29 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 […]
Read More29 Jul, 2025
Marginal Delay in GST Appeal Filing: Key Relief by Madras HC In a significant judgment for taxpayers, the Madras High Court has held that a marginal delay in GST appeal filing under Section 107 of the CGST Act should not lead to dismissal of the appeal. This ruling brings much-needed clarity on procedural leniency and […]
Read More29 Jul, 2025
GST on Flex-Fuel Vehicles: Government’s Clear Stand The issue of GST on flex-fuel vehicles was recently raised in Parliament, but the government confirmed that the GST Council has not recommended any rate reduction. Despite rising advocacy for cleaner fuel alternatives, the 28% GST plus applicable cess on such vehicles stands firm for now. What Are […]
Read More29 Jul, 2025
18% GST on User Development Fee: What Airline Passengers Must Know The GST rate on User Development Fee (UDF) collected by airline operators has been a matter of confusion. A recent clarification by MoS Finance, Shri Pankaj Chaudhary, in the Lok Sabha has confirmed that 18% GST is applicable on User Development Fees, as they […]
Read More29 Jul, 2025
India’s economic growth is fuelling direct tax collection. The CBDT Chairman is confident that the FY26 tax collection target will be met, thanks to strong GDP growth and formalisation trends. Here’s what this means for taxpayers, professionals, and small businesses. Why Tax Collections Are Rising CBDT Chairman Ravi Agrawal recently stated that direct tax collections […]
Read More29 Jul, 2025
Real-time digital credit assessment model is reshaping how Indian MSMEs access loans. Instead of waiting weeks for a bank’s nod, borrowers can now get loan approvals within hours—thanks to automation, alternate data, and real-time analytics. Here’s a breakdown of how this model works, why it’s critical, and what MSMEs should know before applying. What Is […]
Read More29 Jul, 2025
GST Record Handling in Spotlight After Drunk Clerk Sells Files as Scrap A shocking incident from Rajasthan has put the spotlight on GST record handling. A state tax clerk, allegedly intoxicated, sold key GST files to a scrap dealer for just ₹5,000. The files, reportedly worth crores in tax value, contained crucial documents like registration […]
Read More29 Jul, 2025
Tax Deductions for Individual and HUF Taxpayers: Overview The majority of income tax deductions and exemptions in India are structured to benefit individual and HUF taxpayers. These provisions not only reduce taxable income but also encourage savings, insurance, education, and health investments. From Section 80C to HRA, understanding these deductions can lead to significant tax […]
Read More29 Jul, 2025
Service Tax Excess Paid: What Courts Say on Malafide Intent When a taxpayer mistakenly pays excess service tax, can the department allege malafide intention? The key phrase—malafide—requires more than just suspicion. Indian courts have made it clear: in the absence of hard evidence, excess payment alone does not prove fraudulent intent. Let’s break this down […]
Read More29 Jul, 2025
Delhi HC Upholds GST Demand Over Fake ITC Claim In a significant ruling, the Delhi High Court dismissed a writ petition challenging a GST demand notice involving fake Input Tax Credit (ITC). The court found that the petitioner had allegedly availed fraudulent ITC without actual receipt of goods and, thus, was not entitled to bypass […]
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