20 Jun, 2025
Introduction Assessment for dissolved associations has often confused taxpayers during winding up. The Income Tax Bill 2025 brings in Clause 321, refining how tax liabilities are enforced after dissolution. Let’s decode how it aligns with or changes Section 177 of the current Income-tax Act, 1961. What Section 177 Says About Dissolved Associations Under Section 177 […]
Read More20 Jun, 2025
ICAI Overseas Network Rules Why Firms Are Concerned The ICAI overseas network rules, recently released in draft form, have sparked strong resistance from global professional services firms. Many argue that these rules are overly broad, require sensitive disclosures, and could complicate cross-border operations. Key Highlights of ICAI’s Draft Rules Here’s a quick breakdown: The Institute […]
Read More20 Jun, 2025
CBIC Extends ICETABs A Step Towards Faster Export Clearance The CBIC extends ICETABs initiative aims to modernise India’s customs processes. By expanding the use of handheld ICETAB devices, the Central Board of Indirect Taxes and Customs (CBIC) targets faster, paperless export examinations and clearances at ports and airports. What Are ICETABs? Notification Reference: CBIC Instruction […]
Read More20 Jun, 2025
Import Policy for Precious Metal Alloys Key CBIC Update The import policy for precious metal alloys containing more than 1% gold has been clarified by CBIC through an official Trade Notice, aligning customs procedures with DGFT’s Import Policy under Chapter 71 of the ITC (HS) classification. This update is crucial for jewellers, bullion traders, and […]
Read More20 Jun, 2025
CBDT Grants Tax Exemptions What Taxpayers Must Know The CBDT grants tax exemptions under Section 10(46) regularly to certain bodies performing public functions. In its latest notifications, the Kerala Toddy Workers Welfare Fund Board and the Forum of Regulators have received this benefit — helping them manage welfare and regulatory activities free from income tax […]
Read More20 Jun, 2025
Personal Hearing Deadline Know Your Rights When it comes to tax notices, the personal hearing deadline must align with your right to reply. Recently, courts have reinforced that tax officers cannot fix a hearing before the reply deadline expires — protecting taxpayers from unfair procedural pressure. Legal Background Indian tax law grants taxpayers a clear […]
Read More20 Jun, 2025
Presumptive Taxation of Foreign Shipping Companies is crucial for global shipping operators earning from Indian ports. Clause 316 of the new Income Tax Bill 2025 proposes fresh rules to replace Section 172 of the Income-tax Act, 1961. Let’s decode what changes, what stays, and what foreign ship owners must know. What is Presumptive Taxation of […]
Read More20 Jun, 2025
Summary Clause 315 of the Income Tax Bill 2025 refines the rules for taxation of HUF after partition, aligning with modern family structures. It updates Section 171 of the Income Tax Act 1961 to streamline assessments, liability allocation, and protect tax revenue during partition disputes. Introduction Taxation of HUF after Partition is a crucial area […]
Read More20 Jun, 2025
GST Council July Meeting Key Highlights The GST Council July meeting is expected to convene before the Monsoon Session of Parliament, as per Finance Ministry officials. This meeting will likely address pending rate revisions, compliance challenges, and crucial clarifications that directly impact businesses and taxpayers. Let’s break down what you should know: Why the July […]
Read More20 Jun, 2025
Understanding Insurance Premium GST in India Insurance helps you manage risk — but did you know your insurance premium attracts GST too? Whether it’s life, health, motor, or travel insurance, the GST rate is generally 18% as per the CGST Act, 2017. Insurance Premium GST: What’s Covered Under GST law: Life Insurance: Health Insurance: Motor […]
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