The TaxGrow - Taxation updates

*Budget 2025 Update & Poll*

Poll: Are you happy with Budget 2025?
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*BUDGET 2024*

1. Persons opting New Tax Regime: Rs. 75,000 Standard Deduction to Salaried Class

2. The Exemption of long term capital gains is proposed to increase from Rs 1,00,000 to Rs 1,25,000

3. The taxation of long term capital gains on Equities increased from 10% to 12.5%

*For all amendments of Budget 2024 please visit WhatsApp channel The TaxGrow*

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*GSTN Increases Document Size Limits for Clearer Attachments*

The Goods and Services Tax Network (GSTN) has brought great news for taxpayers by increasing the document size limit for certain attachments. Now, the maximum file size for electricity bills, consent letters, property tax receipts, and municipal khata copies has been raised from 100 KB to 500 KB. This change ensures that taxpayers can upload clearer and more detailed attachments during GST registration.

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```*Due Date alert*```

*11th June 2024* - GSTR 1 (Monthly) for May 2024

*13th June 2024* - GSTR-1 IFF (Optional) (May 2024) for QRMP

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GSTN notified the incorporation of the GST e-way bill 2 Portal by NIC on June 1, 2024, through an issue advisory on May 28, 2024. Accessible at (https://ewaybill2.gst.gov.in), this portal shall function in parallel with the main E-Way Bill portal (https://ewaybillgst.gov.in), ensuring high availability and quick synchronization of e-way bill details.

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```*Due Date alert*```

*30th May 2024*

- Form 11 for FY 2023-24 for LLP’s

- TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments), 26QE (Crypto Assets) for Apr 2024

- Issue of TCS Certificates in Form 27D for Jan to March 2024

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*CBDT notifies Cost Inflation Index for Financial Year 2024-25*

The notification specifies that for the financial year 2024-25, the Cost Inflation Index is set at 363.

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```*Due Date alert*```

*25th May 2024*

- GST Challan Payment if no sufficient ITC for Apr 2024 (for all Quarterly Filers)

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```*Due Date alert*```

*20th May 2024*

- GSTR-3B For April 2024

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for TDS Chart of all sections prepared by Taxmann Join channel - https://whatsapp.com/channel/0029Va9RNLkBVJl18UFzB92u/160