In a major development for the financial sector, non-banking financial companies (NBFCs) and banks have reached a consensus to levy 18% Goods and Services Tax (GST) on service charges arising from co-lending arrangements. This GST will likely apply to 0.5%–1% of the total …
In a significant move towards tax reform, Finance Minister Nirmala Sitharaman is scheduled to meet representatives from India Inc on May 27 to deliberate on the upcoming GST 2.0 reforms. The high-level meeting aims to accelerate efforts to streamline the Goods and Services Tax …
The Central Board of Direct Taxes (CBDT) is proactively gearing up for the rollout of the new Income Tax Bill, which is currently under review by a Parliamentary Select Committee. The bill, expected to be cleared during the Monsoon Session of Parliament, aims to simplify …
Solapur, Maharashtra (India): In a significant breakthrough in the fight against GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested a Solapur-based lawyer, Sajid Ahmed Sheikh, for orchestrating a large-scale fake GST invoice scam worth over Rs. 100 crore. This high-profile case has …
A recent World Bank study has revealed that Pakistan’s General Sales Tax (GST) is the largest marginal contributor to the country’s increasing poverty levels. The report, titled “The Effects of Taxes and Transfers on Inequality and Poverty in Pakistan”, underscores how …
In a major move toward formalizing India’s vast informal economy, the Government of India has launched a nationwide campaign to bring street food vendors, local shops, and other small-scale businesses under the Goods and Services Tax (GST) regime. Government Pushes …
The Income Tax Department has officially notified all seven Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26. However, taxpayers are currently unable to file their returns as the corresponding e-filing utilities have not yet been made available on …
The upcoming GST Council meeting, expected to take place in New Delhi, is set to address significant issues such as GST rate rationalisation and the future of the compensation cess, according to top government sources. The meeting, anticipated in the coming weeks, is …
The Goods and Services Tax Network (GSTN) has recently issued a crucial advisory highlighting mandatory reporting of payment voucher details in GSTR-1, effective from the return period of May 2025. This update brings renewed focus on Reverse Charge Mechanism (RCM) compliance and the …
Generally, you cannot file an FIR (First Information Report) at a police station solely for the recovery of money. Police are not equipped to handle civil matters like debt recovery, and the legal framework doesn’t authorize them to act as …
Home loan interest is a significant tax-saving tool under Section 24(b) of the Income Tax Act, 1961. Understanding the deduction limits, eligibility criteria, and how to claim them can help taxpayers maximize their savings. This guide covers everything you need to know …
Filing a summary suit offers several advantages for money recovery, including expedited legal proceedings, faster resolutions, and streamlined procedures. It’s a fast-track mechanism designed for cases involving clear debt or liquidated demands arising from written contracts, enabling quicker recovery compared …
In its continuous effort to curb the use of unaccounted cash in the economy, the Income Tax Department of India has intensified its surveillance on certain high-value financial transactions. These transactions, if found to be disproportionate to your declared income, may lead …
ITR Filing Made Easy with Digital Form 16: A Game-Changer for Taxpayer In a significant move towards simplifying the income tax return (ITR) filing process, the Income Tax Department of India has rolled out the Digital Form 16, an upgraded and electronically generated …
In a significant development aimed at tightening Goods and Services Tax (GST) compliance, a report by the Deputy Commissioner of Central GST, Central Excise, and Customs has confirmed that cooperative societies with an annual turnover exceeding Rs 20 lakh are …
As of May 16, 2025, the Income Tax Department has yet to enable the e-filing utilities for Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26. Although all ITR forms (ITR-1 to ITR-7) have already been notified, the utilities …
In a major relief for taxpayers, the Goods and Services Tax Network (GSTN) has streamlined the documentation process for availing benefits under the GST Amnesty Scheme 2025. Taxpayers applying for interest and penalty waivers no longer need to wait for the …
In the realm of financial transactions, cheques are a commonly used instrument to ensure payment security. However, issues often arise when a cheque, particularly a security cheque, gets dishonoured. A widely debated question is whether the dishonour of a security cheque can attract …
Starting April 1, 2025, the Government of India has implemented significant amendments to the Negotiable Instruments Act, focusing on cheque bounce cases. These updated rules aim to reduce financial fraud, increase accountability, and protect honest recipients of cheques. Here’s a comprehensive …
A cheque bounce notice is a crucial legal document issued under Section 138 of the Negotiable Instruments Act, 1881, when a cheque issued for payment is dishonoured due to insufficient funds or other reasons. This notice serves as the formal intimation …