08 Jul, 2025
No Penalty Under Rule 26 for Honest Revision: Legal Clarity for Taxpayers If an excise officer revises a return in good faith, without any evidence of collusion or fraud, no penalty can be imposed under Rule 26 of the Central Excise Rules, 2002. This key principle was reinforced in a recent Customs, Excise and Service […]
Read More08 Jul, 2025
Summary The Madras High Court struck down GST orders passed under Sections 73 and 74 for denying personal hearing and allowing only a 10% pre-deposit instead of the mandated 25%. This judgment reinforces taxpayer rights and procedural fairness in GST adjudication. Introduction GST personal hearing denial is emerging as a critical ground for challenging assessment […]
Read More08 Jul, 2025
Retail F&O Losses in FY25 What Indian Traders Must Know Retail investors lost over ₹1.06 lakh crore in F&O trading in FY25 — and 91% of them ended up in the red, just like the year before. This shocking stat from SEBI isn’t just a trading alert. It’s a wake-up call for taxpayers, consultants, and […]
Read More08 Jul, 2025
NFAC Ignored Supreme Court Order in Charitable Trust Appeal The Patna High Court has pulled up the National Faceless Appeal Centre (NFAC) for dismissing a charitable trust’s income tax appeal without following a binding Supreme Court precedent. The Court not only quashed the NFAC’s order but also imposed a cost of ₹10,000 on the Income […]
Read More08 Jul, 2025
Intro Paragraph:Conditions for availing ITC are clearly laid out in Section 16 of the CGST Act, 2017. Every registered person must fulfil specific criteria to claim input tax credit (ITC) on purchases. Missing out on these conditions could lead to ITC denial and invite GST notices. What is ITC under GST? Input Tax Credit (ITC) […]
Read More08 Jul, 2025
GST Invoice Rules for Continuous Supply of Services GST invoice rules for continuous supply of services aren’t as straightforward as the 30-day rule for regular services. For continuous contracts like AMC, consulting retainers, or leased equipment, the timing of invoice issuance plays a crucial role in determining the time of supply (ToS) — which in […]
Read More08 Jul, 2025
SummaryChhattisgarh HC has dismissed an income tax appeal citing CBDT Circular No. 21/2023, which raised the monetary limit for departmental appeals to ₹2 crore. This case reaffirms the binding nature of CBDT circulars and offers relief to small taxpayers facing prolonged litigation. ₹2 Crore Limit for IT Appeals: What the Chhattisgarh HC Ruling Means CBDT’s […]
Read More08 Jul, 2025
Are income tax grievance replies becoming robotic?A recent viral post on X has sparked concern among taxpayers. The user shared screenshots showing multiple identical responses from the Income Tax Department to separate grievance complaints. This raises a larger issue: how seriously are tax grievances being handled? Let’s decode what the official guidelines say — and […]
Read More08 Jul, 2025
GST on Staffing Services: Industry Push for 5% Slab Explained The GST on staffing services has come under spotlight after the Indian Staffing Federation (ISF) urged the finance ministry to reduce the current GST rate from 18% to 5%. This demand is not just about tax—it’s about boosting formal employment, lowering hiring costs, and improving […]
Read More08 Jul, 2025
Aadhaar OTP mandatory for PAN update: What it means for you From July 2025, the Income Tax Department has made Aadhaar OTP mandatory for certain updates on the e-filing portal. This change directly impacts taxpayers trying to update PAN details, contact information, and bank accounts online. If your Aadhaar isn’t linked or your mobile isn’t […]
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