22 Jul, 2025
TDS Refunds and Trust Taxation: What’s Changing Under the New Income Tax Bill? The new Income Tax Bill proposed by the Parliamentary Standing Committee brings major changes in TDS refund claims and taxation of trusts. These changes aim to reduce litigation, modernise compliance, and streamline India’s income tax law structure—currently based on the 1961 Act. […]
Read More22 Jul, 2025
Intro:The GST compensation cess merger is reportedly under discussion between the Centre and states. If implemented, it could permanently integrate this cess into the GST regime. This development could impact product prices, revenue distribution, and compliance burdens for taxpayers across India. What Is GST Compensation Cess? The GST Compensation Cess was introduced under Section 8 […]
Read More22 Jul, 2025
Intro:The Income Tax Bill 2025 has come under scrutiny as the Parliamentary Standing Committee identified 32 key issues needing urgent attention. From ambiguities in definitions to concerns around taxpayer burden, the report signals that reforms must balance efficiency with fairness. Let’s break it down. Why Is the Income Tax Bill 2025 Important? The Bill aims […]
Read More22 Jul, 2025
GST rate cut decision pending as GoM report delayed The much-anticipated GST rate cut is still in limbo. This has left many businesses and consumers wondering what to expect and when. Let’s decode the current status and its implications for Indian taxpayers. What is the GoM report on GST rate cuts? Finance Ministry’s official stance […]
Read More22 Jul, 2025
Don’t Fall for Fake GST Notices — CBIC Warns Taxpayers The Central Board of Indirect Taxes and Customs (CBIC) has issued an official alert cautioning businesses and individuals against fake GST violation notices being circulated via email, WhatsApp, and SMS. These fraudulent messages falsely claim to be from GST authorities and often contain intimidating language […]
Read More22 Jul, 2025
GST Input Tax Credit Fraud in Mumbai: ₹10 Cr Scam Busted A shocking case of GST input tax credit fraud has emerged from Mumbai, where the owner of a fake cement trading firm was arrested for availing ₹10 crore in fraudulent ITC without actual supply of goods. As per DGGI sources, the accused floated shell […]
Read More22 Jul, 2025
Tax Exemption for Anonymous Donations: What the Panel Recommends A recent report by the Department-related Parliamentary Standing Committee on Finance has stirred debate across the tax and charity sector. Among its key recommendations is the retention of tax exemption on anonymous donations to religious and charitable trusts — a relief welcomed by many NGOs and […]
Read More22 Jul, 2025
New Business Codes in ITR-3 for AY 2025-26: What You Must Know The Income Tax Department has updated the Nature of Business/Profession codes in the ITR-3 utility for AY 2025–26. The move aims to better capture the income sources from modern and digital professions like F&O trading, share trading, and social media influencers. Choosing the […]
Read More22 Jul, 2025
Intro:The GST penalty under Section 122(1A) has raised concern among businesses due to its harsh implications. But courts have granted interim relief from retrospective application of this GST penalty before January 1, 2021 — offering hope to many taxpayers under scrutiny. What Is Section 122(1A) of the CGST Act? Section 122(1A) was inserted into the […]
Read More22 Jul, 2025
Tax Rules for Factories in Hilly Regions: CBDT Ends Long-Running Dispute If your company owns a manufacturing unit in a hilly region, recent developments by the CBDT may finally bring clarity on an old tax headache. A dispute over whether deductions under Section 80-IC or 80-IE apply to factories operating in hilly terrains—especially where part […]
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