Year: 2025

/ Insolvency and Bankruptcy Code

checklist of compliance requirements for RPs under IBC

Comprehensive checklist of compliance requirements for Resolution Professionals Comprehensive checklist of compliance requirements for Insolvency Professionals acting as Resolution Professionals (RPs) under the Insolvency and Bankruptcy Code 2016. Here’s a structured summary of its contents: Comprehensive guide for Insolvency Professionals acting as Resolution Professionals under the Insolvency and Bankruptcy Code (IBC), 2016. Here’s a structured …

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/ GST

56th GST Council made recommendation relating to GST Change

56th GST Council Meeting chaired by Union Finance Minister Smt. Nirmala Sitharaman held on 3rd September 2025, New Delhi. The 56th meeting of the GST Council was held on 3rdSeptember, 2025 at Sushma Swaraj Bhavan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council inter-alia made the recommendations relating to changes in GST tax …

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/ ITR

Carry Forward of Losses – Important Points

Carry Forward of Losses – Important Points House Property Loss : Carry forward allowed for 8 years. Can be carried forward even in belated returns (filing on time not mandatory). Speculation Loss : Can be carried forward for 4 years. & Filing return on time is mandatory. Business Loss (Non-speculative) : Normal business loss: 8 …

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/ IBC

Distinction in Treatment of FCs and OCs under IBC

Distinction in Treatment of Financial Creditors vs. Operational Creditors The Insolvency and Bankruptcy Code, 2016 consolidated India’s insolvency laws to ensure time-bound resolution of corporate insolvency. Unlike the Companies Act, 2013, which used the broad term “creditors,” the IBC distinguishes between financial creditors and operational creditors. This distinction is not merely semantic — it affects …

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/ GST

India’s GST Overhaul: A Major Reset by Diwali

Diwali gift by PM Narendra Modi- India’s Goods & Services Tax Overhaul A significant Goods and services Tax reform is underway, set to simplify India’s indirect tax system with a 2 slab structure (5% and 18%), replacing the current four-tier framework. A special 40% “sin/luxury” rate will continue to apply to a select few high-end …

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/ GST Compliance

Zero Rated Supply under GST

Zero Rated Supply under GST Under the Goods and Services Tax (GST) law, a Zero Rated Supply refers to supplies on which GST is charged at 0%, but the supplier can still claim input tax credit for taxes paid on inputs and input services. This ensures that exports remain tax-free but without blocking the credit …

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/ ITR

All about the Decoding the Business Codes in ITR

Overview: Decoding the Business Codes in ITR The Income Tax Dept has updated business & profession codes in the ITR forms to reflect the evolving nature of businesses in India.  from traditional trades to emerging sectors like social media and online trading. These codes classify specific activities, ensuring taxpayers report their income under the correct …

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/ Direct Tax

Key Highlights of Income Tax Act 2025 for FY 2025-26

What Taxpayers & Professionals Should Know about Income Tax Act, 2025 India’s Income-tax framework in 2025 continues to evolve towards simplification, digitization, and transparency, with a strong emphasis on voluntary compliance and technology-driven administration. Here are the key takeaways for FY 2025-26 & beyond. Faceless & Technology-Based Regime : Assessments, appeals, rectifications, refunds, and even …

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