24 Jul, 2025
Why Did Govt Forego ₹99,000 Crore in Corporate Tax Revenue? As per a written reply by the Ministry of Finance in July 2025, the government forewent ₹99,000 crore in corporate tax revenue in FY24. This was not a leak or loss—it was a deliberate policy choice. Let’s break down what this means and why it […]
Read More23 Jul, 2025
Women GST Taxpayers in India: A Silent Economic Shift India’s tax system is quietly witnessing a gender revolution. Women GST taxpayers in India now represent 20% of the total base, according to the latest SBI Ecowrap report. That’s 1 in every 5 GST registrations with at least one woman in a key role—either as owner, […]
Read More23 Jul, 2025
Service Tax on Charter Flights: What the Reliance Case Means The focus keyphrase “service tax on charter flights” is back in the spotlight as the Supreme Court takes up the Reliance Transport & Travels case. This has big implications for corporate travel, especially when companies hire chartered aircraft for transporting executives. Let’s break down what’s […]
Read More23 Jul, 2025
LLPs to face AMT even without deductions: What’s changing?The new Income Tax Bill proposes applying Alternative Minimum Tax (AMT) on LLPs, even if they don’t claim any deductions. Currently, many promoter-led LLPs or family office structures pay only 12.5% tax on profits, but that could soon change to 18.5%. This move may level the tax […]
Read More23 Jul, 2025
India’s Per Capita Income touches ₹1,14,710 in 2024–25 Per capita income in India has increased to ₹1,14,710 for FY 2024–25, as stated by the Minister of State for Finance in the Lok Sabha. But the jump in national average masks deep disparities across states — from Goa and Sikkim on top to Bihar and Uttar […]
Read More23 Jul, 2025
GST on Health Insurance May Be Slashed: Big Relief forFamilies The GST Council is considering a GST cut on health insurance, especially for citizens and the middle class. Currently, most health insurance policies attract 18% GST — adding a significant burden to annual premiums. If the Council greenlights this proposal, lakhs of families could save […]
Read More23 Jul, 2025
Luxury furniture smuggling case highlights serious customs duty evasion In a major crackdown, the Directorate of Revenue Intelligence (DRI) has exposed a luxury furniture smuggling racket involving massive customs duty evasion. Importers allegedly undervalued luxury furniture items by 70% to 90%, leading to estimated revenue losses of over ₹30 crore to the Indian exchequer. This […]
Read More23 Jul, 2025
Why WACR breaching repo rate matters for taxpayers In July 2025, the Weighted Average Call Rate (WACR) crossed the repo rate for the first time in FY25. This rare inversion signals tight liquidity in the banking system — largely driven by GST payment outflows. But what does this mean for Indian businesses, borrowers, and the […]
Read More23 Jul, 2025
TDS on Crypto Transactions No Relief in Budget 2025 During the Select Committee discussions on the Income Tax Bill, 2025, a key demand was raised by crypto exchanges and investors—reduce the 1% TDS on crypto transactions under Section 194S. But the Central Government has officially rejected this proposal, making it clear that tax tracking takes […]
Read More23 Jul, 2025
Intro:The ITR-2 offline utility for AY 2025-26 is now live on the Income Tax Portal. If you’re an individual or HUF with capital gains, foreign assets, or multiple house properties, this form likely applies to you. Here’s a full breakdown to simplify the process. Who Should Use ITR-2 for AY 2025-26? ITR-2 is meant for […]
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