Taxdtidt Blog

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance

  recent updates in GST Indian taxation: Introduction of electronic invoicing for B2B transactions: From August 1, 2023, businesses with a turnover of more than Rs. 5 crore will be required to use electronic invoices for B2B transactions. This will help to improve the accuracy of tax collection and prevent fraud. Launch of the 'mera bill mera adhikaar' scheme: This scheme, which was launched in September 2023, encourages consumers to demand invoices for goods and services they purchase. Consumers who participate in the scheme can win prizes worth up to Rs. 1 crore. Extension of the composition scheme: The composition scheme, which allows small businesses to pay a fixed tax rate, has been extended to businesses with a turnover of up to Rs. 1.5 crore. This will help to reduce the compliance burden on small businesses. Introduction of a new anti-profiteering mechanism: A new anti-profiteering mechanism has been introduced to prevent businesses from increasing prices after the impl

  recent updates in Indian taxation: Introduction of two income tax regimes: The Finance Act, 2023 introduced two income tax regimes, the new tax regime and the old tax regime. The new tax regime has a simplified structure with five tax slabs, while the old tax regime has seven tax slabs. The taxpayer can choose the regime that gives them the most benefit. Increase in basic exemption limit: The basic exemption limit under the new tax regime has been increased from ₹2.5 lakh to ₹3 lakh. This means that taxpayers earning up to ₹3 lakh will not have to pay any income tax. Reduction in surcharge and cess: The surcharge and cess for taxpayers in the highest tax bracket have been reduced from 37% to 25%. This means that taxpayers earning more than ₹5 crore will now pay a tax of 39% instead of 42.74%. Introduction of tax deduction for leave encashment: A tax deduction of ₹25 lakh has been introduced for leave encashment for non-government employees. This means that taxpayers can now deduct up

  Here are some popular tax-saving options along with explanations and real-life examples: Section 80C Deductions: Under Section 80C, you can claim deductions up to Rs. 1.5 lakh per financial year. Some popular investment options include: Employee Provident Fund (EPF) : Contributions made towards EPF are eligible for 80C deductions. For example, if your annual basic salary is Rs. 6 lakh, and you contribute 12% (Rs. 72,000) to EPF, you can claim a deduction of up to Rs. 72,000 under Section 80C. Public Provident Fund (PPF) : Investments in PPF also qualify for 80C deductions. The maximum annual contribution is Rs. 1.5 lakh. 5-year Fixed Deposits : Investments in certain 5-year fixed deposits with banks are eligible for deductions. Section 80D Deductions (Health Insurance Premium): You can claim deductions for premiums paid for health insurance policies for yourself, your spouse, children, and parents. For example, if you pay a health insurance premium of Rs. 20,000 for your family, you