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KTC - Khurana Tax Consultants, S-179, Jalandhar (2026)

02/02/2025

🚀 Budget 2025 Highlights

🔹 Key Announcements

🌾 Agriculture & Rural Development

✅ Dhan Dhanya Yojana to be launched in 100 districts
✅ 6-year mission for Tur, Urad, and Masoor dal 🌱
✅ Makhana Board 🍘 to be set up in Bihar
✅ Central agencies 🏢 to purchase pulses for 4 years
✅ New schemes for vegetable & fruit production 🍏 with states
✅ Marine sector 🐟 development initiative
✅ Self-reliance in edible oils 🛢
✅ Kisan Credit Card 💳 limit increased to ₹5 lakh
✅ Urea plant 🏭 to be set up in Assam

🏭 Industry & Infrastructure

✅ Special schemes for footwear 👞 & leather 👜
✅ India to become a global toy hub 🧸
✅ 22 lakh new jobs 🏢👷 under the Leather Scheme
✅ Launch of the National Manufacturing Mission 🏗
✅ ₹1 lakh crore fund 💰 for urban development 🏙
✅ Special scheme for ship-breaking industry 🚢⚙️
✅ More cities 🏙 to be connected under ‘Udaan’ 🛫
✅ New airport ✈️ to be constructed in Bihar

📖 Education & Research

✅ More IIT institutes 🎓 to be set up
✅ 75,000 new medical seats 🏥 in the next 5 years
✅ Special AI research centers 🤖 to be established
✅ All government secondary schools 🏫 to get broadband 🌐
✅ ₹20,000 crore investment 💰 in private sector R&D 🔬
✅ Increased focus on Indian languages 📖 in education

🏠 Housing & Tourism

✅ 40,000 homes 🏡 under the SWAMIH scheme
✅ 52 new tourist destinations 🏝 to be developed with states
✅ Buddha-related sites 🏯 to be preserved & developed

💰 Finance & Taxation

✅ Special credit card 💳 for small businesses
✅ UPI-linked card 💳 for small vendors
✅ UPI-linked credit card limit set at ₹30,000 💰
✅ Easier access to funds 💵 for export promotion
✅ Interest-free funds 🏗💵 for states to boost infra
✅ New Income Tax Bill 📜 to be introduced next week
✅ 100% FDI & FPI limit 🌍 in the insurance sector 🏦
✅ Simplification of RE-KYC 📑 process
✅ TDS rates 📉 to be simplified
✅ Major tax relief for senior citizens 👴👵
✅ Tax exemption limit for seniors increased to ₹1 lakh 💰
✅ TDS exemption on rent 🏠 increased to ₹6 lakh
✅ No penalty 🚫 on delayed TCS payments

📦 Trade & Customs

✅ New mining policy ⛏️ to be introduced
✅ Custom duty removed 🚫💊 on 36 life-saving medicines
✅ Changes in custom duty on electronic goods 📱
✅ No primary duty on lead & zinc ⚒️
✅ Duty removed 🚫 on crust leather 👜

🎉 Biggest Announcement:

💰 No tax on income up to ₹12 lakh! 🎊

09/08/2024

*BIG changes proposed by RBI*

1. RBI Now Allows 2 Users Using Same Bank Account For UPI Payments in New Rules

You can Extend your UPI Linked Bank Account To Family Members

This Means, One Bank Account Can Be Used By Senior Citizens, Minors etc on Two Different Mobile Number/Smartphone

No Need To Open a Separate Bank A/C

2. Limit From ₹1 Lakh Has Been Extended To ₹5 Lakh for Tax Payments Using UPI

3. 15 Days Reporting to CICs

Your Information Related to Loans, Credit Cards Shall Be Updated in Every 15 Days by Banks To Credit Information Companies (CIBIL, Experian etc)

Currently This is on Monthly Basis

4.Repository of Digital Loan Apps

RBI Proposed Creating Public Repository of Digital Lending Apps

This Will Prevent Unauthorised and Fraudulent Loan Apps and Help Borrowers

5. Faster Cheque Clearance

Cheque Clearing Cycle To Be Reduced in Just Few Hours Instead of T+1 Day

*This is Another Revolutionary Move*

23/07/2024

*UNION BUDGET 2024

🔊 FM announces changes in new tax regime -- Standard deduction proposed to increased to Rs 75,000 from Rs 50,000

