The Karnataka State Chartered Accountants Association (KSCAA) has formally approached the Central Board of Direct Taxes (CBDT) seeking urgent clarification on the denial of rebate under Section 87A of the Income Tax Act for Short-Term Capital Gains (STCG) taxed under …
Tax Deducted at Source (TDS) isn’t just for large corporations. In India, small businesses and even individuals may be required to deduct and deposit TDS in specific situations. Understanding your responsibilities is crucial to remain compliant and avoid penalties. 1. TDS …
The Income Tax Department, under the Central Board of Direct Taxes (CBDT), has officially released the ITR-5 Form for Assessment Year (AY) 2025-26, covering income earned during Financial Year (FY) 2024-25. Announced on May 1, 2025, the updated form incorporates …
Fake GST Registration: In a determined move to enhance revenue collection and meet the ambitious target of Rs 51,000 crore for the current financial year, the Telangana Commercial Taxes Department has initiated a strong crackdown on fake GST registrations and …
The Central Board of Indirect Taxes and Customs (CBIC) has issued Instruction No. 04/2025-GST dated 02.05.2025, establishing a formal Grievance Redressal Mechanism for GST registration applications allocated to the Central Jurisdiction. This move follows Instruction No. 03/2025 dated 17.04.2025, which laid out a standardized process …
In a significant move aimed at supporting the trading community, Delhi Chief Minister Rekha Gupta announced that the Delhi government will soon introduce a one-time Goods and Services Tax (GST) amnesty scheme. The announcement was made during a major conference organised …
The Central Board of Direct Taxes (CBDT) has officially released ITR Form 3 for Assessment Year 2025-26 through Notification No. 41/2025 dated April 30, 2025. This move comes in alignment with the amendments introduced via the Finance Act, 2024, and aims to bring greater …
Money disputes are as old as trade itself. From handshake agreements to formal contracts, unpaid dues often lead individuals and businesses into legal battles. In India, money recovery suits offer a structured legal mechanism to recover such debts—but the process …
A cheque bounce case occurs when a cheque, presented for payment, is returned unpaid by the bank due to insufficient funds in the drawer’s account. This is a criminal offense under Section 138 of the Negotiable Instruments Act, 1881, and can result …
When a notice is sent by registered post, there’s a legal presumption that it’s been duly served, meaning the recipient received it. This presumption is based on the assumption that the postal service will deliver the notice in the normal …
The Income Tax Department of India has officially notified ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) for the Assessment Year 2025-26 (FY 2024-25), simplifying return filing for salaried individuals, small businesses, and HUFs. 🔍 Key Highlights of the …
To file a cheque bounce case, first send a legal notice to the drawer within 30 days of the cheque bouncing, demanding payment within 15 days. If the drawer doesn’t pay within that timeframe, file a criminal complaint with the court …
If you’re a tenant paying monthly rent above ₹50,000, you’re likely aware of the requirement to deduct TDS under Section 194-IB of the Income Tax Act. This tax is paid via Form 26QC, which acts as both a challan and …
Demat Debit & Pledge Instruction (DDPI) Mechanism: The Securities and Exchange Board of India (SEBI), in its continued efforts to enhance transparency and investor protection, introduced the Demat Debit and Pledge Instruction (DDPI) mechanism through a circular dated April 4, …
The clock is ticking for taxpayers! The Vivad Se Vishwas Scheme 2024, launched by the Income Tax Department to resolve long-standing tax disputes, is set to close on April 30, 2025. This is a golden opportunity for individuals and businesses …
In a significant boost to tourism infrastructure, the Goa State Government has announced a 50% Goods and Services Tax (GST) rebate for investors establishing three-star or higher category hotels in the state’s hinterland regions. The move is part of a …
The Goods and Services Tax (GST) department has launched an investigation into whether restaurants have evaded taxes on packaging charges collected from customers. This move comes in the wake of previous GST recovery efforts focused on food and delivery charges. …
A recent research study has uncovered a massive disparity between the reported income and actual wealth of India’s super rich individuals. Titled “Do the Wealthy Underreport Their Income? Using General Election Filings to Study the Income–Wealth Relationship in India”, the …
As we step into the new financial year 2025-26, businesses must stay updated with the recent changes in GST compliance, especially with respect to E-Way Bills and E-Invoicing. These are not mere procedural formalities; they are crucial legal documents that …
The taxation of alimony in India is a complex issue due to the absence of explicit provisions under the Income Tax Act. While lump sum alimony is generally tax-free, periodic alimony is taxable under “Income from Other Sources.” Alimony, also …