30 Apr, 2025
Income Tax Return Forms AY 2025-26: What CBDT Changed The CBDT has notified new ITR forms for AY 2025-26 via Notification No. 40/2025 dated 24 April 2025. These revised ITR-1 and ITR-4 forms apply from 1st April 2025 and will impact millions of taxpayers during the current return filing season. ✅ What’s New in ITR-1 […]
Read More30 Apr, 2025
IntroductionGST show cause notice validity just got a crucial update. In a significant ruling, the Delhi High Court held that uploading a Show Cause Notice (SCN) only under the ‘Additional Notices and Orders’ tab on the GST portal is not proper service under the law. This decision affects lakhs of taxpayers and reassesses how notices […]
Read More30 Apr, 2025
Understanding Tax on Income Found in IT Searches (Clause 192 vs Section 113) Earlier, Section 113 of the Income-tax Act, 1961 governed such cases. Now, Clause 192 of the Income Tax Bill, 2025 proposes a new computation method. Here’s a simple breakdown of what’s changing, and how it affects you. Clause 192 (Bill 2025) vs […]
Read More30 Apr, 2025
Guarantor’s Insolvency Petition Fails: NCLAT Clarifies Section 94 Scope In a crucial ruling, the National Company Law Appellate Tribunal (NCLAT) dismissed a Section 94 insolvency petition filed by a personal guarantor, calling it a tactical misuse to stall debt recovery. This decision sets a clear precedent against strategic delays under the Insolvency and Bankruptcy Code […]
Read More30 Apr, 2025
Long-Term Capital Gains Tax is undergoing a major shift under Clause 198 of the Income Tax Bill, 2025. This new clause aims to replace Section 112A of the Income-tax Act, 1961. Here’s a simplified breakdown of what changes, what remains, and how it impacts your equity investments. What Was Section 112A All About? Section 112A […]
Read More30 Apr, 2025
Capital Gains Tax Reform: Clause 197 vs Section 112 The focus keyphrase “capital gains tax reform” signals a major shift under the Income Tax Bill, 2025, particularly through Clause 197. This new clause is set to replace Section 112 of the 1961 Act, impacting how long-term capital gains (LTCG) are taxed in India. Let’s break […]
Read More30 Apr, 2025
Short-Term Capital Gains Tax: What Changes Under the 2025 Income Tax Bill? The short-term capital gains tax has long impacted equity investors. Let’s break it down for investors and consultants. 🔁 Clause 196 vs Section 111A – Key Differences Feature Section 111A (1961 Act) Clause 196 (2025 Bill) Applicable Assets Listed shares, equity MFs, business […]
Read More29 Apr, 2025
Struggling with TDS mismatches? The six-year revision cap is hitting businesses hard. Large Indian industries — e-commerce, banking, IT, healthcare — are now urging the Central Board of Direct Taxes (CBDT) to ease restrictions on TDS return revision. After the Union Budget 2024 capped TDS corrections to six years, businesses are battling serious vendor disputes […]
Read More29 Apr, 2025
Introduction Determination of tax liability is critical when calculating final income tax dues. Under the Income Tax Bill, 2025, Clause 190 mirrors, yet modernizes, the concept found in Section 110 of the Income-tax Act, 1961. Let’s break it down in simple language for Indian taxpayers. What is Determination of Tax Liability Where No Tax is […]
Read More29 Apr, 2025
Introduction India leads globally in household financial discipline. With household debt in India at just 39% of GDP, we outperform major economies like the US, China, and Japan. This reflects not just cultural values, but strategic economic management, setting Indian households apart in global financial stability. What Is Household Debt? Household debt includes loans taken […]
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