In a major relief to taxpayers and professionals, the Gujarat High Court has directed the Central Board of Direct Taxes (CBDT) to extend the Income Tax Return (ITR) filing due date for audit cases to November 30, 2025. This order follows petitions filed by the All India Federation …
In a landmark decision, the Supreme Court has overturned a recent Kerala High Court ruling and held that cheque bounce cases under Section 138 of the Negotiable Instruments Act remain maintainable even when the underlying debt arises from a cash loan exceeding …
One of the most common hurdles in cheque bounce litigation under Section 138 of the Negotiable Instruments Act, 1881 is securing the presence of the accused. Very often, courts issue summons to the accused at his residential address, but the person deliberately …
The Central Board of Indirect Taxes and Customs (CBIC) is set to introduce a new advanced invoice management system aimed at addressing one of the biggest challenges faced by businesses under the Goods and Services Tax (GST) regime—mismatch notices. Objective of the …
The Finance Bill 2025 and the subsequent Budget changes have introduced important revisions in how capital gains are taxed in India. For investors and taxpayers, these updates impact not only how gains and losses are reported but also how portfolios …
The government has rolled out important relaxations linked to GST rate revisions effective from September 22, 2025. These changes aim to simplify compliance for businesses, reduce costs, and make it easier to communicate revised prices to consumers. Here’s a quick …
The Pension Fund Regulatory and Development Authority (PFRDA) has released a draft proposal seeking to overhaul the exit and withdrawal framework of the National Pension System (NPS), inviting public comments by October 17, 2025. The proposed amendments aim to provide greater flexibility, liquidity, and choice to …
In a major move to strengthen India’s economy and provide relief to the common man, Finance Minister Nirmala Sitharaman has announced significant GST rate cuts and rationalization measures. These reforms are expected to not only reduce the tax burden on households but also …
Date: September 19, 2025 Issued by: Accounting Standards Board, The Institute of Chartered Accountants of India (ICAI) The Institute of Chartered Accountants of India (ICAI) has announced a significant update regarding the Guidance Note on Financial Statements of Non-Corporate Entities …
📌 Introduction A tax audit is a compulsory examination of accounts of a business or profession carried out under Section 44AB of the Income Tax Act, 1961. For small businesses, tax audits ensure accuracy in reporting income, expenses, and compliance with various …
Introduction Tax audit under section 44AB of the Income-tax Act, 1961 is a critical compliance requirement for businesses and professionals crossing prescribed turnover or gross receipt limits. Every year, the Central Board of Direct Taxes (CBDT) notifies due dates and …
Introduction With effect from 1 April 2024, the Institute of Chartered Accountants of India (ICAI) has issued a revised Guidance Note on Financial Statements of Non-Corporate Entities. The new framework prescribes fresh disclosure formats and compliance requirements for proprietorships, partnerships, LLPs, and …
Introduction The due date for filing the tax audit report under Section 44AB for Assessment Year 2025-26 (Financial Year 2024-25) is currently 30 September 2025. While the Income Tax Department has already extended the ITR filing deadline for non-audit cases to …
Introduction When it comes to income tax filing in India, Non-Resident Indians (NRIs) often face confusion regarding refunds on short-term capital gains (STCG). Many assume that if their total income, including STCG, falls below the basic exemption limit, they can …
Introduction The Income Tax Return (ITR) filing deadline is one of the most critical dates for taxpayers in India. With millions of individuals and businesses required to submit their returns, any change or extension in the due date creates significant …
The Goods and Services Tax (GST) Council has recently introduced a landmark change in compliance requirements concerning credit notes and invoices. This significant reform removes the long-standing requirement to link every credit note with a specific invoice number. The move …
The recent decision to exempt retail life and health insurance premiums from Goods and Services Tax (GST) has sparked interest among policyholders across India. On the surface, it looks like a huge win for consumers—after all, insurance premiums earlier attracted …
The Goods and Services Tax Network (GSTN) has issued an important advisory for taxpayers across India, reminding them to file all pending GST returns before the three-year expiry period mandated by the Finance Act, 2023. This development is critical for …
Introduction A corporate guarantee is a common financial arrangement wherein one company undertakes to discharge the debt or obligation of another, typically in favor of banks or financial institutions. In the context of group companies, it is often the parent …
The Indian Income-tax Act, 1961, not only levies tax on income but also provides relief to taxpayers by allowing the set-off and carry forward of losses. These provisions ensure that taxpayers are taxed only on their net income after adjusting eligible losses. The …