30 Jul, 2025
SCN Not Tenable After Provisional GST Cancellation A Show Cause Notice (SCN) is not tenable for non-filing of returns after the cancellation of provisional GST registration. Let’s understand the legal position, relief available, and what taxpayers should do in such cases. What Is Provisional GST Registration? When GST was rolled out on 1 July 2017, […]
Read More30 Jul, 2025
India’s Gross Direct Tax Collections Double: A Sign of Growth India’s gross direct tax collections have doubled over five years, rising from ₹10.54 lakh crore in FY 2018–19 to ₹21.02 lakh crore in FY 2023–24. This milestone reflects two key trends: robust economic growth and rising tax compliance. Let’s break down what this means for […]
Read More30 Jul, 2025
Chartered Accountant Services under Scanner: What the Amendment Means A recent statement by a Karnataka MP has stirred debate around a new amendment to the Income Tax Act—one that could significantly impact Chartered Accountant services in India. While details are still emerging, the remark hints at broader regulatory or procedural changes that may affect how […]
Read More30 Jul, 2025
No LTCG Hike in Draft Income Tax Bill, Confirms Government Rumours of a long-term capital gains (LTCG) tax hike in the draft Income Tax Bill, 2025 are baseless. The Ministry of Finance has officially clarified that the Bill aims only to simplify legal language and remove redundant provisions — not to alter existing tax rates, […]
Read More30 Jul, 2025
No Change in Tax Rates: CBDT Clarifies Income Tax Bill 2025 The Central Board of Direct Taxes (CBDT) has clarified that no change in tax rates has been proposed under the Income Tax Bill, 2025. Despite misleading headlines, the bill merely aims to simplify the language and structure of the Income-tax Act, 1961—not alter its […]
Read More29 Jul, 2025
Can Cash Sales During Demonetisation Be Accepted? Cash sales during demonetisation, especially between 8 Nov and 30 Dec 2016, have triggered intense scrutiny by tax authorities. But in a significant ruling, the Income Tax Appellate Tribunal (ITAT) recently upheld the deletion of an ₹1.32 crore addition — giving relief to a taxpayer who could substantiate […]
Read More29 Jul, 2025
SC Hearing on Online Gaming Taxation Nears Conclusion The final week of hearings in the Supreme Court’s landmark case on online gaming taxation and state regulation has begun. The case, which involves major players like Gameskraft, centres on whether GST can be levied at 28% on full face value of bets and if states can […]
Read More29 Jul, 2025
India-UK FTA: Customs Revenue Loss and Economic Impact The India-UK Free Trade Agreement (FTA) is projected to cost India over ₹4,060 crore in customs duty revenue in the first year of implementation alone. As per a Department of Revenue estimate, this figure could escalate significantly by the 10th year as more tariff lines go to […]
Read More29 Jul, 2025
CBDT’s AI Nudges and FY26 Direct Tax Targets The CBDT’s AI push for FY26 direct tax targets signals a digital transformation in how India enforces and encourages tax compliance. With artificial intelligence, analytics, and real-time alerts, the department plans to widen the tax base and improve collections without aggressive scrutiny. What Did the CBDT Chairman […]
Read More29 Jul, 2025
What are Unclaimed Bank Deposits? Unclaimed bank deposits refer to balances in savings or current accounts, fixed deposits, or recurring deposits which have not seen any activity for 10 years or more. With over ₹42,000 crore lying unclaimed across Indian banks (as of March 2023), the need for a unified tracking mechanism became critical. That’s […]
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