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 …
FEMA Export Reporting for Service Exporters: Major Compliance Change from 1 October 2026 A significant compliance change comes into effect from 1 October 2026 under the Foreign Exchange Management Act (FEMA). Going forward, every Indian business, professional, consultant, freelancer, or service provider raising invoices on overseas clients will be required to report such export transactions …
Overlooked responsibility of the tax auditor regarding transfer pricing compliance. Here is Highlights an important but often overlooked responsibility of the Tax Auditor regarding Transfer Pricing (TP) compliance. If management is unaware that Form 3CEAA may be applicable, must be filed by the entity itself, and carries substantial penalty exposure for non-compliance, the organisation may …
Supreme Court Settles the ITC Debate: Your Credit Now Depends on Your Supplier’s Tax Payment Few GST disputes are as frustrating as this one. A genuine business pays its vendor in full, GST included. Months later, it receives a demand notice and its working capital is blocked, because the vendor kept the tax and never …
Apple Pay Makes Its Debut in India India’s digital payments ecosystem has welcomed a significant new entrant with the launch of Apple Pay. After years of speculation, Apple has officially introduced its contactless payment service in India, allowing eligible users to make secure transactions using their iPhone, iPad, and Apple Watch. The move marks Apple’s …
Moving to the UAE? Your Indian Tax Residency Depends on Days, Not Documents Many Indians moving to the UAE assume that obtaining a residence visa, Emirates ID, tenancy contract, or opening a UAE bank account automatically makes them a non-resident for Indian tax purposes. However, these documents only establish where you live. They do not …
TRACES Password Guide 2026: Conso File, Form 16/16A, Justification Report and More Short answer: TRACES has no single universal password. The password depends on which file you downloaded. Identify the file type first, then use the format for that file. 1. Quick reference: TRACES download passwords S. No. TRACES File What It Is Used For …
GST RATE SCHEDULE for SCRAP, WASTE & RESIDUE PRODUCTS The GST rate on a supply of scrap, waste or residue is not uniform. It depends on the HSN classification of the specific material and the Schedule under which that HSN falls in the rate notification. Metal scrap, plastic waste and e-waste attract 18%; most agricultural, textile, paper …
FAQ’s on Tax Audit Under Income Tax Act Standardised Financial Statements for Non-Corporate Entities: What It Means for Tax Audit Reporting What has changed? Until now, only companies had a prescribed format for financial statements under Schedule III to the Companies Act, 2013. Proprietorships, HUFs, partnership firms, AOPs, BOIs and trusts had no mandated format. …
Big Change for Share Market Investors and Traders: Capital Gains Will Be Pre-filled in ITR The Income Tax Department is moving towards a more automated tax reporting system. From Tax Year 2026-27, capital gains from shares and mutual funds are expected to be directly reflected in your pre-filled Income Tax Return (ITR) instead of merely …