29 Jul, 2025
Can Cash Sales During Demonetisation Be Accepted? Cash sales during demonetisation, especially between 8 Nov and 30 Dec 2016, have triggered intense scrutiny by tax authorities. But in a significant ruling, the Income Tax Appellate Tribunal (ITAT) recently upheld the deletion of an ₹1.32 crore addition — giving relief to a taxpayer who could substantiate […]
Read More29 Jul, 2025
SC Hearing on Online Gaming Taxation Nears Conclusion The final week of hearings in the Supreme Court’s landmark case on online gaming taxation and state regulation has begun. The case, which involves major players like Gameskraft, centres on whether GST can be levied at 28% on full face value of bets and if states can […]
Read More29 Jul, 2025
India-UK FTA: Customs Revenue Loss and Economic Impact The India-UK Free Trade Agreement (FTA) is projected to cost India over ₹4,060 crore in customs duty revenue in the first year of implementation alone. As per a Department of Revenue estimate, this figure could escalate significantly by the 10th year as more tariff lines go to […]
Read More29 Jul, 2025
CBDT’s AI Nudges and FY26 Direct Tax Targets The CBDT’s AI push for FY26 direct tax targets signals a digital transformation in how India enforces and encourages tax compliance. With artificial intelligence, analytics, and real-time alerts, the department plans to widen the tax base and improve collections without aggressive scrutiny. What Did the CBDT Chairman […]
Read More29 Jul, 2025
What are Unclaimed Bank Deposits? Unclaimed bank deposits refer to balances in savings or current accounts, fixed deposits, or recurring deposits which have not seen any activity for 10 years or more. With over ₹42,000 crore lying unclaimed across Indian banks (as of March 2023), the need for a unified tracking mechanism became critical. That’s […]
Read More29 Jul, 2025
Marginal Delay in GST Appeal Filing: Key Relief by Madras HC In a significant judgment for taxpayers, the Madras High Court has held that a marginal delay in GST appeal filing under Section 107 of the CGST Act should not lead to dismissal of the appeal. This ruling brings much-needed clarity on procedural leniency and […]
Read More29 Jul, 2025
GST on Flex-Fuel Vehicles: Government’s Clear Stand The issue of GST on flex-fuel vehicles was recently raised in Parliament, but the government confirmed that the GST Council has not recommended any rate reduction. Despite rising advocacy for cleaner fuel alternatives, the 28% GST plus applicable cess on such vehicles stands firm for now. What Are […]
Read More29 Jul, 2025
18% GST on User Development Fee: What Airline Passengers Must Know The GST rate on User Development Fee (UDF) collected by airline operators has been a matter of confusion. A recent clarification by MoS Finance, Shri Pankaj Chaudhary, in the Lok Sabha has confirmed that 18% GST is applicable on User Development Fees, as they […]
Read More29 Jul, 2025
India’s economic growth is fuelling direct tax collection. The CBDT Chairman is confident that the FY26 tax collection target will be met, thanks to strong GDP growth and formalisation trends. Here’s what this means for taxpayers, professionals, and small businesses. Why Tax Collections Are Rising CBDT Chairman Ravi Agrawal recently stated that direct tax collections […]
Read More29 Jul, 2025
Real-time digital credit assessment model is reshaping how Indian MSMEs access loans. Instead of waiting weeks for a bank’s nod, borrowers can now get loan approvals within hours—thanks to automation, alternate data, and real-time analytics. Here’s a breakdown of how this model works, why it’s critical, and what MSMEs should know before applying. What Is […]
Read More