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 …
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 …
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 …
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 …
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 …
The income tax bill 2025 has been withdrawn- A Pause Before the Big Tax Rewrite The Bill was introduced in the Lok Sabha on 13 February 2025 and referred the same day to the Select Committee for examination. The Committee submitted its report on 21 July 2025, and the Government accepted almost all of its …
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 …