12 May, 2025
Mumbai & Delhi Face Higher Direct Tax Targets: A Wake-up Call for Taxpayers The CBDT has reportedly set higher direct tax targets for Mumbai and Delhi—India’s top revenue-generating zones. This isn’t just a revenue push—it’s a compliance alert for high-income individuals, corporates, and consultants operating in these regions. Why Have Targets Been Increased in Mumbai […]
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GST Scam Arrests Shake Small Traders Three traders were recently arrested and remanded to judicial custody for their alleged involvement in a GST fraud racket. The scam reportedly involved fake invoicing and wrongful input tax credit (ITC) claims, exposing wider gaps in compliance among small businesses. This case underlines a crucial reminder for all Indian […]
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Audited Books vs Income Estimation: Section 44AD Dispute Explained In a recent Income Tax Appellate Tribunal (ITAT) ruling, the bench sided with the taxpayer whose audited financial statements were being questioned under Section 44AD presumptive taxation. This is a huge relief for small business owners and professionals who follow due accounting norms. What is Section […]
Read More12 May, 2025
The Income Tax Appellate Tribunal has ruled in favour of the assessee, validating deductions claimed under multiple statutory provisions. Introduction: A recent ITAT ruling reaffirmed this by allowing the assessee’s deductions claimed under different statutory sections, rejecting the department’s attempt to reclassify income arbitrarily. Key Takeaways from the ITAT Ruling 1. What Was the Dispute? […]
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In a recent ruling, ITAT allowed multiple tax deductions related to statutory dues and accounting method changes. The case clarifies Section 43B, ICDS-VIII, and interest provisions, reinforcing taxpayer rights. This blog breaks down the verdict, practical takeaways, and what it means for businesses. Tribunal Ruling Resolves Key Deduction Issues The tax deduction tribunal ruling by […]
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Transfer Pricing Adjustment Deleted: A Relief for Taxpayers? The Income Tax Appellate Tribunal (ITAT) recently provided partial relief to a taxpayer by deleting transfer pricing adjustments made by the Assessing Officer (AO). This case once again highlights how scrutiny under transfer pricing can lead to disputes, and why proper documentation and expert handling is critical. […]
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Was Your Land Sale Truly ‘Agricultural’? ITAT Demands a Closer Look In a recent ruling, the Income Tax Appellate Tribunal (ITAT) highlighted how documentation gaps and poor legal argumentation can delay justice. The case involved a contested agricultural land sale and its treatment under the Income-tax Act, 1961. The tribunal has now remanded the matter […]
Read More12 May, 2025
Intro:The Uttarakhand High Court has recently voided multiple GST recovery orders citing the deletion of Rule 144A of the CGST Rules, shaking up the compliance and enforcement framework. This judgment is being closely watched across India for its legal and procedural implications. Why Were GST Orders Voided? In a landmark judgment, the Uttarakhand High Court […]
Read More12 May, 2025
India’s April GST Collection: Not All That Glitters is Growth The April GST collection hit ₹2.10 lakh crore – the second highest ever. While this appears to signal robust economic momentum, a closer look reveals deeper fiscal stress, uneven growth, and red flags for policymakers and businesses alike. Quick Snapshot: What the April GST Data […]
Read More12 May, 2025
Summary Transferring your business? Be prepared for capital gains tax. Whether it’s a slump sale, merger, or asset transfer—Income Tax Act provisions still apply. Here’s what Indian entrepreneurs need to know. Capital Gains Tax on Business Transfer: Explained Simply When a business changes hands—whether sold, merged, or restructured—capital gains tax on business transfer may apply. […]
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