🔊 In new tax regime, tax rate structure to be revised
0-3L Zero
3-7L 5%
7-10L 10%
10-12L 15%
12-15L 20%
15 & above, 30%
Salaried employee in new tax regime will save up to Rs 17,500 in income tax

🔊 Corporate tax rate on foreign companies reduced to 25%

🔊 STT on F&Os proposed to be increased to 0.02% and 0.01% respectively

🔊 Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate

🔊 Govt announces that angel tax to abolished

🔊 Two tax exemption regimes for charities to be merged into one

🔊 The Finance Minister announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.

🔊 The NPS Vatsalya programme is made available for parents to invest in on behalf of their children by FM Nirmala Sitharaman. The account may be passed to the child after they reach adulthood.

🔊 The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.

🔊 The Finance Minister announced a proposal to increase the duty on printed circuit board assemblies (PCBA) for specific telecom equipment by 10 to 15%.

🔊 Government to exempt three more medicines for cancer treatment from customs duty

🔊 Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%

🔊 The Finance Minister stated that the Indian mobile industry has matured and proposed to reduce the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%.

🔊 ₹2.66 lakh crore has been allocated for rural development, including rural infrastructure. She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas

🔊 GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure.

🔊 The development of small and modular nuclear reactors in the country, FM Sitharaman says, "The govt will partner with the private sector for setting up Bharat small reactors, research and development of Bharat small modular reactors & research and development of newer technologies for nuclear energy..."

🔊 The Finance Minister stated that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow. This move aims to prioritize and promote the use of the Rupee for overseas investments.

🔊 The Finance Minister announced that states charging high stamp duty will be encouraged to moderate their rates for all. Additionally, further reductions in duties for properties purchased by women will be considered. These measures will also be incorporated as essential components of urban development schemes.

🔊 The Finance Minister highlighted the focus on energy security, announcing that a policy document on energy transition pathways will be released, emphasizing employment and sustainability. The PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants, providing free electricity up to 300 units per month to 1 crore households. The initiative has already seen 1.28 crore registrations and 14 lakh applications, which is a remarkable achievement.

🔊 The Finance Minister proposed supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple, following the model of the Kashi Vishwanath Temple. Additionally, the government will back the development of Nalanda in Bihar as a tourist center. Finance Minister Sitharaman also announced that an economic policy framework will be introduced to usher in next-generation reforms aimed at boosting economic growth. Furthermore, the government will provide assistance to Odisha for the development of tourism, as stated by the FM in Lok Sabha."

🔊 The Phase 4 of the PM Gram Sadak Yojana will be launched to provide all-weather roads to 25,000 rural habitats

🔊 Comprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported

🔊 Land record will be digitised using GIS

🔊 Budget announcements to speed up the IBC process is commendable

🔊 FM: New Eco policy framework to focus on Land, Labour, Capital & Entrepreneurship

🔊 FM: Will set up Rs 1000 cr Venture Capital Fund for space economy

🔊 Financial assistance for Sikkim, Assam, Uttrakhand, HP -- states Impacted by floods

🔊 PM Surya Ghar Muft Bijli launched to install roof-top solar for 1 crore households

🔊 FM keeps capex at Rs 11.11 lakh crore or 3.4% of GDP

🔊 Government to launch scheme to develop 100 street food hubs in select cities over five years

🔊 Transit oriented development programmes for 14 large cities with population above 30 lakh will be formulated

🔊 Sidbi to open 24 new branches to serve MSMEs clusters, says FM

🔊 Government to set up integrated technology system for IBC for better outcomes

🔊 FM announces integrated tech platform to improve IBC outcomes

🔊 Voluntary closure of LLPs, C-PACE to be extended to LLPs

🔊 The IBC has dissolved more than 1000 companies, resulting in direct recovery of Rs 3.3 lakh cr

🔊 Appropriate changes to IBC will be initiated, additional tribunals will be established

🔊 Propose of development of DPI applications at population scale in credit, e commerce, law and justice, corporate governance: FM Sitharaman

🔊 Rental housing with dorm like accomodation for industrial workers will be facilitated in PPP mode: FM

