22 Jul, 2025
GST Input Tax Credit Transfer in Mergers: HC Seeks Clarity The Bombay High Court has asked the GST Council and GSTN to consider enabling cross-State input tax credit (ITC) transfers in mergers. This is a major relief-seeking move for businesses undergoing corporate restructuring, especially when the merging entities operate in different States under different GSTINs. […]
Read More22 Jul, 2025
CBDT Grants Relief from Higher TDS/TCS for Inoperative PANs The CBDT has given major relief to taxpayers by allowing reversal of higher TDS/TCS deducted due to an inoperative PAN, if they link their Aadhaar on time. This update, notified via CBDT Circular No. 6/2024 dated 23.04.2024, is crucial for lakhs of taxpayers facing higher tax […]
Read More22 Jul, 2025
No GST Rate Cuts Yet as Group of Ministers’ Report Still Awaited The focus keyphrase “No GST rate cuts yet” is now making headlines again as the Finance Ministry confirms that the much-anticipated rate rationalisation plan is still in limbo. The Group of Ministers (GoM), tasked with overhauling GST slabs and removing anomalies, has not […]
Read More21 Jul, 2025
GST compensation cess merger: What’s changing in India’s tax structure?The GST compensation cess merger plan is back in the spotlight. As per recent reports, the Centre and states are nearing consensus to subsume this cess into the GST tax structure. This move, if finalised, will reshape how India funds infrastructure and social welfare, and could […]
Read More21 Jul, 2025
Income tax exemption under Section 10(26AAA) is available to individuals residing in Sikkim. But what if the PAN used doesn’t reflect Sikkim as the state of residence? The ITAT has now clarified that mere technical errors in the PAN database can’t override genuine tax exemptions under the law. Let’s break down the case, legal interpretation, […]
Read More21 Jul, 2025
Section 68 Share Capital Addition: What Calcutta HC’s Ruling Means for Taxpayers The Calcutta High Court recently dismissed the Income Tax Department’s appeal against an ITAT order that deleted a share capital addition under Section 68 of the Income-tax Act, 1961. This decision reaffirms judicial consistency in cases where the assessee has discharged its onus. […]
Read More21 Jul, 2025
Summary Income Tax Bill 2025 Select Committee Summary offers clause‑wise clarity from Lok Sabha’s July 21, 2025 report: updated definitions, relief for taxpayers, streamlined processes and legal fixes. Learn what’s changing and how Efiletax can help you prepare and comply. Introduction Income Tax Bill 2025 Select Committee Summary clarifies major clause‑wise changes from the July 21, 2025 Lok Sabha report. This […]
Read More21 Jul, 2025
Capital gains tax exemption under Section 54 was recently upheld in a unique case where a woman bought a flat from her own husband. The Mumbai Income Tax Appellate Tribunal (ITAT) ruled in her favour, clarifying that ownership from a spouse does not bar Section 54 relief, provided other conditions are met. This ruling offers […]
Read More21 Jul, 2025
TDS Refund Process May Soon Get Simpler for Low-Income Taxpayers If your income is below the tax limit but TDS still gets deducted—relief is on the way. The Central Board of Direct Taxes (CBDT) is working on a streamlined refund system aimed at reducing delays for those not liable to pay tax but facing deductions. […]
Read More21 Jul, 2025
Penalty for E-Way Bill Error Quashed: What GST Taxpayers Must Know In a major relief to taxpayers, the Allahabad High Court recently quashed a GST penalty imposed for a minor technical error in the E-Way Bill. This judgment offers a clear message: penalties under GST cannot be levied mechanically for procedural lapses if the intention […]
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