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Why the 40% GST Slab Exists: Tracking Luxury and Sin Goods Taxation
Understand why the 40% gst slab applies to luxury and sin goods, how it affects prices, cess, government revenue and Indian businesses.
Why Does a 40% GST Slab Exist?If you have been following recent GST reforms, you may have noticed something unusual: while India has simplified its main GST structure around 5% and 18%, a special 40% gst slab has been retained for selected luxury and sin goods. For businesses, understanding this...
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How to Seamlessly Handle a Notice for Defective Return Under Section 139(9) During Income Tax E Filing
Learn how to handle a defective ITR notice under Section 139(9), fix errors, submit a response and complete income tax e filing correctly.
Receiving a notice for a defective return can make any taxpayer nervous, especially when it arrives after you thought your income tax e filing was successfully completed. The good news is that a notice under Section 139(9) does not automatically mean that you have committed a serious tax violation. In...
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What Is the Faceless Assessment Scheme? How It Changes Your Income Tax Return Experience
Understand how faceless assessment changes your income tax return experience, improves transparency, and makes tax assessment more digital and convenient.
What Is the Faceless Assessment Scheme?For many taxpayers, filing an income tax return is no longer just about calculating income and paying the right amount of tax. There is also the possibility that the Income Tax Department may select the return for detailed verification or scrutiny. This is where the...
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Demystifying the Electronics Credit Ledger Rules in GST R 3 B
Understand gst r 3 b, Rule 86B restrictions, ITC limits, and cash payment rules with expert guidance from GST Wale for better compliance.
If you regularly file gst r 3 b, you may have heard about the Electronic Credit Ledger and Rule 86B but still find the rules confusing. Many businesses assume that as long as they have sufficient Input Tax Credit (ITC), they can discharge their entire GST liability through credit. However,...
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The Ultimate Step-by-Step Guide to efilingincometax for First-Timers
Learn efilingincometax step by step, from tax return login and ITR selection to deductions, filing, and e-verification with expert tips.
Filing your income tax return for the first time can feel confusing, especially when you see terms like ITR-1, AIS, Form 26AS, tax deductions and e-verification. The good news is that efilingincometax is much simpler once you understand the process. At GST Wale, we believe taxpayers should know what they...
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How to Avail Tax Benefits for Electric Vehicle (EV) Loans During Income Tax Return Filing
Learn how Section 80EEB can help eligible taxpayers claim EV loan interest benefits during income tax return filing and reduce taxable income.
Buying an electric vehicle is no longer only about reducing fuel expenses or choosing a cleaner mode of transport. For eligible taxpayers, it can also bring an income-tax benefit on the interest paid on an EV loan. During income tax return filing, Section 80EEB can allow an individual to claim...
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