🔊 Jobs budget!
Govt will launch a comprehensive scheme to offer internship in top companies to one crore youth in five years: FM Sitharaman

🔊 Mudra loans to be enhanced to 20 lakh from 10 lakh, says FM Sitharaman
Limit of Mudra loans to extend to Rs 20 lakh from Rs 10 lakh for those who have availed and paid previous loans: FM Sitharaman

🔊 FM announces special attention on MSMEs
This budget provides special attention to MSMEs and manufacturing: FM Sitharaman

Credit guarantee scheme for MSMEs in the manufacturing sector

Facilitating term loans for purchase of machinery introduced

Formulated package to finance technology support to MSMEs

🔊 Women-led development More than 3 lakh crore for schemes benefiting women and girls: FM Sitharaman

🔊 2.66 lakh cr provision for rural development, says FM

🔊 The Finance Minister announced that increasing the participation of women in the workforce will be a priority. This will be done by setting up hostels and creating partnerships to organize women-specific skilling programs.

🔊 FM announces Special Financial Support for Andhra Pradesh
--Budget to facilitate 15,000 crore for Andhra with additional amounts in future years
--Govt committed to financing and completion: FM

🔊 FM announces new airports, medical facilities and sports infra for Bihar

🔊 In this budget, we focus on employment, skilling, MSME, middle class: FM

🔊 Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore: FM

🔊 Govt to provide financial support for loans up to ₹10 lakhs for higher education in domestic institutions

🔊 Nirmala Sitharaman announced employment-linked skilling through schemes as part of the PM's package. She said, "These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees.

First-timers will receive one month's wage upon entering the workforce in all formal sectors.

A direct benefit transfer (DBT) of one month's salary, up to ₹15,000, will be provided in three instalments.

The eligibility limit for this benefit will be a salary of ₹1 lakh per month, and it is expected to benefit 2.1 lakh youths."

🔊 Three schemes for employment-linked incentives

A: One month's wage for freshers

B: Job creation in manufacturing

C: Support to employers

🔊 DBT of one month salary to first time employees up to Rs 15,000, eligibility limit Rs 1 lakh per month: FM

210 lakh youth to benefit: FM

Job creation of manufacturing, incentive at specified scale with respect to EPFO contribution. 30 lakh youth entering employment and their employers to benefit: FM

🔊 Agri research to be transformed to focus on raising productivity and climate resilient varieties: FM Sitharaman

Transforming agri research: Comprehensive review of farm research setup to be undertaken, to developing climate resilient crop varieties

🔊 Detailed roadmap to pursue nine priorities for generating opportunities for India: FM

These are:

Agri

Employment

Inclusive development

Mfg and Services

Urban Devp

Energy

Infra

Innovation, R&D

NexGen reforms

🔊 In this budget, we focus on employment, skilling, MSME, middle class: FM

Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore: FM

🔊 Inflation moving to 4 percent target: FM Nirmala Sitharaman

PMGKAY was extended for five years benefitting more than 80 crore people: FM

🔊 Modi govt's first major policy announcement, is expected to focus on job creation and boosting consumption, which analysts expect will be positive for sectors such consumer goods, real estate and autos.

🔊 India’s economic growth continues to be shining exception, says FM

🔊 Five schemes to focus on 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crore, says FM

🔊 FM lists out roadmap to pursue nine priorities for India opportunity

🔊 Energy Security will be one of the Nine Priorities

🔊 FM Sitharaman says one-month salary support to enterprises for first time employees

🔊 1 crore farmers to be initiated into natural farming over 2 years

16/01/2024

Income tax Alert

Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less,as agreed or 15 days if no agreement, shall be added to taxable Income resulting in huge additional tax liability.
Keeping such creditors unpaid is risky.

29/12/2023

*Big Relief!*

The Supreme Court has just given a significant nod to taxpayers, dismissing the Department's Special Leave Petition against the Calcutta High Court's ruling in the case of Assistant Commissioner Of State Tax Vs Suncraft Energy Private Limited & Ors.

*Why It's a Game-Changer:*
The Calcutta High Court made it crystal clear: Your Input Tax Credit (ITC) won't be denied just because it's not reflecting in your GSTR-2A.

*No ITC Reversal on Seller's Non-Payment:*
The court emphasized that there shall be no automatic reversal of input tax credit from the buyer in the event of non-payment of tax by the seller.

