15 Jul, 2025
Can You Change Tax Regime While Filing ITR? Yes, tax regime change while filing ITR is possible—but not for everyone. The rules depend on your income source and whether you’ve already exercised your option under Section 115BAC(6). With the default regime shifting to new tax regime from FY 2023–24 (AY 2024–25), many taxpayers are unsure […]
Read More15 Jul, 2025
ITR Exemption Fraud Check Begins: CBDT’s July 2025 Verification Drive Explained The Income-tax Department launched a nationwide ITR exemption fraud check on 14th July 2025. This crackdown targets individuals and entities making false claims under deductions and exemptions in their Income Tax Returns (ITRs). If you’re filing ITR for AY 2025–26, here’s what you must […]
Read More15 Jul, 2025
Don’t Fall for Fake Tax Deduction Claims: Stay Safe, Stay Legal Fake tax deduction claims are back in the spotlight. The Income Tax Department recently raided over 150 locations across India after detecting bogus deduction entries in ITRs — especially under Section 80G, 80D, and other common refund-driven heads. From fake donation receipts to inflated […]
Read More15 Jul, 2025
Annual FLA Return Deadline Extended: RBI Issues Key Relief for 2025 If your business has received FDI or made ODI, the Annual Foreign Liabilities and Assets (FLA) Return is mandatory. And now, there’s a relief: RBI has extended the deadline for filing the FLA return for FY 2024–25 to 31 July 2025. This extension, announced […]
Read More15 Jul, 2025
MCA New Company Forms 2025: Final Set Released on V3 Portal The Ministry of Corporate Affairs (MCA) has rolled out the final batch of 38 new company forms on the MCA V3 portal, effective from 14th July 2025. This transition marks the completion of MCA’s ambitious plan to migrate all statutory forms under Companies Act, […]
Read More15 Jul, 2025
Summary Over 40,000 taxpayers reversed fake deduction claims worth ₹1,045 crore after AI-driven income-tax scrutiny. CBDT is now tracking HRA, donations, and more. Here’s what happens if you’re caught—and how to stay compliant. Fake Deduction Claims Under Scrutiny: What Income Tax Can Do In recent months, the Income Tax Department has stepped up its crackdown […]
Read More15 Jul, 2025
DGFT Must Act First: Customs Can’t Invalidate MEIS Licenses Alone If you’ve claimed export incentives under MEIS Licenses, here’s a crucial legal update: Customs authorities cannot cancel or reject your scrips without prior proceedings initiated by DGFT. This position was reinforced in multiple High Court rulings, protecting exporters from arbitrary denial of benefits. Let’s break […]
Read More15 Jul, 2025
Import-Export Fraud Case: Fugitive Extradited to India After 22 Years In a major development in India’s fight against economic offenders, a fugitive accused in a ₹2.36 crore import-export fraud from 2002 has been extradited from the United States. This marks a significant success for Indian authorities under bilateral treaties and FEMA enforcement. The case highlights […]
Read More15 Jul, 2025
Buying Property from an NRI? TDS Rules You Can’t Ignore If you’re buying property from an NRI, TDS on property purchase from NRI must be handled before you pay. This isn’t your standard 1% TDS like with Indian sellers. Here, the rate can go as high as 20%–23.92%, and non-compliance attracts hefty penalties. Let’s break […]
Read More15 Jul, 2025
GST Orders Digitally Authenticated – What It Means for Taxpayers As per the latest clarification, GST orders digitally authenticated on the portal are legally valid even without physical signatures. This update simplifies communication under GST and ensures faster compliance. Here’s what businesses, tax professionals, and consultants need to know. What Is a Digitally Authenticated GST […]
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