30 Jun, 2025
Important Accounting Standards Every CA Should Know In today’s complex regulatory environment, understanding important accounting standards is critical for every Chartered Accountant (CA). Whether you’re preparing financial statements, conducting audits, or filing tax returns, these standards form the backbone of compliance and transparency in India. This blog breaks down key accounting standards issued by ICAI […]
Read More30 Jun, 2025
Summary Faceless GST system is India’s bold push toward taxpayer-friendly governance. It eliminates personal interface, reduces corruption, and enables faster resolution. Here’s how it impacts compliance and boosts trust. Introduction: Faceless GST system is gaining momentum as India strives to modernize its indirect tax regime. With a vision to promote transparency, reduce harassment, and enhance […]
Read More30 Jun, 2025
Summary The Delhi High Court has ruled that an assessee cannot later claim a denial of natural justice if they fail to respond to a valid Show Cause Notice (SCN) or skip scheduled hearings. This judgment reinforces the taxpayer’s duty to act diligently during proceedings. Alleging Denial of Hearing? Not Valid If You Ignored the […]
Read More30 Jun, 2025
Filing ITR-1 or ITR-4 under Old Tax Regime? New disclosure rules apply If you’re using the Old Tax Regime while filing your ITR-1 or ITR-4 this year, don’t miss this update. To continue claiming deductions like Section 80C or 80D, you now need to specify individual section-wise amounts in a new schedule. Let’s break it […]
Read More30 Jun, 2025
Income Tax Scrutiny Notice under Section 143(2) Meaning, Response & Checklist Have you received an Income Tax Scrutiny Notice under Section 143(2)? Don’t panic. Each year, the Income Tax Department selects returns for deeper verification to ensure everything reported is accurate. In FY 2024-25, over 1.65 lakh ITRs have been shortlisted for scrutiny, as per […]
Read More30 Jun, 2025
GST and Income Tax Reforms 2025 What Taxpayers Can Expect India’s tax system is on the brink of another major transformation. The GST and Income Tax reforms 2025 announced by the Finance Ministry aim to simplify compliance and reduce the burden on honest taxpayers. These changes could redefine how small businesses, professionals, and salaried individuals […]
Read More30 Jun, 2025
How Much Tax NRIs Pay in India – A Complete Guide NRIs (Non-Resident Indians) earning income in India often face confusion about taxation. How much tax NRIs pay in India depends on their income type, TDS applicability, and whether they benefit from Double Taxation Avoidance Agreements (DTAAs). This blog breaks it all down — from […]
Read More30 Jun, 2025
Summary Finance Minister confirms major simplification of GST and Income Tax in 2025. Focus on ease of compliance, faster refunds, and AI-based assessments for Indian taxpayers. GST and Income Tax Simplified Further: Says FM India’s tax system is set for a major ease-up. In a recent press briefing, the Finance Minister (FM) announced that both […]
Read More30 Jun, 2025
SCN under Section 74 Quashed Key Distinction from Section 73 When can tax authorities issue a notice under Section 74 of the CGST Act? A recent High Court ruling clarified that unless the department specifically alleges fraud, wilful misstatement, or suppression of facts, it cannot bypass Section 73 and invoke Section 74. This decision reinforces […]
Read More30 Jun, 2025
TDS on Sale & Purchase of Property What Buyers & Sellers Must Know When buying property in India, TDS on sale & purchase of property is a critical compliance step often missed by individuals. Under Section 194-IA of the Income Tax Act, buyers must deduct 1% TDS if the purchase value exceeds ₹50 lakh — […]
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