*Recovery from Seller in Case of Default:*
In the event of the seller defaulting on tax payments, the ruling ensures that the recovery will be made directly from them.

*This landmark judgment serves as a shield against multiple show cause notices on the same matter. A potential money-saver for honest taxpayers!*

27/11/2023

Very important update related to ITR

The Income Tax Portal now features a "Discard ITR" option for unverified original/belated/revised Income Tax Returns (ITRs) starting from Assessment Year 2023-24.

1. Opting to discard the ITR is equivalent to non-filing of the return.

2. Following the discard, a new ITR can be submitted. However, if the fresh ITR is filed after the due date, it will incur late fees and other associated consequences.

3. Once the discard option is exercised, it cannot be reversed. Use this option cautiously.

4. The discard feature is available until the ITR filing deadline, i.e., until December 31 following the end of the financial year. Timely action is advised.

01/10/2023

*🍓🍓🍏🍏🍒🍒🍇🍇TCS @ 20% from 01-10-2023 on foreign remittances: Important features*

1. *Exemption thershhold limit of 7 lacs* per financial year per individual shall apply to remittance under liberalized remittance scheme (LRS). No threshold exemption for overseas tour packages

2. *TCS Rates for LRS*: On amount exceeding Rs. 7 lacs, TCS shall be collected :
i. @ 0.5% on remittance for *education financed by loan* taken from financial institution

ii. @ 5% on remittance for *education not financed* by financial institution.

Note : Remittance for *education shall include* tickets for study abroad, tuition fee and other fee to educational institute and other day to day expenses under *codes S0305 or under S1107*

iii. @ 5% on remittance for *medical treatment* (including ticket of patient and his attendant and medical expenses and day to day expenses for medical treatment) made under *Code S0304and Code S 1108*.

iv. @ 20% on *any other purpose* for remittance under liberalized remittance scheme.

3. *Liberalized Remittance Scheme*: Remittances by individuals up to 250000 USD for following purposes are covered under liberalized remittance scheme attracting TCS on remittance exceeding Rs. 7 lacs:
(i) Private visits to any country (except Nepal and Bhutan)
(ii) Gift or donation.
(iii) Going abroad for employment
(iv) Emigration
(v) Maintenance of close relatives abroad
(vi) Travel for business, or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment / check-up.
(vii) Expenses in connection with medical treatment abroad
(viii) Studies Abroad
(ix) Any other Current account transaction

4. *Current account transactions* means transaction other than capital account transactions and include
i. payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business
ii. payments due as interest on loans and as net income from investments,
iii. remittances for living expenses of parents, spouse and children residing abroad, and
iv. expenses in connection with foreign travel, education and medical care of parents, spouse and children.

5. TCS on expenditure through *international credit card* while being overseas though has also been brought under liberalized remittance scheme by omissions of Rule 7 of Foreign Exchange Management (Current Account Transactions) Rules, 2000 but TCS has been suspended till further orders by guidelines issued under Circular 10/2023 dated 30-06-2023. TCS on expenditure through *international debit card/ATM* is covered by LRS and shall attract TCS.

6. Expenses of *business visit of employee* are borne by entity. Such expenses shall be treated outside LRS and may be permitted without limit and shall not attract TCS

7. TCS @ 5% shall apply on *overseas tour packages* up to to Rs. 7 lacs and TCS @ 20% shall apply on overseas tour packages above Rs. 20 lacs. Overseas tour package should expenditure on any two of follwoings:
i. International travel ticket
ii. hotel accommodation (wituh or without food)/boarding/lodging
iii. any other expenditure of similar natre or in relation thereto.

8. *Applicability of limit of 7 lacs* :

i. Limit of 7 lacs shall apply *in aggregate to all types of remittances under LRS* for education or medical treatment or any other purpose and not to applied to every purpose individually. *However for overseas tour packages limit of 7 lacs shall not be clubbed with LRS remittances.*

ii. Limit of 7 lacs for LRS shall apply for *complete FY 2023-24* and not only period post 01-07-23 or 01-10-2023

iii. Limit of Rs. 7 lacs is *qua every remitter and not qua authorized dealer*. *Undertaking in this regard may be obtained from remitter* by authorized dealer for remittances through other dealers, till RBI develops system. Remitter shall be responsible for false undertaking, if any

9. Where purchase of overseas tour package is covered by LRS also, TCS shall apply treating the same as overseas tour package and not remittance under LRS.

