ITC Best Practices under Goods and Services Tax – Conditions, Documentation Eligibility, and Restrictions etc Input Tax Credit is one of the most significant features of India’s Goods and Services Tax framework. It allows registered taxpayers to reduce their tax liability by claiming credit for the GST paid on purchases or business-related expenses. But, …
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 …
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 …
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 …
How to Update Permanent Account Number Resident Status to NRI / PIO From 1 July 2023, the Income Tax Department (ITD) deactivated Permanent Account Numbers not linked to Aadhaar — this included many NRIs and PIOs because their PAN residential status was not updated. Impact if not updated Trading blocked on NSE and BSE, Higher …
IBBI Discussion Paper – Measures to Enhance Integrity of the CIRP This is to apprise you that the Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers under sections 196, 207, 208, and 240 of the Insolvency and Bankruptcy Code, 2016, has issued the following Discussion Paper. Strengthen transparency, accountability, & efficiency …
Form 10-IEA filing requirements & switching restrictions Under this blog where summaries Form 10-IEA filing requirements & switching restrictions when changing between new & old tax regimes for FY 2023–24 & FY 2024–25. Form 10-IEA filing is only required for ITR 3 & 4 taxpayers who choose the Old Regime. Taxpayer Switching Restrictions apply only …
Tax Audit: The difference between business & profession matters a lot The difference between “business” and “profession” matters a lot for tax rates, deductions, compliance requirements, and even audit applicability — and misclassification can lead to penalties, back taxes, and disputes with the department. Definitions under the Act Section 2(13) – Business Includes trade, commerce, …
India–UK FTA recently signed by PM Modi India–UK Free Trade Agreement recently signed by PM Narendra Modi and UK PM Keir Starmer after 3 years of negotiations. Here’s a clear breakdown of its implications: As per Shri Piyush Goyal:“This CETA marks a milestone in the trade relations between two major economies… It unlocks tariff-free access …
Statutory Compliance Calendar – August 2025 Due Date Compliance Applicable For / Notes 7th August Payment of TDS & TCS for July 2025 All deductors/collectors of tax at source 11th August Filing of GSTR-1 for July 2025 Monthly filers under GST 13th August Filing of Invoice Furnishing Facility (IFF) for July 2025 QRMP taxpayers Filing …