In an era where financial transparency and digital transactions are paramount, India has taken significant strides to curb the use of unaccounted cash in the economy. Section 194N of the Income Tax Act, 1961, introduced through the Finance Act, 2019, stands as a
The Government of India has intensified its efforts to curb tax evasion and fortify the integrity of the Goods and Services Tax (GST) framework with the launch of GST Special Drive 2.0. This initiative, spearheaded under Instruction No. 02/2024-GST, dated August 12, 2024, is a strategic move to
The Goods and Services Tax (GST) framework in India is designed to ensure compliance among taxpayers. However, instances arise where the GST registration of a taxpayer may be canceled by the authorities without any formal request from the taxpayer, a process known as Suo Moto Cancellation. This article provides an exhaustive overview of the
The GST Amnesty Scheme 2024, notified via Notification No. 17/2024 – Central Tax, is a game-changer for businesses struggling with past GST liabilities. The Indian government has launched this limited-time relief measure to help taxpayers clear their pending tax dues while
The Goods and Services Tax (GST) Act, 2017, empowers tax authorities with significant powers of search, seizure, and investigation under Section 67, which allows for the discovery of tax evasion or suppression of transactions. Among the many aspects of GST enforcement, one of the most
Is your business prepared for a GST audit? Navigating the complexities of Section 65 of the Central Goods and Services Tax (CGST) Act, 2017, is vital for ensuring compliance and maintaining seamless business operations.
The Finance Bill, 2025, has introduced a significant amendment to Section 87A of the Income Tax Act, 1961, with implications for taxpayers opting for the new tax regime. A new proviso has been inserted to explicitly prohibit the rebate on incomes
An Income Tax Survey under Section 133A of the Income Tax Act, 1961 serves as a critical mechanism for ensuring tax compliance, verifying records, and detecting potential tax evasion. Conducted by Income Tax authorities, these surveys provide a
Are you confused about when to apply TCS under Section 206C(1H) and TDS under Section 194Q? With evolving tax regulations, understanding these provisions is crucial to ensure 100% compliance and avoid penalties. The Finance Act, 2020 introduced Section 206C(1H) for
Are your Stock Market profits tax-compliant? Know the Income Tax implications before filing your ITR! The surge in stock market participation in India has led to an exponential rise in Demat accounts, with investors