10. *TCS on foreign remittance shall not apply to non resident who does not have establishment in India*.

11. *TCS on foreign remittance shall not apply where TDS is applicable*

Regards,
Adv. B.S Khurana
Khurana Tax Consultants.

17/02/2023

Updates;

(1) CBDT notified the ITR Forms for Assessment year 2023-24 well in advance for smoothening compliances; The old ITRs have undergone changes in the light of various statutory amendments; Except for ITR-1 and ITR-4, disclosure with respect to income from Virtual Digital Assets (VDA) is sought in new Schedule VDA; ITRs 2 and 3 require SEBI registration number if the Assessee is an FII or FPI;

(2) Donation Reference Number is to be provided while claiming 80G deduction in respect of donations entitled for 50% deduction subject to qualifying limit, in ITRs 2, 3, 5 and 6; ITR-7 undergoes a slew of changes with introduction of new schedules viz., Schedule 115BBI (details of specified income of certain institutions under Section 115BBI), Schedule A (consolidating Schedule ER and EC),

(3) Schedule IA and DA (details of accumulated income taxed in earlier assessment years) and Schedule R (reconciliation of Corpus), bifurcation of corpus and disclosure of accumulation of income, among others.

(4) After a gap of over seven months, the GST Council is scheduled to hold an in-person meeting on February 18, where it is likely to pave the way for the setting up appellate tribunals for the comprehensive indirect tax.

(5) Finance Minister Nirmala Sitharaman said that should the states agree, petroleum and gas under the ambit of Goods and Services Tax (GST). "Once the states agree, we will have petroleum products in the GST,"

17/02/2023

Updates;

(1) CBDT notifies ITR Forms for Assessment year 2023-24 i.e. ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and ITR Acknowledgement.

(2) CBDT, vide Notification No.5/2023 dated 14.02.2023 notifies ITR-7 for Assessment year 2023-24.

(3) CBDT has stated that as of this point, about 48 crores of the 61 crore PAN issued to individuals have been connected with Aadhaar. The chairman clearly stated that whoever does not link the Aadhaar with PAN shall not get any type of benefits in both business and tax related filings.

(3) Individual PANs that are not linked to the Aadhaar by the end of this financial year (March 31, 2023) would become defunct. In addition, between now and March 31 one must spend Rs 1,000 to link their PAN and Aadhaar.

(4) Gujarat High Court has directed the income tax department to grant refund adjustments in excess of 20% of the demand raised where the demand is contested before CIT(A) and held that the assessee's application cannot be rejected solely on the basis that refund adjustments were made by the CPC system in accordance with total outstanding demand, with no reference to CBDT Officer Memorandums dated 29.02.2016 and 31.07.2017. (Neo Structo Construction (P.) Ltd. vs ACIT)

(5) CBIC will use the data of electric meters and property tax to increase the base of GST, said Vivek Johri, CBIC Chairman. When GST was implemented, there was a GST tax base of Rs 45-50 lakh, which has now increased to Rs 1.4 crore, said Johri.

(6) GST audits undertaken by the indirect tax administration in the current financial year have led to the detection of 22,000-crore tax evasion from nearly 48,000 cases so far, CBIC chairman.

(7) Vouchers are exempted from GST, the Karnataka high court ruled in a recent judgment, asserting that these don't carry any value and they're not goods or services either. "The definition of 'vouchers' under the CGST Act makes it clear that vouchers are mere instruments accepted as consideration for supply of goods or services.

17/02/2023

*Key Changes in New Income Tax Returns forms for FY 2022-23 / AY 2023-24:*

- *Intraday Trading Disclosure*

There is now an option to disclose turnover and income from intra-day trading in the trading accounts.

- *Separate schedule for Crypto/VDA income*

If you made any income from crypto and other virtual digital assets in FY 2022-23 then you will have to report such income in a separate schedule

Tax provisions for taxation of VDAs was introduced from FY 2022-23

KTC - Khurana Tax Consultants

02/02/2025

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23/07/2024

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29/12/2023

27/11/2023

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