22 Jul, 2025
Tax Exemption for Anonymous Donations: What the Panel Recommends A recent report by the Department-related Parliamentary Standing Committee on Finance has stirred debate across the tax and charity sector. Among its key recommendations is the retention of tax exemption on anonymous donations to religious and charitable trusts — a relief welcomed by many NGOs and […]
Read More22 Jul, 2025
New Business Codes in ITR-3 for AY 2025-26: What You Must Know The Income Tax Department has updated the Nature of Business/Profession codes in the ITR-3 utility for AY 2025–26. The move aims to better capture the income sources from modern and digital professions like F&O trading, share trading, and social media influencers. Choosing the […]
Read More22 Jul, 2025
Intro:The GST penalty under Section 122(1A) has raised concern among businesses due to its harsh implications. But courts have granted interim relief from retrospective application of this GST penalty before January 1, 2021 — offering hope to many taxpayers under scrutiny. What Is Section 122(1A) of the CGST Act? Section 122(1A) was inserted into the […]
Read More22 Jul, 2025
Tax Rules for Factories in Hilly Regions: CBDT Ends Long-Running Dispute If your company owns a manufacturing unit in a hilly region, recent developments by the CBDT may finally bring clarity on an old tax headache. A dispute over whether deductions under Section 80-IC or 80-IE apply to factories operating in hilly terrains—especially where part […]
Read More22 Jul, 2025
GST Input Tax Credit Transfer in Mergers: HC Seeks Clarity The Bombay High Court has asked the GST Council and GSTN to consider enabling cross-State input tax credit (ITC) transfers in mergers. This is a major relief-seeking move for businesses undergoing corporate restructuring, especially when the merging entities operate in different States under different GSTINs. […]
Read More22 Jul, 2025
CBDT Grants Relief from Higher TDS/TCS for Inoperative PANs The CBDT has given major relief to taxpayers by allowing reversal of higher TDS/TCS deducted due to an inoperative PAN, if they link their Aadhaar on time. This update, notified via CBDT Circular No. 6/2024 dated 23.04.2024, is crucial for lakhs of taxpayers facing higher tax […]
Read More22 Jul, 2025
No GST Rate Cuts Yet as Group of Ministers’ Report Still Awaited The focus keyphrase “No GST rate cuts yet” is now making headlines again as the Finance Ministry confirms that the much-anticipated rate rationalisation plan is still in limbo. The Group of Ministers (GoM), tasked with overhauling GST slabs and removing anomalies, has not […]
Read More21 Jul, 2025
GST compensation cess merger: What’s changing in India’s tax structure?The GST compensation cess merger plan is back in the spotlight. As per recent reports, the Centre and states are nearing consensus to subsume this cess into the GST tax structure. This move, if finalised, will reshape how India funds infrastructure and social welfare, and could […]
Read More21 Jul, 2025
Income tax exemption under Section 10(26AAA) is available to individuals residing in Sikkim. But what if the PAN used doesn’t reflect Sikkim as the state of residence? The ITAT has now clarified that mere technical errors in the PAN database can’t override genuine tax exemptions under the law. Let’s break down the case, legal interpretation, […]
Read More21 Jul, 2025
Section 68 Share Capital Addition: What Calcutta HC’s Ruling Means for Taxpayers The Calcutta High Court recently dismissed the Income Tax Department’s appeal against an ITAT order that deleted a share capital addition under Section 68 of the Income-tax Act, 1961. This decision reaffirms judicial consistency in cases where the assessee has discharged its onus. […]
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