30 Jul, 2025
Understanding Cost of Improvement in Capital Gains Capital Gains = Sale Consideration – (Cost of Acquisition + Cost of Improvement + Transfer Expenses) In this blog, we’ll explain what qualifies as cost of improvement while calculating capital gains under the Income Tax Act, 1961. What is Cost of Improvement? As per Section 55(1)(b) of the […]
Read More30 Jul, 2025
GST not applicable on license fee by electricity regulator The Supreme Court has dismissed a Special Leave Petition (SLP) against the Delhi High Court’s landmark judgment, which held that GST is not applicable on license fees charged by Electricity Regulatory Commissions. This decision clarifies a long-standing confusion in the power sector and reaffirms the position […]
Read More30 Jul, 2025
Excel Utility for Updated ITR-1, ITR-2: Now Live for AY 2021–22 & 2022–23 The Excel utility for updated ITR-1 and ITR-2 is now available for Assessment Years 2021–22 and 2022–23. This enables taxpayers to file ITR-U (Updated Return) under Section 139(8A) using a simplified offline process. If you missed filing or need to correct income […]
Read More30 Jul, 2025
ITR-3 Now Available for Online Filing: What You Must Know The ITR-3 now available for online filing marks a key milestone in the Income Tax Return (ITR) process for Assessment Year 2025–26. If you’re an individual or HUF having income from business or profession, this form is for you. The Income Tax Department has enabled […]
Read More30 Jul, 2025
ITR Filing for ESOP Holders with Foreign Income If you’ve received ESOPs from a foreign company, your ITR isn’t just a regular return — you need to disclose foreign income, assets, and dividends under specific schedules. Failure to do so could trigger scrutiny, penalties, or even notices under the Black Money Act. This guide simplifies […]
Read More30 Jul, 2025
SCN Not Tenable After Provisional GST Cancellation A Show Cause Notice (SCN) is not tenable for non-filing of returns after the cancellation of provisional GST registration. Let’s understand the legal position, relief available, and what taxpayers should do in such cases. What Is Provisional GST Registration? When GST was rolled out on 1 July 2017, […]
Read More30 Jul, 2025
India’s Gross Direct Tax Collections Double: A Sign of Growth India’s gross direct tax collections have doubled over five years, rising from ₹10.54 lakh crore in FY 2018–19 to ₹21.02 lakh crore in FY 2023–24. This milestone reflects two key trends: robust economic growth and rising tax compliance. Let’s break down what this means for […]
Read More30 Jul, 2025
Chartered Accountant Services under Scanner: What the Amendment Means A recent statement by a Karnataka MP has stirred debate around a new amendment to the Income Tax Act—one that could significantly impact Chartered Accountant services in India. While details are still emerging, the remark hints at broader regulatory or procedural changes that may affect how […]
Read More30 Jul, 2025
No LTCG Hike in Draft Income Tax Bill, Confirms Government Rumours of a long-term capital gains (LTCG) tax hike in the draft Income Tax Bill, 2025 are baseless. The Ministry of Finance has officially clarified that the Bill aims only to simplify legal language and remove redundant provisions — not to alter existing tax rates, […]
Read More30 Jul, 2025
No Change in Tax Rates: CBDT Clarifies Income Tax Bill 2025 The Central Board of Direct Taxes (CBDT) has clarified that no change in tax rates has been proposed under the Income Tax Bill, 2025. Despite misleading headlines, the bill merely aims to simplify the language and structure of the Income-tax Act, 1961—not alter its […]
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