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Amendments in Retention Period for Seized Documents: Budget 2025 Overview
Introduction to Changes in Retention PeriodThe Finance Bill of 2025 introduces key modifications to the provisions outlined in Section 132(8) of the Income Tax Act, 1961. These amendments pertain to t...
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Clarification on Penalties for Late Filing of GSTR-9 & GSTR-9C — Insights from Notification No. 08/2025 and Circular No. 246/03/2025
OverviewWithin the framework of the Goods and Services Tax (GST), enterprises must submit GSTR-9 (Annual Return) and, if applicable, GSTR-9C (Reconciliation Statement). According to Section 47 of the...
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GST Application on Transactions with SEZs in India
GST Application via CGST Act 2017 and IGST Act 2017Main Provisions: (i) Section 1 under the CGST Act 2017 enforces its scope across the entire nation of India. (ii) The IGST Act 2017, under Section 2(...
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Section 51 of the GST Act: TDS Deduction by Designated Entities
Overview: Under Section 51 of the GST Act, certain specified entities are obligated to deduct Tax Deducted at Source (TDS) on payments for goods or services when specific conditions are satisfied. The...
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Claiming a TDS/Income Tax Refund for a Previous or Overlooked Year
Steps for Recovering TDS Through Current ITR Filingi. Add Missed Income to This Year’s ITR:Incorporate the TDS-deducted income from the missed year into this year's income report.ii. Claim the TDS Ref...
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Withholding Tax on Real Estate Purchases from Non-Resident Indians Effective July 2024
1. Overview Starting from July 23, 2024, individuals purchasing real estate from Non-Resident Indians (NRIs) are required to withhold tax at a newly revised rate of 12.5%. This rate incorporates a 15%...
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Section 92BA(i) Considered Non-Existent: Karnataka High Court's Decision
Overview:The introduction of Section 92BA(i) to the Income Tax Act, 1961, brought forth the idea of Specified Domestic Transactions (SDTs) aimed at ensuring related-party transactions within India com...
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Revised Procedures for Credit Notes Based on Recommendations from the 55th GST Council Meeting
Comprehensive Overview of Credit Note Modifications as Suggested by the 55th GST Council Meeting under GST Law, 2017In summary, the 55th GST Council Meeting has proposed several amendments concerning...
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Leasehold Assignments and GST: Insights from Gujarat High Court’s Decision
Understanding the Case BackgroundThe Gujarat High Court deliberated on the matter concerning the classification of the assignment of leasehold rights in industrial plots as a taxable service under the...
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Central GST Department Must Issue Orders/Documents in Both Hindi and English
The Andhra Pradesh High Court has established a mandate in the case Subodh Enterprises v. Union of India [WP No. 10343 of 2024, dated August 05, 2024], whereby the Central GST Department is required t...
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Examining Section 70 of the GST Act, 2017: Authority to Summon
This article offers a detailed examination of Section 70 of the Central Goods and Services Tax Act, 2017, discussing its implementation, the authority it grants, and the specific circumstances in whic...
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Assessment and Reassessment Proceedings under Section 147 of the Income Tax Act, 1961
IntroductionThe Income Tax Act, 1961 provides the framework for taxation in India, ensuring compliance and preventing tax evasion. One of the key provisions under this framework is Section 147, which...
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Interpreting Section 147 of the Income Tax Act, 1961: A Judicial Perspective
IntroductionSection 147 of the Income Tax Act, 1961, empowers the Assessing Officer (AO) to reopen assessment proceedings if there is a reason to believe that income has escaped assessment. This provi...
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Budget 2025: Notable Proposals Related to Income Tax
The 2025 Budget introduces notable reforms in personal income tax aimed at benefiting middle-class assessees while streamlining tax regulations. Key changes involve raising the tax exemption threshold...
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Budget 2025: Major Announcements & Tax Reforms
Overview: The Federal Budget for 2025 directs its focus toward economic expansion, primarily targeting rural progress, manufacturing enhancement, and financial sector improvements. Amidst a backdrop o...
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Applicability of Section 87A Rebate for Capital Gains After Budget 2025
Rebate Under Section 87A of the Income Tax Act, 1961Key Considerations for Claiming Rebate Under Section 87A:A. OLD TAX REGIME:The Old Regime continues to offer advantages due to the availability of t...
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Budget 2025: Simplifying Compliance for Small Charitable Trusts with 10-Year Registration
IntroductionThe Finance Bill of 2025 proposes significant changes to streamline compliance for charitable organizations, specifically targeting smaller trusts. The key highlight is the extension of th...
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Highlights of Budget 2025: Revisions in Taxation, GST, and MSME Regulations
Revisions in Income TaxTax BracketsIndividuals' Tax Slabs for FY 2025-26 (AY 2026-27):Earnings up to ₹4,00,000: No tax₹4,00,001 to ₹8,00,000: 5%₹8,00,001 to ₹12,00,000: 10%₹12,00,001 to ₹16,00,000: 15...
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Understanding the ₹12 Lakh Income Exemption Concern Among Assessees
The announcement of Union Budget 2025 raised apprehensions among certain assessees, particularly for those whose earnings slightly exceed ₹12 lakh annually. Consider, for example, an individual earnin...
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Budget 2025-26 Overview: Direct and Indirect Tax Modifications
The Union Budget for the fiscal year 2025-26 introduces important changes in both direct and indirect taxation, encompassing GST, customs, and income tax regulations.GST Revisions(i) Amendments in GST...