Nikhil Garg

Understanding Section 194N of the Income Tax Act Introduction Section 194N of the Income Tax Act was introduced to regulate high-value cash withdrawals and promote digital transactions in India. This provision mandates Tax Deducted at Source (TDS) on cash withdrawals exceeding specified limits. The objective is to discourage large cash transactions and curb the circulation […]

In a move to enhance the efficiency of the Goods and Services Tax (GST) system, the Indian government is set to amend the Central GST (CGST) Rules, granting recipients of goods and services a two-month window to accept or reject credit notes and adjust their input tax credit (ITC) accordingly. Key Aspects of the Amendment: […]

Section 194-IB of the Income Tax Act, 1961, was introduced to bring individuals and Hindu Undivided Families (HUFs) (who are not subject to tax audit) under the purview of Tax Deducted at Source (TDS) on rent payments. Key Provisions of Section 194-IB 1. Applicability: Applicable to Individuals & Hindu Undivided Families (HUFs) who are not […]

The introduction of Section 194T in the Income Tax Act, 1961, effective April 1, 2025, mandates Tax Deducted at Source (TDS) on payments made by partnership firms and LLPs to their partners. Scope and Key Provisions Section 194T applies to: Salary, Remuneration, Commission, Bonus, and Interest on Capital Contributions Excludes Capital Repayment or Partner Withdrawals […]

Tax Deducted at Source (TDS) under Section 194J of the Income Tax Act governs the deduction of tax on professional and technical service fees. Effective 1st April 2025, certain changes have been proposed in the Union Budget 2025, impacting businesses, professionals, and taxpayers. Understanding these modifications will help in maintaining compliance and avoiding penalties. 1. […]

Tax Deducted at Source (TDS) is a crucial compliance requirement for businesses and individuals making specified payments under the Income Tax Act, 1961. Filing TDS returns correctly and on time ensures smooth financial operations, avoids penalties, and maintains regulatory compliance. If you are based in Delhi NCR, finding professional TDS return filing services can help […]

Everything You Need to Know About the Updated Income Tax Return for Assessment Year 2024-25 As the deadline for filing Belated Income Tax Returns (ITR) ends, Still some taxpayers across India are facing challenges to file their returns for the assessment year 2024-25. An Updated Income Tax Return (ITR) is the solution for you designed […]

Revolutionize Your Business Finances: How Corporate Genie’s Virtual CFO Services Drive Growth and Profitability Corporate Genie offers Virtual CFO services to support businesses in managing their financial operations and strategy without the need for a full-time, in-house CFO. This service is particularly beneficial for small and medium enterprises (SMEs), startups, and growing businesses that need […]

HSN Code Overhaul: What the New GSTR-1 Rules for 2025 Mean for Your Business The Goods and Services Tax (GST) framework in India is constantly evolving, and one of the key aspects of compliance is the accurate reporting of HSN (Harmonized System of Nomenclature) codes in the GSTR-1 form. As of 2025, new rules have […]

Key Changes in GSTR-3B Filing Effective January 2025: What Taxpayers Need to Know Starting January 2025, significant changes will be implemented in the GSTR-3B return filing process to enhance accuracy and compliance. Key updates include: 1. Hard-Locking of Auto-Populated Values: The GST Portal will restrict modifications to auto-populated values in the pre-filled GSTR-3B form. Tax […]