19 Jul, 2025
NPA Taxation Aligned with RBI Norms: What the New Income Tax Bill Means for You The new Income Tax Bill proposes to align the tax treatment of Non-Performing Assets (NPAs) with RBI’s 90-day default rule. This move could finally resolve the ongoing tax disputes around unrealised interest income on bad loans. Let’s break down what’s […]
Read More19 Jul, 2025
GST Rate Rationalisation 2025: A Simplified Tax Future Ahead? The focus keyphrase GST rate rationalisation is gaining attention again. With expectations of a major GST Council meet in August 2025, brokerages and policy experts foresee significant changes—like merging tax slabs and reducing GST on essentials such as cement, health insurance, and natural gas. But what […]
Read More19 Jul, 2025
New Income Tax Bill 2025: What It Means for YouThe New Income Tax Bill 2025, expected to be enforced from April 1, 2026, aims to replace the complex Income-tax Act, 1961 with a modern, concise, and transparent law. This long-awaited reform is not just a cosmetic overhaul — it rewrites tax rules for India’s digital […]
Read More19 Jul, 2025
Foreign Asset Disclosure in ITR: What Indian Taxpayers Must Know If you’re a resident Indian with overseas stocks, bank accounts, or income, foreign asset disclosure in ITR is not optional — it’s a legal obligation. With increasing global data-sharing under FATCA and CRS, the Income Tax Department is closely monitoring offshore holdings. This blog simplifies […]
Read More19 Jul, 2025
GST ITC Fraud in Hyderabad: What the ₹6.25 Cr Scam Reveals A recent GST ITC fraud in Hyderabad has once again put the spotlight on how fraudsters exploit systemic loopholes to siphon off public money. In this case, the Telangana Commercial Taxes Department unearthed a fake billing racket run under the name “Bala Corporation”, a […]
Read More18 Jul, 2025
100% Tax Exemption Under Section 80P: What ITAT’s Ruling Means for Co-operative Societies If your co-operative society claims full deduction under Section 80P, can income tax still apply due to technical disallowances? The Ahmedabad ITAT recently clarified — no. The entire income remains tax-exempt, even if certain expense claims are disallowed. Let’s break down what […]
Read More18 Jul, 2025
ELSS Mutual Funds and New Tax Regime: What’s Changed? Equity-Linked Savings Scheme (ELSS) mutual funds were once a favourite tax-saving tool under Section 80C of the Income Tax Act. But with the new tax regime becoming the default from FY 2025-26, ELSS has lost its primary advantage—tax deduction up to ₹1.5 lakh. And it shows. […]
Read More18 Jul, 2025
ITR Refund Scam: How False Deductions Are Triggering Income Tax Raids The ITR refund scam uncovered by the Income Tax Department in July 2025 has sent shockwaves across India’s salaried and consulting circles. The focus? Chartered accountants and middlemen promising inflated tax refunds by faking deductions under HRA, Section 80C, and other heads. With 150+ […]
Read More18 Jul, 2025
NRI tax case win ITAT ruling protects foreign funds from Section 69 A recent Income Tax Appellate Tribunal (ITAT) decision from Mumbai has offered big relief to NRIs dealing with property investments in India. The tribunal quashed a ₹69 lakh tax demand against a Dubai-based engineer by holding that funds remitted during his valid NRI […]
Read More18 Jul, 2025
Section 80M Dividend Deduction: Relief for Indian Companies The reinstatement of Section 80M dividend deduction in the revised Income Tax Bill, 2025 brings a major relief to corporate India. The move addresses a key concern—double taxation on inter-corporate dividends—that arose after the section was removed under the 22% corporate tax regime introduced in FY 2019–20. […]
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