Big TDS Update: Old TDS Challan Can Be Utilized in Another Tax Year Unutilized TDS Challan Amount: Utilization in Future Quarters, Financial Years and Against Past Defaults A significant relief has emerged for deductors facing issues due to incorrect selection of the Financial Year (FY), Assessment Year (AY), or Tax Year (TY) while depositing TDS. …
Karwa Chauth Gold Buying Guide: Jewellery vs Digital Gold On Karwa Chauth, gold is often part of the celebration. A mother-in-law may include a gold ornament in the sargi, while a husband may gift jewellery after the fast is broken. Bangles, rings and necklaces have long been popular choices. Today, couples can also consider digital …
E-Invoicing for RCM Self-Invoices to be Introduced Soon : GST Alert The Goods and Services Tax Network has issued an advisory introducing a new e-invoicing framework for recipient-generated self-invoices under the Reverse Charge Mechanism. The proposal follows recommendations of the GST Council and is currently available for sandbox testing. What is Changing? GSTN proposes to …
GSTAT Pune Bench Circular No. 04/2026 – Procedure for Seeking Adjournment of Hearings Goods and Services Tax Appellate Tribunal, Pune Bench, has issued detailed guidelines regarding the procedure for seeking adjournments in GST appeal matters. The objective is to ensure timely disposal of appeals, discourage unnecessary delays, and bring consistency in hearing management. The Goods …
Tax Implications for NRIs Receiving Gifts in India Understand what qualifies as a gift under Indian law. Know the FEMA regulations, monetary limits, and income tax implications applicable to gifts received by NRIs, whether from India or abroad. Understanding Gifts The receipt of gifts by Non-Resident Indians (NRIs) is governed by: Foreign Exchange Management Act, …
FEMA & I Tax Implication When Gifting Immovable Property to a Resident Indian Is NRI/POI/OCI may gift immovable property to a resident Indian without RBI Approval ? In this query case: The OCI holder died in 2024 without a Will. His US citizen spouse applied to the court. An NRI or PIO may gift immovable …
E-Invoicing Extended to RCM & Imported Services: What Does It Mean? One of the most significant compliance proposals of the 57th GST Council Meeting is the expansion of e-invoicing requirements to certain Reverse Charge Mechanism transactions and imported services for taxpayers having annual turnover of INR 5 crore or more. Current Position : At present, …
Key Highlights of the 57th GST Council Meeting Held on 8 October 2026 The 57th GST Council Meeting, chaired by the Union Finance & Corporate Affairs Minister in New Delhi on 8 October 2026, focused primarily on process reforms, digitalisation, ease of compliance, dispute resolution, and trade facilitation. Unlike the 56th GST Council Meeting, which …
RBI Raises Repo Rate to 5.50%: Detailed Explanation The Reserve Bank of India (RBI) has increased the repo rate by 25 basis points (0.25%), raising it from 5.25% to 5.50%. This is significant because it marks a shift towards controlling inflation and signals that interest rates are likely to remain elevated for some time. What …
Key Highlights & Analysis 57th GST Council Meeting (8 October 2026) The 57th Meeting of the Goods and Services Tax Council introduced some of the most taxpayer-friendly reforms since the Goods and Services Tax was implemented. The focus has shifted from rate changes to simplifying compliance, reducing litigation, speeding up refunds, and improving the flow …