23 Jun, 2025
Introduction The two new GST levies may soon replace the compensation cess, a move under discussion since the GST Council meeting in 2025. This blog explains why this change is happening, what it means for states and taxpayers, and the possible costs businesses must prepare for. Why is Compensation Cess Being Replaced? Reference: As per […]
Read More23 Jun, 2025
Introduction Gross Profit vs Net Profit is one of the most common but misunderstood financial comparisons. Knowing the difference helps Indian businesses analyse performance, plan taxes, and present accurate books. What is Gross Profit? Gross Profit shows how much money a business keeps after covering its direct costs of producing goods or services. Formula:Gross Profit […]
Read More23 Jun, 2025
Introduction Madras HC Criticises GST Department — a recent court order sheds light on how GST officers sometimes reject replies without fair consideration. This ruling reminds taxpayers of their rights and the importance of responding properly to GST notices. Background: What Happened? Key Observations by the Madras High Court The Court strongly criticised the GST […]
Read More23 Jun, 2025
Introduction When bogus sales bills are issued, tax authorities often add a 1% commission to declared income. In a recent case, the Income Tax Appellate Tribunal (ITAT) upheld this addition due to the assessee’s failure to provide a reasonable explanation. Let’s break down what this means for taxpayers and consultants. Background of the Case Key […]
Read More23 Jun, 2025
Public Sector Dividend Policy FY26 Target Explained The Public Sector Dividend Policy is under fresh review as the government expects to collect over ₹80,000 crore in FY26. This review ensures fair dividends from Public Sector Undertakings (PSUs) while letting them retain enough profit for future expansion. Why This Dividend Policy Review Matters ✅ Government aims […]
Read More23 Jun, 2025
Introduction No Service Tax on Royalty for Permanent Right to Use Trademark is a key takeaway from a landmark Supreme Court decision. Many Indian businesses pay royalties for intellectual property—this blog explains when service tax applies and when it doesn’t, using verified case law and government clarifications. Background: Royalty Payments & Service Tax Key Case […]
Read More23 Jun, 2025
Introduction Taxpayers often face hurdles in filing appeals due to technical glitches. Recently, a tribunal held that delay in filing of appeal should be condoned when the impugned order remains unnoticed on the GST portal. Here’s a simple explainer for Indian businesses and tax professionals. Background: What Happened? Legal Stand: Why Delay Was Condoned Courts […]
Read More23 Jun, 2025
High Value Transactions Under Income Tax Lens The Income Tax Department has ramped up surveillance on High Value Transactions to curb tax evasion and ensure better compliance. If you’ve spent big recently, understanding these rules can save you from unexpected notices. What Counts as High Value Transactions? As per CBDT guidelines, the following are flagged […]
Read More23 Jun, 2025
Introduction The GST on Additional Deposit received by Maharashtra State Electricity Transmission Co. Ltd. (MSETCL) has been clarified by a recent Authority for Advance Ruling (AAR). This blog explains how such deposits are taxed under GST, backed by official rulings and practical insights for Indian businesses. What Did the AAR Say? ✅ Applicant: Maharashtra State […]
Read More23 Jun, 2025
Unique Finance Case What TAT Kolkata Ruled on Section 133(6) The recent TAT Kolkata Section 133(6) order offers clear relief for taxpayers facing unjustified additions. In Unique Finance & Securities’ case, the Tribunal held that additions solely based on non-compliance with a Section 133(6) notice are invalid when the assessee provides complete details otherwise. Here’s […]
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