29 Jul, 2025
Supreme Court Upholds Retrospective Relief for IDS Refunds The Supreme Court’s dismissal of Revenue’s SLP on the amended Rule 89(5) refund formula marks a significant relief for exporters under the inverted duty structure (IDS). This decision allows retrospective application of the beneficial formula, ensuring fair refund of accumulated Input Tax Credit (ITC) on inputs. What […]
Read More29 Jul, 2025
Advance Payment Recovery in Supply Contracts: Delhi HC Ruling Explained The Delhi High Court recently upheld a civil court decree allowing the recovery of advance payment made in a supply contract, where goods were never delivered. Let’s break down what this means for Indian taxpayers and small businesses. Why This Matters for Advance Payment Recovery […]
Read More29 Jul, 2025
Intro:Credit card usage and income tax risks often go hand in hand when transactions are not properly tracked or disclosed. While swiping your card is routine, the Income Tax Department may view certain patterns as red flags, especially during scrutiny or faceless assessments. Understanding the Tax Angle on Credit Card Usage Credit cards are not […]
Read More29 Jul, 2025
UPI Biometric Payments: A New Era of PIN-Free Transactions The National Payments Corporation of India (NPCI) is preparing to introduce UPI biometric payments, allowing users to approve transactions via face recognition or fingerprint instead of a 4/6-digit PIN. This move could transform India’s digital payment landscape, offering faster, more secure, and inclusive options—especially for those […]
Read More29 Jul, 2025
GST on Apartment Associations: FM’s Clarification Explained In a recent Parliament statement, Finance Minister Nirmala Sitharaman clarified the long-standing confusion regarding GST on apartment associations, particularly on monthly maintenance charges collected by Resident Welfare Associations (RWAs) or housing societies. This blog simplifies the latest clarification, outlines the legal position, and answers common questions faced by […]
Read More29 Jul, 2025
Can You Claim Deduction under Section 57 Without Proof? The Income Tax Appellate Tribunal (ITAT) recently dealt with a case involving a disallowance of ₹58.83 lakh claimed as a deduction under Section 57 of the Income-tax Act, 1961. The amount was disallowed by the Assessing Officer due to insufficient evidence. But the ITAT wasn’t satisfied […]
Read More29 Jul, 2025
What is Clubbing Provision under Income Tax? Clubbing provision under Income Tax refers to rules under the Income-tax Act, 1961 that prevent individuals from reducing their tax burden by shifting income to relatives (like spouse or minor child). Why Clubbing Provisions Exist Some taxpayers used to transfer assets or divert income to family members in […]
Read More29 Jul, 2025
Delay in Filing Service Tax Refund: Not Condonable Without Justification Service tax refund delay cases continue to attract strict interpretation by courts and authorities. If your refund application was filed late and you don’t have a convincing reason, chances are it’ll be outright rejected. Here’s what Indian taxpayers, consultants, and exporters need to know. Why […]
Read More29 Jul, 2025
Will Textile Sector Get a Uniform 12% GST Rate Soon? The 12% GST rate on textile sector is back in the spotlight. As per recent reports, the GST Council may reconsider this long-pending move in its upcoming meeting, likely in September 2025. If approved, this will mark a significant shift from the current multi-rate system. […]
Read More29 Jul, 2025
CBDT Relaxation for Invalidated ITRs Filed Online The Central Board of Direct Taxes (CBDT) has issued a welcome relief for taxpayers whose Income Tax Returns (ITRs) were filed electronically but later declared ‘invalid’ due to verification issues. Why This CBDT Relaxation Matters That means: To resolve this, CBDT issued Circular No. 7/2024 dated 25.04.2024 under […]
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