For many small business owners and professionals in India, maintaining detailed books of accounts and undergoing tax audits can be burdensome, time-consuming, and often requires professional assistance that comes at a significant cost. Recognizing these challenges,
Even sometime many income taxpayers can sometimes miss statutory deadlines due to unforeseen or genuine reasons. But does this mean the taxpayer permanently loses the right to claim a refund or avail tax benefits? Fortunately, Section 119(2)(b) of the Income Tax Act, 1961 provides a legal
Receiving a GST notice is more than just an administrative inconvenience—it’s often the first signal that your compliance processes are under scrutiny. Among the most consequential provisions in the GST regime are Section 73 and 74 of the CGST Act, 2017. These two sections
The GST law in India is continuously evolving. With every change, compliance expectations shift, and businesses must adapt. The 53rd GST Council Meeting held on 22nd June 2024 has introduced significant amendments, particularly the insertion of a new Section 74A along with refinements in Sections 73 and 74 of the
Since the inception of GST in July 2017, businesses have faced challenges, including the inadvertent claiming of Input Tax Credit (ITC) under the wrong tax heads. If you’ve mistakenly claimed IGST instead of CGST-SGST/UTGST (or vice versa), no need
In a significant move toward tightening Input Tax Credit (ITC) regulations and ensuring transparency in GST compliance, the Finance Bill, 2025 has introduced a crucial amendment to Section 34(2) of the Central Goods and Services Tax Act, 2017 (CGST Act). Effective from 1st April 2025, this change directly impacts
The Central Board of Direct Taxes (CBDT) has notified critical amendments to Form 3CD via Notification G.S.R. 207(E) dated 28th March 2025, bringing sweeping changes effective from 01.04.2025 for Assessment Year 2025-26 onwards.
Section 139(1) of the Income Tax Act, 1961 lays down the requirement for furnishing the return of income. While ordinarily individuals are not required to file returns if their income is below the basic exemption limit, the following specific scenarios override that exemption.
The GST ecosystem in India is evolving once again, this time with a decisive shift towards standardization, automation, and stringent data reporting. Effective from 1st April 2025, businesses and professionals will face two critical changes in GST returns:
As the financial year 2024-25 draws to a close, businesses including manufacturers, traders, service providers, and GST consultants, must ensure that all GST obligations are properly fulfilled. A well-planned year-end GST checklist is essential to
