Tax Articals

                         FEDERAL TAX AUTHORITY, UAE'S BEST TAX SYSTEM AUTHORITY

  GSTN Advisory 528: GSTN e-Services App launched to replace the existing e-Invoice QR Code Verifier App The GSTN (Goods and Services Tax Network) is excited to announce the launch of its new GSTN e-Services App, which will soon replace the existing e-Invoice QR Code Verifier App. This revamped app brings enhanced functionality and a more user-friendly experience. Here’s what you can expect: Key Features of the GSTN e-Services App: Verify e-Invoices: Easily scan the QR code on B2B e-Invoices to instantly verify the Invoice Reference Number (IRN) and check the live status of the e-Invoice. GSTIN Search: Quickly retrieve GSTIN details by searching via GSTIN number or PAN. Return Filing History: Access the complete return filing history for any GSTIN, providing a comprehensive overview of tax filings. Multiple Input Methods: Input search details with ease using text entry, voice commands, or the scan function. Share Results: Seamlessly share search results directly from the app with c...

  New Rules to be Effective from 1 October 2024 As we step into October, several key rules regarding income tax, Aadhaar Card, TDS, and other financial regulations are set to change. From TDS adjustments on mutual funds and rent to updated rules for futures and options (F&O), here’s a detailed overview of the upcoming changes you need to know. 1.  Aadhaar Card Rule Related to PAN Allotment Starting from 1 October 2024, individuals will no longer be required to disclose their Aadhaar Enrollment ID in PAN allotment documents. This shift in the process simplifies PAN allotment and tax return filing as Aadhaar details will not need to be disclosed. 2.  Floating Rate Savings Bonds Beginning 1 October 2024, interest earned on Floating Rate Savings Bonds, 2020 (Taxable), or any other central or state government securities, will be subject to tax deduction at source (TDS) if the interest exceeds Rs 10,000 annually. 3.  Changes in TDS Rates Some key amendments in the TDS ...

  Changes in PPF account Guidelines wef 1.10.2024 1. Interest only on Rs.1,50,000/-per year. 2. If more than one PPF account of a person they need to close 3. If a minor PPF account then saving bank interest @2.50%till minor and from attaining majority interest will be 7.10% or the applicable rate 4. If an Individual is a NRI then upto 30/9/2024 saving bank interest @2.50% then post 1.10.2024 no interest.  Adv KL Gupta

  How to Manage Time Effectively Effective time management is key to achieving productivity and maintaining a balanced lifestyle. Here are some essential steps to improve your time management skills: Prioritize Tasks : Start by identifying the most important tasks. Use tools like the Eisenhower Matrix to differentiate between urgent and important tasks, ensuring that you focus on what truly matters. Set Clear Goals : Break down large tasks into smaller, manageable objectives. This helps you stay on track and reduces overwhelm. Use a Planner or Digital Tools : Keep track of your schedule with tools like planners, calendars, or digital apps. These can help you stay organized and avoid missing deadlines. Time Blocking : Dedicate specific time slots for particular tasks. This allows you to focus on one task at a time, reducing distractions and improving efficiency. Avoid Multitasking : Multitasking can reduce productivity....

Request for Waiver Interest and Penalty under Section 128A of CGST Act, 2017  Date:  To, The Concerned Officer,  [Office Address] City, State  Subject: Request for Waiver of Interest and Penalty Under Section 128A of the CGST Act, 2017  Dear Sir/Madam, I hope this letter finds you well. I am writing to respectfully request the waiver of interest and penalty in accordance with Section 128A of the Central Goods and Services Tax (CGST) Act, 2017. We refer to the order issued to us in relation to the tax demand, which includes significant interest and penalty for the periods covering [Financial Year(s)]. Below, I provide the necessary details and justifications for my request. Reference to the Order/Notice: We refer to the order/notice number [Insert Order/Notice Number] dated [Insert Date], which levies interest and penalty under the provisions of Section 73 of the CGST Act for the non-payment or delayed payment of tax liabilities for the financial years [Year(s)]...