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1. Overview: Revival of Block AssessmentThe Finance (No. 2) Act 2024 resurrected the block assessment method by replacing Chapter XIV-B (Sections 158B to 158BI) specifically for instances where a sear...

IntroductionAssessees often face unexpected challenges that prevent them from filing their Income Tax Returns (ITR) on time. Recognizing this, Section 119(2)(b) of the Income Tax Act, 1961 (the Act) s...

Overview of GSTN’s New Compliance MeasureWith the announcement on 4th April 2025, the Goods and Services Tax Network (GSTN) is set to implement a pivotal update to the Invoice Registration Portal (IRP...

As we usher in the Financial Year 2025-26, businesses should be aware of five crucial changes pertaining to GST E-Way Bill and E-Invoice. These updates, commencing in April 2025, hold critical relevan...

IntroductionGSTN has circulated an advisory notifying assessees whose Annual Aggregate Turnover (AATO) meets or surpasses ₹10 crore, that starting from 1st April 2025, there will be a restriction on r...

Overview of Section 194A and Its ImplicationsAccording to Section 194A of the Income Tax Act, 1961, entities like banks, cooperative societies, or post offices must deduct a 10% tax at source when pay...

TDS Rates for FY 2025-26: ReferenceTax Deducted at Source (TDS) is a pivotal method for tax collection under the Indian Income Tax Act, 1961. It ensures timely revenue inflow to the government and cur...

1. OverviewThe Limitation Act, 1963, sets forth the time frames for legal proceedings like suits, appeals, and applications. Tax laws, both direct (such as the Income Tax Act, 1961) and indirect (like...

Introduction: A Tax Conundrum Wrapped in TraditionIn Indian culture, weddings are joyous occasions marked by rituals and, importantly, the giving of gold jewellery. As time progresses, these jewels, o...

Appeal under Section 74 of the CGST Act, 2017In the case: [Name] Vs. Additional Commissioner (CGST Delhi)Appellant's BackgroundThe appellant, M/s [Company Name], is a sole proprietorship with long-sta...

Introduction: Analyzing 'Taxable Supply' in the CGST ActThe article explores how the definition of "Taxable Supply," as found in Section 2(108) of the Central Goods and Services Tax Act 2017 (referred...

1. OverviewCredit notes serve an important function in the Goods and Services Tax (GST) structure, especially in handling interactions between businesses and their consumers. It's crucial to recognize...

Overview of Section 43B(h) - Applicable from AY 2024-25The introduction of Clause (h) in Section 43B of the Income Tax Act via the Finance Act, 2023 results in the non-deductibility of expenses due to...

Overview of Section 37Section 37 of the Income Tax Act, 1961, serves as a versatile clause addressing "any expenditure... shall be allowed in computing the income chargeable under the head 'Profits an...

This reference table provides a detailed overview of Tax Deducted at Source (TDS) provisions as per the Income-tax Act, 1961, for various categories of payments during the financial year 2025-26. It i...

GST Framework and Emerging IssuesThe introduction of the Goods and Services Tax (GST) has aimed to create a cohesive taxation system across India. However, complexities linger, particularly concerning...

Introduction to Circular No. 61/35/2018-GSTCircular No. 61/35/2018-GST, dated September 4, 2018, was introduced to mitigate challenges encountered by businesses storing goods in transporter-operated w...

Overview:The Goods and Services Tax (GST) framework in India incorporates the Input Service Distributor (ISD) mechanism to facilitate the allocation of Input Tax Credit (ITC) among business units that...

Objective of Auditor Appointment:The auditor's role is to safeguard shareholder interests by lawfully examining company accounts managed by directors and communicating the company's actual financial s...

Legal Modifications and ComplianceSubstantive Amendments Impacting Business Relations:Are recent legal amendments effective from April 1, 2025, prompting changes in customer interactions?Agreements wi...