09 Jun, 2025
Can You Claim TDS/TCS Refund from the GST Cash Ledger? If you’re a registered supplier or deductor wondering whether TDS TCS refund in GST cash ledger is possible under Indian GST law — here’s your answer: Yes, but with conditions. The Central Board of Indirect Taxes and Customs (CBIC) clarified this in Circular No. 190/02/2023-GST […]
Read More09 Jun, 2025
Summary CBDT’s upcoming relief on bad loan write-offs may finally end long-standing tax disputes with Indian banks. By accepting write-offs as allowable expenditure without litigation, the move could improve banks’ profitability and reduce NPAs’ tax burden. Here’s what the change means for lenders and the economy. CBDT Considers Tax Relief on Loan Write-Offs The Central […]
Read More09 Jun, 2025
Transit Insurance & Service Tax: CESTAT Clarifies Tax Overlap In a major relief for manufacturers and transporters, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has ruled that no separate service tax is payable on transit insurance if its cost is already factored into the assessable value for excise duty. This judgment simplifies a […]
Read More09 Jun, 2025
Summary The Delhi High Court ruled that a penalty notice under Section 270A of the Income Tax Act is valid if sent to the email ID listed on the MCA portal. Even if the taxpayer claims non-receipt, failure to update contact details doesn’t invalidate proceedings. Introduction SCN on MCA email is now judicially confirmed as […]
Read More09 Jun, 2025
Summary GSTR-7 is a monthly GST return for TDS deductors. Due by the 10th, late filing attracts ₹200/day penalty. Learn who files it, steps to comply, and tips to avoid notices. What is GSTR-7? GSTR-7 is a monthly return to be filed by persons required to deduct TDS under GST under Section 51 of the […]
Read More09 Jun, 2025
Faceless Inquiry in Income Tax A New Chapter Begins The faceless inquiry in income tax is being transformed in the Income Tax Bill, 2025 under Clause 532, replacing the older Section 142B of the Income-tax Act, 1961. This marks a crucial evolution in India’s tax administration — aimed at ensuring transparency, fairness, and ease of […]
Read More09 Jun, 2025
Are Singapore Route Investments in India at Risk? Singapore economic substance rules are now under tighter scrutiny — and that could reshape how multinational companies (MNCs) route their investments into India. Until now, many global firms used the Singapore route to access favourable tax treaty benefits under the India–Singapore DTAA (Double Taxation Avoidance Agreement). But […]
Read More09 Jun, 2025
IntroductionThe middle class tax relief announced in 2025 continues the government’s focus on urban development, pensions, and simplified tax benefits. With rising living costs, these targeted measures aim to offer real savings and long-term security for India’s growing salaried and small business segments. What Is Middle Class Tax Relief? This refers to a set of […]
Read More09 Jun, 2025
Summary Assam GST Department has issued a Standard Operating Procedure (SOP) for road vigilance to combat tax evasion. It defines transporter duties, document checks, seizure rules, and penalties under GST enforcement. GST Road Vigilance SOP in Assam: Key Compliance for Transporters To strengthen enforcement against GST evasion, the Assam State Tax Department has introduced a […]
Read More09 Jun, 2025
T. Rabi Sankar Joins 16th Finance Commission What It Means for India Focus keyphrase: 16th Finance Commission The Government of India has appointed Shri T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), as a part-time Member of the 16th Finance Commission. This significant development, announced in June 2025, adds monetary policy […]
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