GST SLP-02 for Claiming Waiver Under Section 128A Advisory on Filing Form GST SLP-02 for Waiver Under Section 128A As recommended by the GST Council at its 53rd meeting, Section 128A of the CGST Act was introduced to offer relief to taxpayers from interest or penalties related to notices issued under section 73 of the CGST Act for the financial years 2017-18, 2018-19, and 2019-20. To […]

Can I adjust indexed long-term loss against long-term capital gains on the sale of shares? Yes, you can adjust indexed long-term capital losses against long-term capital gains on the sale of shares. Here’s how it works: Long-term capital gains refer to profits from the sale of assets held for more than one year, such as stocks or mutual funds. Long-term capital losses refer to losses incurred from the sale of assets held for more than […]

Form GSTR-9 Simplified: List of Changes Made As Per CBIC Notifications The government keeps amending the act and forms as and when required. The aim is to simplify them so that taxpayers can file their returns on time and comply with the law’s provisions without any hassle. As the due date for filing the annual return in the form GSTR-9 and reconciliation in the form GSTR-9C for FY 23-24 is approaching, you must understand the latest changes to file […]

PAN 2.0 Project: The Future of India’s Tax Services Economic Boost with the New ₹1,435 Crore Investment The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the Income Tax Department’s PAN 2.0 Project, valuing ₹1,435 crore. This significant investment aims to technologically transform taxpayer registration services, promising: Ease of Access and Improved Service Delivery: Faster services with enhanced quality. Reliable Data Consistency: A single source of truth for taxpayers. […]

Maximizing Tax Savings from Stock Market Losses Stock market losses—whether from direct equities or mutual funds—can be disheartening. However, they present a rare opportunity to mitigate your overall tax liability through capital loss set-offs. Here’s how strategic investors can take advantage of this benefit. Set-Off Against Gains Understanding Set-Off Capital losses can be set off against capital gains to reduce taxable income: Short-term capital losses (STCL): Can be set off against both short-term and long-term […]