Structuring Success | Tax and Business Blogs by EAZTAXBIZ

E‑Invoicing: Mandatory for GST Input Tax Credit –  How to Verify Your Supplier’s IRN Registration Introduction E‑invoicing under GST mandates real‑time validation of B2B and export invoices via the Invoice Registration Portal (IRP). Without a valid Invoice Reference Number (IRN), an invoice is not recognized for Input Tax Credit (ITC) claim.  Legal Framework Rule 48(4) of the CGST Rules requires notified taxpayers to upload invoice data in FORM GST INV‑01 to obtain an IRN and QR code. Failure to comply invalidates the invoice for ITC purposes.  Section 16(2)(a) of the CGST Act further mandates possession of a valid tax invoice by a registered supplier for ITC eligibility. Applicability Timeline Phase Effective Date Aggregate Turnover Threshold I 01 Oct 2020 > ₹ 500 Cr II 01 Jan 2021 > ₹ 100 Cr III 01 Apr 2021 > ₹ 50 Cr IV 01 Apr 2022 > ₹ 20 Cr V 01 Oct 2022 > ₹ 10 Cr Why E‑Invoicing Is Mandatory for ITC Only invoices with IRN‑embedded QR codes are re...

  Tax Filing Readiness Checklist for FY 2024–25 for Individuals  (Resident and Non-Resident) in India: ✅ I. Personal Information Verification PAN and Aadhaar linked and active. Correct residential status determined for FY 2024–25. Valid contact details (email ID, mobile number) updated in the Income Tax e-filing portal. ✅ II. Document Collection Form 16 (if salaried) from all employers. Form 16A for TDS on interest, rent, commission, etc. Annual Information Statement (AIS) & Form 26AS downloaded and reviewed for: Income reported (salary, interest, dividends, capital gains, etc.) TDS/TCS credits High-value transactions ✅ III. Income Reporting Salary Income : Verify from Form 16 and AIS. House Property : Rental income, housing loan interest, property taxes. Capital Gains : Sale of property, shares, mutual funds—reconcile with broker statements. Business/Professional Income (if applicable): Books of accounts, presumptive t...

💎 Ever Wondered? Gifting Gold-Studded Clothes or Diamond Watches May Land You in Tax Trouble! Your Complete Guide to Taxation on Personal Assets with Precious Metal Embellishments - FY 25-26 🎁 The Gift That Keeps on Taxing Picture this: You gift your spouse/friend a beautiful gold-threaded saree worth ₹3 lakhs or receive a diamond-studded watch as a wedding gift. What seems like a loving gesture could trigger unexpected tax implications that many taxpayers overlook. 📋 What Qualifies as Capital Assets vs Personal Effects? ✅ Capital Assets (Taxable on Sale) Gold/silver-studded clothing and accessories Watches embedded with precious stones Jewellery of all types Artwork, sculptures, and archaeological collections Apparels with metal embellishments ❌ Personal Effects (Non-Taxable) Regular clothing without precious metals Ordinary furniture and household items Basic electronic appliances Non-precious metal accessories 💰 Tax Implications for FY 2025-26 On Sale of Such Assets Holding Peri...

  Strategic Tax Planning for HNIs: Leveraging HUF Structure for Ancestral Property Income (FY 2025-26) Executive Summary High Net Worth Individuals (HNIs) with substantial ancestral property income can achieve significant tax optimization through Hindu Undivided Family (HUF) structures. This strategy enables income splitting, maximizes exemption utilization, and reduces overall tax liability under both tax regimes. Income Tax Framework - FY 2025-26 Tax Slab Comparison Table Particulars Old TaxRegime New Tax Regime Basic Exemption ₹2,50,000 ₹4,00,000 Tax Slabs 5%, 20%, 30% 5%, 10%, 15%, 20%, 25%, 30% Surcharge Range 10% to 37% 10% to 25% (Capped) Health & Education Cess 4% on Tax + Surcharge 4% on Tax + Surcharge Surcharge Structure (Both Regimes) Income Slab Old Regime Surcharge Ne...