Garg properties

Garg properties We are Doing Properties Dealing...Near To Shikohabad, Firozabad, Sirsaganj
etc.

07/10/2024

*Major Overhaul: Public Provident Fund (PPF) Rules Effective October 2024*

The Indian government has introduced significant changes to the Public Provident Fund (PPF) rules, effective from October 2024. These changes aim to streamline the scheme, enhance flexibility, and align it with contemporary financial needs.

*Key Changes:*

*Increased Investment Limit*: The annual investment limit in PPF has been raised from ₹1.5 lakhs to ₹2.5 lakhs.

*Flexible Withdrawal Options*: Partial withdrawals allowed from the 3rd year onwards, instead of the 7th year.

*Loan Facility*: Loan facility available from the 3rd year to the 5th year, with reduced interest rates.

*Nomination Rules*: Nomination mandatory for accounts opened after October 2024.

*Account Closure*: Premature closure allowed after 5 years, subject to conditions.

*Interest Calculation*: Interest calculated on the lowest balance between the 5th and the last day of the month.

*Premature Withdrawal*: Premature withdrawal allowed for specific purposes (e.g., education, medical emergencies).

*Online Services*: Online facility for opening, investing, and withdrawing from PPF accounts.

*Other Important Aspects:*
- *Tax Benefits*: PPF continues to offer tax benefits under Section 80C.
- *Maturity Period*: The maturity period remains 15 years.
- *Extension Options*: Account extension options remain unchanged.

*Implications and Benefits:*
- Increased investment limit attracts more investors.
- Flexible withdrawal options enhance liquidity.
- Reduced interest rates on loans make borrowing more attractive.
- Mandatory nomination ensures smoother succession.

*Effective Date:* These changes come into effect from October 1, 2024.

*Action Items:*

- Review existing PPF accounts and adjust investments accordingly.
- Consider taking advantage of increased investment limits.
- Familiarize yourself with new withdrawal and loan facilities.

24/09/2024

Archival of GST Returns data on GST portal

Sep 24th, 2024

1. Section 39 (11) of the CGST Act, 2017 , implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, provides that the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return.

2. Further, as per GST portal data policy, data for view of taxpayer to be retained for seven years only. Therefore, the same data policy is being implemented on the GST portal. Thus, return data will not be available to view beyond 7 years for taxpayers.

3. Accordingly, on 01st August 2024 return filed for July 2017 has been archived and on 01st September 2024, data for August 2017 has been archived. Further, this data archival is going to be a monthly activity hence on 01st October, 2024 data of September 2017 shall be taken down from the GST portal and so on so forth.

4. Hence, hereby the taxpayers are advised to download their relevant data from the GST portal for any future reference, if required.

Thanks,
Team GSTN

16/09/2024

💡 Rs 5 Lakh Health Cover for Seniors Under Ayushman Bharat: A Lifeline for the Elderly!

✅ Good news for senior citizens!

The Union Cabinet has approved health coverage of ₹5 lakh for all individuals aged 70+ under the Ayushman Bharat PM-JAY scheme.

This groundbreaking move is set to benefit millions, ensuring better healthcare access for our elders, especially in their most vulnerable years. 👵👴

🏥 Key Points:

- Coverage for all seniors aged 70+, regardless of socio-economic status.
- Families already enrolled under AB PM-JAY can now enjoy this additional top-up.
- Health coverage shared among senior family members, making it a step towards inclusive healthcare.

However, challenges remain—many top private hospitals haven’t registered yet, raising concerns about access to advanced medical care.

🏥 The government aims to resolve this by ensuring timely payments and encouraging more hospital participation. 🔄

This is a big step toward securing healthcare for India’s aging population. 🌟

Let's make sure our elders get the care they deserve! 💖

05/09/2024

*Advisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5
Sep 3rd, 2024*
Vide Notification No. 12/2024 – Central Tax dated 10th July, 2024, the Government has reduced the
threshold limit for reporting of invoice wise details of inter-state taxable outward supplies made to
unregistered dealers from 2.5 Lakh to 1 Lakh which needs to be reported in Table 5 of Form GSTR-1
and Table 6 of GSTR-5. In accordance with the new legal provisions, this change is currently under
development on the portal and would be available to the taxpayers shortly.
Further, till the time the functionality is made available on portal, it is advised to continue reporting the
invoice wise details of taxable outward supplies to unregistered dealers which are more than 2.5 Lakhs in
the Table 5 of Form GSTR-1 and Table 6 of GSTR-5.

