23 Jul, 2025
Luxury furniture smuggling case highlights serious customs duty evasion In a major crackdown, the Directorate of Revenue Intelligence (DRI) has exposed a luxury furniture smuggling racket involving massive customs duty evasion. Importers allegedly undervalued luxury furniture items by 70% to 90%, leading to estimated revenue losses of over ₹30 crore to the Indian exchequer. This […]
Read More23 Jul, 2025
Why WACR breaching repo rate matters for taxpayers In July 2025, the Weighted Average Call Rate (WACR) crossed the repo rate for the first time in FY25. This rare inversion signals tight liquidity in the banking system — largely driven by GST payment outflows. But what does this mean for Indian businesses, borrowers, and the […]
Read More23 Jul, 2025
TDS on Crypto Transactions No Relief in Budget 2025 During the Select Committee discussions on the Income Tax Bill, 2025, a key demand was raised by crypto exchanges and investors—reduce the 1% TDS on crypto transactions under Section 194S. But the Central Government has officially rejected this proposal, making it clear that tax tracking takes […]
Read More23 Jul, 2025
Intro:The ITR-2 offline utility for AY 2025-26 is now live on the Income Tax Portal. If you’re an individual or HUF with capital gains, foreign assets, or multiple house properties, this form likely applies to you. Here’s a full breakdown to simplify the process. Who Should Use ITR-2 for AY 2025-26? ITR-2 is meant for […]
Read More23 Jul, 2025
ANF-2N Export Authorisation for Pharma Grade Sugar: Key Changes Explained The ANF-2N export authorisation rules for pharma grade sugar were recently updated by the Directorate General of Foreign Trade (DGFT) to streamline licensing and enhance regulatory control. These changes affect pharmaceutical exporters, sugar manufacturers, and merchant traders dealing in specialised sugar used in medicinal formulations. […]
Read More23 Jul, 2025
Income tax exemption under Section 10(46) The CBDT has granted income tax exemption under Section 10(46) to two state-run welfare boards—Andhra Pradesh Building and Other Construction Workers Welfare Board and Puducherry Building and Other Construction Workers Welfare Board. This move aligns with the government’s approach to support statutory bodies working for the welfare of unorganised […]
Read More23 Jul, 2025
Pharma Grade Sugar Export Deadline Extended: DGFT Clarification The focus keyphrase Pharma Grade Sugar export appears in the first 50 words below: The Directorate General of Foreign Trade (DGFT) has extended the last date to apply for Pharma Grade Sugar export approvals. As per the latest DGFT Notification dated 22 July 2025, exporters can now […]
Read More23 Jul, 2025
Electronic Certificate of Origin under India-Mauritius CECPA: CBIC Simplifies Imports In a key trade facilitation move, CBIC has clarified that importers can use digitally signed e-CoOs from Mauritius for availing preferential tariff benefits under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA). This helps streamline import compliance and reduces paperwork, particularly for traders using the […]
Read More23 Jul, 2025
GST ITC Transfer Not Allowed Between Merged Companies in Different States This has serious implications for companies undergoing mergers, especially those with multi-State GST registrations. Let’s break it down in simple terms with legal backing and expert tips. What Was the Issue About? Many companies undergoing mergers or amalgamations asked whether they could transfer the […]
Read More23 Jul, 2025
Intro:The New Income Tax Bill is designed to simplify India’s direct tax law by reducing its length and complexity. A Lok Sabha panel has reviewed the draft to ensure the new law is easier to understand, cuts litigation, and lays a foundation for future tax reforms. Why a New Income Tax Bill? The current Income-tax […]
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