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New Income Tax Legislation, 2025: Essential HighlightsThe upcoming Income Tax Bill, 2025, slated for implementation beginning April 1, 2026, signifies a substantial transformation of India’s taxation...

1. IntroductionGift cards and vouchers are undeniably popular, but behind the scenes, businesses and individuals ponder a critical question: When does GST apply to these delightful tokens? With comple...

The Union Budget for 2025 has been unveiled against the backdrop of India’s determined growth trajectory and inclusive development. The budget outlines a strategic pathway using four critical engines:...

1. Apex Court's Pivotal Decision: The Misapplication of GST Laws on Employees and the Breadth of CGST Act’s Section 122(1A)Overview: The Supreme Court of India reinforced a decision by the Bombay High...

The Goods and Services Tax Network (GSTN) is constantly evolving its return filing processes to aid assessees and reduce manual errors. As part of these enhancements, the GST Portal now includes a pre...

The Startup India initiative, inaugurated by Hon'ble Prime Minister Narendra Modi in January 2016, was designed to fuel innovation and foster entrepreneurship in the country. Since its inception, star...

Introduction:Within a company, the Board of Directors acts as the chief managing entity, overseeing and maintaining control over the firm's operations. Each director is charged with the duty to manage...

Overview: The Finance Minister, in the 2025 Budget, unveiled a major reform: individuals with annual earnings up to Rs 12 lakh will pay no income tax. Instead of altering the basic exemption threshold...

Overview of GCC Expansion in IndiaAuthored by CA Chirag Baid, Founder and CEO of Solique Advisors, the noticeable growth of Global Capability Centers (GCCs) in India has drawn the attention of multina...

1. Inclusion of Inter-State Reverse Charge Mechanisms under Input Service Distributor (ISD)1.1 ISD Definition UpdatesAs per Clause 116, an amendment to Section 2(61) of the Central Goods and Services...

IntroductionOn February 1, 2025, the Union Budget introduced a pivotal retrospection to India's tax regime, notably affecting Section 17(5)(d) of the Central Goods and Services Tax (CGST) Act. This am...

The Finance Bill, 2025 introduces important changes to section 12AB(1)(a) of the Income Tax Act, 1961, notably extending the duration of registrations granted to trusts and institutions from five year...

Evolution of Reassessment Provisions CriteriaOld SchemePost FA 2021Post FA 2024Trigger for NoticeReasons to believe income escaped assessmentInformation suggesting income escaped assessmentSame as FA...

Faceless Proceedings [Section 151A]The Central Government introduced the e-Assessment of Income Escaping Assessment Scheme, 2022, as part of a broader initiative to make tax administration more transp...

Procedural Requirements [Sections 148A to 151] Opportunity to be Heard: AO must serve a notice under Section 148A, sharing incriminating information and allowing the assessee to respond.Consideration...

Requirements for Issuing a Notice [Section 148]The Assessing Officer (AO) must issue a notice under Section 148, requiring the assessee to file a return within three months. If the assessee fails to c...

IntroductionReassessment serves as a corrective mechanism within the Income Tax framework, enabling the Assessing Officer (AO) to revisit and rectify income that has escaped assessment. The Finance (N...

Introduction of Section 285BAA for Crypto-Asset ReportingThe Finance Bill 2025 introduces mandatory provisions under Section 285BAA of the Income-tax Act. These provisions require designated entities...

The Finance Bill of 2025 introduces amendments to Section 12AB of the Income-tax Act to refine the regulations relating to the cancellation of registrations for trusts and similar entities. Under curr...

Overview of the Union Budget 2025Union Budget 2025 introduces a restructuring of the customs tariff by eliminating seven existing rates, consolidating it to eight rates, and making minor deductions fo...