18 Jul, 2025
Foreign Asset Reporting in ITR: CRS & FATCA Explained India has tightened its grip on foreign asset reporting in ITR, thanks to global tax transparency standards like CRS and FATCA. These rules aren’t just for NRIs or ultra-rich individuals—any Indian taxpayer holding foreign assets or earning overseas income must stay compliant. With stricter rules in […]
Read More18 Jul, 2025
ITR-2 Form Online Filing Enabled with Prefilled Data: What You Need to Know The ITR-2 form online filing for AY 2025–26 is now active on the Income Tax Department’s portal. This form caters to individuals with more complex income profiles, including capital gains, foreign assets, or cryptocurrency. With the new prefilled data feature now live, […]
Read More18 Jul, 2025
Stricter CSR Rules: What Tax-Exempt Trusts Must Know from July 14, 2025 The government has introduced stricter CSR rules from July 14, 2025, making it mandatory for NGOs, trusts, and societies to prove their tax-exempt status (12A or 10(23C)) to qualify for CSR funding. This move aims to bring transparency, prevent fund misuse, and ensure […]
Read More18 Jul, 2025
Refund Cannot Be Stayed Without Legal Basis Under CGST Act The Supreme Court, in a critical ruling dated 15 July 2025, upheld a Delhi High Court decision that a refund order under GST cannot be stayed unless the Revenue clearly establishes that the order is both erroneous and prejudicial to revenue under Section 108 of […]
Read More18 Jul, 2025
Retrospective GST on Casinos: A Legal and Economic Flashpoint The focus keyphrase retrospective GST on casinos has become central to one of the most high-stakes tax disputes in India. Delta Corp Limited, the country’s largest casino operator, is fighting a ₹33,500 crore retrospective GST demand that has far-reaching legal and financial implications—not just for the […]
Read More18 Jul, 2025
GST on Cash Sales: Karnataka’s Clarification for Small Traders The focus keyphrase “GST on cash sales” has caused confusion among small businesses in Karnataka, especially after a recent wave of GST notices linked to UPI transactions. But on July 17, 2025, the Karnataka Commercial Taxes Department issued a firm clarification: GST is based on taxable […]
Read More17 Jul, 2025
New Income Tax Bill 2025: Key Changes You Must Know The new Income Tax Bill 2025 may replace the 60-year-old Income-tax Act, 1961. Based on the Direct Taxes Code draft and expert feedback, a Lok Sabha panel has suggested 285 changes, making this a significant overhaul. The new law could come into force from April […]
Read More17 Jul, 2025
ITR Filing Checklist for AY 2025-26 (With Deadline Extended) The ITR filing checklist for AY 2025-26 is crucial this year, especially after the due date under Section 139(1) has been extended from 31 July 2025 to 15 September 2025 (CBDT Circular No. 06/2025). Taxpayers now have more time — but accuracy remains key. Whether you’re […]
Read More17 Jul, 2025
CSR Implementation Gets Stricter: Only Tax-Verified NGOs Allowed from July 14 Starting 14 July 2025, companies in India can only engage NGOs registered under Sections 80G and 12A of the Income Tax Act for implementing their Corporate Social Responsibility (CSR) activities. This major compliance shift, notified via an update to Form CSR-1 by the Ministry […]
Read More17 Jul, 2025
Crypto Income Under Scrutiny: What the New Tax Manual Means for You The focus keyphrase “crypto income under scrutiny” is again making headlines in India. A revised income tax manual, as per a report shared by CA Bimal Jain, is now arming tax officers with clearer tools to trace unreported crypto earnings and tax defaulters. […]
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