Taxmania

16/10/2025

Post Office Monthly Income Scheme (POMIS) — Key Details (2025)

Particular Details

Scheme Name Post Office Monthly Income Scheme (POMIS)
Interest Rate (as of Oct–Dec 2025) 7.4% per annum (payable monthly)
Tenure 5 years
Minimum Deposit ₹1,000
Maximum Deposit ₹9 lakh (individual), ₹15 lakh (joint account)
Type of Account Single or Joint (up to 3 adults)
Interest Payout Monthly (credited directly to savings account)
Premature Withdrawal Allowed after 1 year with penalty
Tax Benefit No tax deduction under Section 80C; interest is taxable
Transfer Facility Can be transferred from one post office to another

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💰 Example of Earnings

If you invest ₹9,00,000 at 7.4% p.a.,
you earn ₹66,600 yearly or about ₹5,550 per month.

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🧾 Eligibility

Must be an Indian resident.

Minors (10+ years) can open an account in their name.

NRIs cannot invest.

16/08/2025

AIS/TIS not working ❌
26AS not working ❌
PAN–Aadhaar link not working ❌
Refunds stuck ❌
ITR 6 & 7 not released yet ❌
ITR 1/4 released after 2 months ❌
ITR 2/3 released after 4 months ❌
ITR 5 released after 4.5 months ❌
MSME portal not working ❌

And we talk about Ease of Doing Business? 🤔

31/07/2025

20/05/2025

Do not get your income tax return filed for F.y 24-25, until and unless it gets fully updated TDS & AIS

12/04/2025

Best stocks to buy...Tata motors, Gail, Sbi

10/10/2024

True Ratna of india

12/09/2024

Summary of Outcomes from the 54th GST Council Meeting
1. Rates Reduced
1.1 Namkeens and Extruded/Expanded Savoury Food Products: GST rate reduced from 18% to 12% for certain savoury food products.

1.2 Cancer Drugs: GST rate reduced from 12% to 5% on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.

2. Rates Increased
2.1 Car and Motorcycle Seats: GST rate increased from 18% to 28% on car seats to bring parity with motorcycle seats.

3. New Section to be Inserted
3.1 Section 128A of CGST Act, 2017: Introduction of procedures for waiver of interest or penalty under section 73 for FYs 2017-18, 2018-19, and 2019-20.
4. New Rule to be Inserted
4.1 Rule 164 in CGST Rules, 2017: Provides procedure and conditions for waiver of interest or penalty under section 128A of CGST Act, 2017.

5. Clarifications
5.1 Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways: Classified under HSN 8415 with 28% GST.

5.2 Life and Health Insurance: A Group of Ministers (GoM) will examine GST on life and health insurance.

5.3 Flying Training Courses: GST exemption clarified for DGCA-approved courses.

5.4 Preferential Location Charges (PLC): Clarified that PLC forms part of composite supply with construction services.

5.5 Affiliation Services: Clarification on the taxability of affiliation services provided by educational boards and universities.

5.6 Ancillary/Intermediate Services by GTA: Clarification that services provided by GTA in the course of transportation constitute a composite supply.

5.7 Import of Services by Branch Office: GST exemption clarified for services imported by foreign airline companies without consideration.

6. Others
6.1 Reverse Charge Mechanism (RCM): Introduced on the supply of metal scrap and renting of commercial property by unregistered persons.
6.2 B2C E-Invoicing: Pilot rollout recommended for selected sectors and states.

6.3 Invoice Management System (IMS): Introduction of new ledgers, including a Reverse Charge Mechanism (RCM) ledger and an Input Tax Credit Reclaim ledger.

6.4 Film Distribution Services: GST liability for past periods regularised where the distributor acts on a principal basis.

6.5 Electricity Supply Services: Exemptions provided for certain ancillary services related to electricity supply.

7. New Recommendations
7.1 Group of Ministers (GoM) on Compensation Cess: Formation recommended to study the future of compensation cess.

A B2C Pages for providing financial and taxation services and investment advisory services

28/05/2024

*Key Points to Remember for Tax Regime from AY 2024-25 Onwards*

1. Default Tax Regime:
- The default tax regime is the New Tax Regime under Section 115BAC. If you wish to opt for the Old Tax Regime, you must specifically select it in the ITR form.

2. ITR 1 and ITR 2 Filers:
- You can choose either the Old or New Regime while filing your ITR.
- No need to file Form 10IEA for opting into the Old Tax Regime for AY 24-25 or for opting out of it from AY 25-26 onwards.

3. ITR 3 and ITR 4 Filers:
- To select the Old Tax Regime for AY 24-25, you must file Form 10IEA.
- If you wish to opt out of the Old Tax Regime from AY 25-26 onwards, you must file Form 10IEA again. After opting out, you cannot switch back to the Old Tax Regime.

4. Deadline for Opting In/Out:
- You must exercise the option to opt in or out of the Old Tax Regime on or before the due date under Section 139(1).

5. Tax Rebates:
- Old Regime: Tax rebate under Section 87A is ₹12,500, subject to a total income of ₹5 lakh.
- New Regime: Tax rebate under Section 87A is ₹25,000, subject to a total income of ₹7 lakh.

6. Choosing the Right Regime:
- If you have deductions only under Section 80C or no deductions at all, the New Regime is generally more beneficial.
- If you claim deductions for home loan interest, Section 80C, and Section 80D, the Old Regime is likely more advantageous.

7. Impact of Previous Selections:
- Previous selections (up to AY 23-24) have no impact on regime selection for AY 24-25. AY 24-25 is the first year for filing Form 10IEA for opting into the Old Tax Regime for ITR 3 or ITR 4 filers.

8. Comparison and Calculations:
- Use a reliable calculator to compare tax liabilities under the Old vs. New Regimes. This can help determine potential tax savings with a specific regime.

04/04/2024

Advisory: Self Enablement For e-Invoicing
03/04/2024

Dear Taxpayers,

1. If your turnover exceeds INR 5 crores in the financial year 2023-2024, you will be required to start e-Invoicing from the next financial year, i.e., from 1st April 2024 onwards

2. For those who meet the notification criteria but have not yet been enabled on the portal, you can self-enable for e-Invoicing by visiting https://einvoice.gst.gov.in and start reporting through any of the 4 new Invoice Registration Portals (IRPs) - from e-Invoice IRP 3 to e-Invoice IRP 6

https://einvoice3.gst.gov.in https://einvoice4.gst.gov.in

https://einvoice5.gst.gov.in https://einvoice6.gst.gov.in

3. To report e-Invoices through NIC IRP 1 & 2, taxpayers can self-enable at

https://einvoice1.gst.gov.in https://einvoice2.gst.gov.in

• For any assistance, please feel free to contact us.

12/03/2024

Erroneous Notice to Pay Advance Tax sent by Income Tax to many who have sold shares/property.

The value of assets sold has been increased by two zeros, for example, one share of Rs 450 of ITC is shown as 45000/- and property sold of 1.2 crores is shown as 12 crores, resulting in huge advance tax!!

Seems the value of the sale is increased by one or two or three zeros

Please check the notice working of advance Tax and Re calculate correctly before paying any Tax

The should clarify and re-calculate the working as its creates a lot of confusion and anxiety for tax filers