29 Jul, 2025
What is Clubbing Provision under Income Tax? Clubbing provision under Income Tax refers to rules under the Income-tax Act, 1961 that prevent individuals from reducing their tax burden by shifting income to relatives (like spouse or minor child). Why Clubbing Provisions Exist Some taxpayers used to transfer assets or divert income to family members in […]
Read More29 Jul, 2025
Delay in Filing Service Tax Refund: Not Condonable Without Justification Service tax refund delay cases continue to attract strict interpretation by courts and authorities. If your refund application was filed late and you don’t have a convincing reason, chances are it’ll be outright rejected. Here’s what Indian taxpayers, consultants, and exporters need to know. Why […]
Read More29 Jul, 2025
Will Textile Sector Get a Uniform 12% GST Rate Soon? The 12% GST rate on textile sector is back in the spotlight. As per recent reports, the GST Council may reconsider this long-pending move in its upcoming meeting, likely in September 2025. If approved, this will mark a significant shift from the current multi-rate system. […]
Read More29 Jul, 2025
CBDT Relaxation for Invalidated ITRs Filed Online The Central Board of Direct Taxes (CBDT) has issued a welcome relief for taxpayers whose Income Tax Returns (ITRs) were filed electronically but later declared ‘invalid’ due to verification issues. Why This CBDT Relaxation Matters That means: To resolve this, CBDT issued Circular No. 7/2024 dated 25.04.2024 under […]
Read More28 Jul, 2025
Section 54EC Bonds vs Mutual Funds: Which is Better to Save Capital Gains Tax? When you sell a property and earn long-term capital gains, Section 54EC bonds are one of the safest ways to save tax. But with just 5.25% taxable returns and a 5-year lock-in, are they worth it? Or should you consider mutual […]
Read More28 Jul, 2025
Vedanta GST Penalty: Why ₹15.4 Lakh Was Imposed Over CENVAT Credit Vedanta’s ₹15.4 lakh GST penalty has reignited a critical discussion around transitional credit misuse and legacy tax liabilities. The case stems from Vedanta’s attempt to use CENVAT credit to discharge excise duty, a move that the tax authorities held to be incorrect. Let’s break […]
Read More28 Jul, 2025
GST on Sale of Medicines and Implants by Hospitals: What Guj HC Said The Gujarat High Court has ruled that private hospitals must pay GST on the sale of medicines, implants, and stents supplied independently to patients, even during treatment. This has stirred significant debate within the healthcare and tax community. Let’s break down what […]
Read More28 Jul, 2025
₹260 Cr Fake Billing Scam in GST: What Happened? A massive fake billing scam in GST has been busted in Mandi Gobindgarh, Punjab. The case involves the generation of bogus invoices amounting to ₹260 crore through shell companies dealing in scrap and iron trade. This incident is yet another wake-up call on how fake invoicing […]
Read More28 Jul, 2025
India’s Carbon Tax Response: What It Means for Trade and Policy India’s carbon tax response is back in the spotlight as the UK considers levying a border carbon tax on imports from countries with high carbon footprints. Commerce and Industry Minister Piyush Goyal has made it clear: India will not sit silent if such a […]
Read More28 Jul, 2025
Intro:A fake ITC racket worth ₹11 crore has been busted by the Assam State GST Department, exposing yet another misuse of Input Tax Credit provisions under GST. The accused allegedly created multiple fake firms to issue invoices without actual supply of goods or services. What is a Fake ITC Racket? Fake ITC (Input Tax Credit) […]
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