08/08/2024

CA के ऑफिस में भी अलग - अलग स्पेशलिस्ट होंगे डॉक्टर्स की तरह - ये नयी स्कीम देखने वाला CA , ये पुरानी स्कीम वाला CA , ये इंडेक्स वाला CA , ये बिना इंडेक्स वाला CA, ये 87 A वाला CA और ये TDS वाला CA , ये 44AD वाला CA और ये अपना सुधार भाई GST वाला CA …..और ये इन सब पर नज़र रखने वाला CA .
ये बिलकुल वैसा ही होगा कि जब हम हड्डी के डॉक्टर को आँखें दिखाते हैं तो वो कहता है रूम नंबर 113 में जाओ !!! Multi Speciality CA Hubs हो जाएँगे हमारे भी 😀😀 सब कुछ बहुत सरल हो रहा है ।

07/08/2024

🚨 Indexation Restoration Alert - Part II
Working of Capital Gain Exemptions in New Scenario

Indexation Benefit provided to only Resident Ind./HUF for Land/Building acquired before 23/07/2024 only for Tax Calculation Purpose, which means:-

1) Capital Gain to be mandatorily calculated as per new provision only i.e. without indexation which implies that for exemption u/s 54/54EC & 54F higher amount needs to be invested

Example!!
Sale of Land on 1st Aug 24 - 4 Cr
Purchase in 2001 - 1 Cr
Indexed Cost - 3.48 Cr

Capital Gain - 3Cr
Tax Calculation
New Prov. - 3Cr @ 12.5% - 37.50 Lacs
Old Prov. - 52 Lacs[4Cr-3.48Cr]@ 20%-10.40 lacs

As per Amendment in Finance Bills tax in excess of old provisions shall be ignored hence Tax Payable shall be 10.40 Lacs

📌BUT FOR AVAILING EXEMPTION OF ENTIRE CG U/S 54 , AMOUNT OF CG i.e. 3Cr needs to be Re-invested (and not just 52 Lacs)

💥If only 1 Cr is invested :-
Then 2 Cr (i.e. CG - Investment) shall be taxable as Capital Gain.
Now tax on 2Cr @ 12.5% - 25 Lacs
But shall be restricted to 10.40 Lacs (Old Provision)
Here we can see that Investment of 1Cr is not providing any Tax benefit via Sec 54

💥If 2Cr is invested, then also no benefit!!

💥If 2.5 Cr is invested:-
Then 50 Lacs shall be taxable as CG
Tax - [email protected]% = 6.25 Lacs

📌 Exemption u/s 54EC will also work in same manner

📌Now Exemption u/s 54F:-
💥If net consideration of 4 Cr is invested, then entire capital gain Exempt

💥If 2 Cr is Invested out of Net Consideration 4 Cr:-
Exempt Capital Gain = 3Cr *2Cr/4Cr = 1.5 Cr
Taxable CG = 1.5 Cr

Tax on 1.5 Cr = 1.5 Cr @ 12.5% = 18.75 Lacs
But the same shall be restricted to 10.40 Lacs (old Prov.)
Hence we can see No Tax benefit even on investing 2 Cr

06/08/2024

*Breaking News on Capital Gain Tax*
Govt moves an amendment to provide relief for real estate under LTCG regime

◾ Govt to allow taxpayers to avail either a lower rate of 12.5% without indexation or a higher 20% rate with indexation if the property is acquired before July 23, 2024

◾ Relief proposed in respect of taxation of immovable property:

In the case of the transfer of a long-term capital asset, being land or building or both, by an individual or HuF, which is acquired before July 23, 2024, the taxpayer can compute their taxes under the new scheme [@ 12.5% without indexation] and old scheme [@ 20% with indexation] and pay such tax which is lower of the two

04/08/2024

मित्रता दिवस की मेरे मित्रो को हार्दिक शुभकामनाएं सहित...

31/07/2024

Problem is the first step of solution. .. So don't afraid from the problem...

31/07/2024

*दिल्ली से महत्वपूर्ण खबर*

*देश के केंद्रीय परिवहन मंत्री न‍ित‍िन गडकरी ने मोदी सरकार से लाइफ और हेल्‍थ इंश्‍योरेंस पर GST न लेने की मांग की है.*

मोदी सरकार *लाइफ* और *हेल्‍थ इंश्‍योरेंस* पर *18% GST वसूलती है*

*जैसे-* आपके *हेल्‍थ इंश्‍योरेंस* का *प्रीम‍ियम* साल का *15 हजार* हो तो सरकार इसपर *2,700* रुपए वसूलेगी.

और आपको *साल* का *17,700 देना होगा.!!*

31/07/2024

!! The last day to file Income Tax Return !!

Today, 31st July ' 2024,
for
F.Y.23-24
A.Y.24-25

Tax Professionals offices will be working till midnight, ensuring timely uploads.

Don't miss to file ITR before due date else Late fee shall be imposed min. Rs 1K max. Rs 5K.

28/07/2024

*Consequences of non-filing of Income Tax Return (ITR) within the due date*

1. One major consequence is the imposition of a *penalty u/s 234F* . For Total income over Rs 5 lakh, the penalty is Rs 5000, and for income between Rs 2.5 lakh and Rs 5 lakh, the penalty is Rs 1000. However there is no penalty if the total income is below Rs 2.5 lakh.

2. *You will loose the opportunity to switch between Tax Regimes* and New Tax Regime would become the default tax regime.

2. If there is tax to be paid, the taxpayer will incur an interest of 1% per month after the due date until taxes are paid and the ITR is filed. *U/s 234A* , this interest payment becomes mandatory until the ITR is submitted.

3. A taxpayer is unable to *carry forward any losses* for the current year if the ITR is not filed within the due date.

Address

Bara Bazar Shikohabad
Shikohabad
283135

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 9am - 5pm
Sunday 9am - 5pm

Website

Alerts

Be the first to know and let us send you an email when Garg properties posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Garg properties:

Shortcuts

Share

Category