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India’s tax system involves many different types of taxes and one of them is wealth tax (a.k.a. net worth tax, capital tax or equity tax). The government abolished wealth tax as announced in the budget 2015. In its stead, the government decided to increase the surcharge levied on the ‘super rich’ class…

Gifts up to Rs 50,000 per annum are exempt from tax in India. In addition, gifts from specific relatives like parents, spouse and siblings are also exempt from tax. Gifts in other cases are taxable

As per the law, as it stands today which was amended in 2017, gifts received by any person by any person or persons are taxed in the hands of the recipient under the head ‘Income from other sources’ at normal tax rates. SAAAR Wealth Advisors

The GST Regime mandates every person/business with an annual turnover of Rs. 40 lakhs* (Rs 10 lakhs for North Eastern states) or more, to register as a normal taxable person. Likewise, a person making inter-state transactions of taxable goods/services is also required to be registered under GST. In a similar…

The new financial year wasn’t merely a change of year of a date, but it brought together a number of financial changes with it that every taxpayer must be aware of. From April 1, the interest on provident fund (PF) contributions of employees across India under a specific bracket will…

The CBIC has added the advisory about the new functionality of restoration of cancelled registration under GST via REG-21– Warm Regards Shabana Rubani Authorised Business Partner *SAAAR WEALTH ADVISORS* Office No. – 506, 5th Floor, Jaina Tower -1,District Centre Janakpuri, New Delhi -110058 M: +91- 8368898822, 9211433786 Email: *saaarwealthadvisors@gmail.com <saaarwealthadvisors@gmail.com>*

CBIC has issued Notification No. 2/2022-Central Tax dated 11.03. 2022 for delegating powers to Additional Commissioner or Joint Commissioner of Central Tax for passing an order or decision in relation to notices issued by officers of Director General of Goods and Services Tax Intelligence (DGGSTI) SAAAR WEALTH ADVISORS

RBI Policy Update… · Reserve Bank of India (RBI) on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation. · This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by RBI…

50 Transactions to be reported in New Annual Information Statement (AIS) So be alert & careful in misuse of PAN Number The Income Tax Department has announced the roll-out of a new statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions…

The Rajya Sabha today passed the Criminal Procedure (Identification) Bill, 2022 which enables investigating officers to collect the biometric details of prisoners. The Bill was passed in the Lok Sabha on Monday, April 4. The Bill was passed in the Rajya Sabha by a voice-vote. An opposition proposal to refer…