On 21 August 2025, the Income-Tax (No. 2) Bill, 2025 officially received the President’s assent, becoming the Income-Tax Act, 2025 — a landmark overhaul of India’s tax code. This modernized legislation is slated to commence from 1 April 2026, ushering in a new unified Tax Year system and supplanting …
On 15 August 2025, during his Independence Day address, Prime Minister Narendra Modi announced a landmark reform of India’s Goods and Services Tax (GST) regime, positioning it as the “Next-Generation GST.” The reform aims to simplify India’s indirect tax system through structural …
Security services play a vital role in safeguarding people, property, and business establishments. In India, the provision of such services is treated as a taxable supply under the Goods and Services Tax (GST) regime. A security agency typically deploys personnel such as …
The government has overhauled the Income Tax law with sweeping changes effective from FY 2025-26. From higher exemption limits and revised tax slabs to faceless assessments and simplified compliance, the new law aims to make taxation fairer, easier, and more transparent. For …
Form No. 10AB is the statutory application prescribed under the Income-tax Act, 1961 for obtaining, renewing, or modifying registration and approval of charitable or religious trusts, institutions, funds, universities, and research entities under sections 12AB, 10(23C), 80G, and 35. It …
Losing both your GST portal username and password can feel like hitting a brick wall—especially when filing deadlines are approaching. Fortunately, the GST system provides multiple recovery options, even if all you have at hand is your PAN. This guide …
When selling land, the Income Tax Act, 1961 allows you to reduce your taxable capital gains by deducting not only the original acquisition cost but also certain eligible expenses incurred for improving the property or executing its transfer. These deductions …
The sale of land in India can trigger significant tax liabilities in the form of capital gains tax. Whether the property is held for a short or long period determines not only the applicable tax rate but also the availability …
Health is wealth — and now, it can help you save on taxes too! Under Section 80D of the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim deductions on health insurance premiums and preventive health check-ups. 👤 …
Section 80C of the Income Tax Act, 1961, allows individual taxpayers and Hindu Undivided Families (HUFs) to claim deductions from their gross total income by investing or spending in specified avenues. The maximum deduction limit under Section 80C is ₹1.5 lakh …
When it comes to calculating taxable income, salaried individuals often overlook the various allowances that are exempt under the Income Tax Act, 1961. Among these, Section 10(14) plays a crucial role in offering tax relief through specific exemptions granted by employers. This section …
In a growing outcry across Gujarat, traders have accused both Central and State GST officers of grossly misusing Section 67(1) of the Goods and Services Tax (GST) Act, leading to harassment, fear, and alleged extortion under the guise of inspections. Allegations …
Kerala becomes the first Indian state to implement a fully digital adjudication process for State GST matters. In a major digital governance initiative, the State Goods and Services Tax (SGST) Department of Kerala has introduced a pilot project for ‘Faceless Adjudication’, starting August 1, …
Starting Assessment Year 2025–26, individuals with aggregate savings bank deposits exceeding ₹50 lakh in a financial year are mandatorily required to file an Income Tax Return (ITR), even if their total income falls below the taxable threshold. In a significant …
The Central Government has clarified that there is no proposal to impose Goods and Services Tax (GST) on Unified Payments Interface (UPI) transactions exceeding ₹2,000. Addressing the Rajya Sabha, Pankaj Chaudhary, Minister of State for Finance, stated that the GST Council has made …
The Income Tax Department of India has prescribed different Income Tax Return (ITR) forms for different categories of taxpayers, depending on their residential status, nature of income, and amount of income. Selecting the correct ITR form is crucial for accurate filing, compliance, and avoiding notices or …
As the income tax return (ITR) filing deadline of September 15 approaches, taxpayers are gearing up to gather all necessary financial information. To ensure accuracy in ITR filing, individuals often refer to multiple documents such as Form 16, Form 26AS, and the Annual Information Statement …
In a crucial public alert on 21 july 2025, the CBIC has warned taxpayers about a new wave of fake GST violation notices being circulated online through emails, messages, and even social media platforms. These fraudulent notices are designed to mimic official GST …
The Income Tax Bill, 2025, introduced to replace the Income-tax Act, 1961, represents a major overhaul of India’s direct tax regime aimed at simplification, transparency, and consistency. To ensure comprehensive stakeholder engagement, the Lok Sabha referred the Bill to a Parliamentary Select …
The Income Tax Bill 2025, introduced by the Indian government as a complete overhaul of the 1961 Act, seeks to modernize tax administration and enforcement mechanisms. A key and controversial provision of this Bill is the explicit legal empowerment of income tax …