Category: Tax

The GST Network (GSTN) has issued an advisory regarding a crucial change in the e-Invoicing system related to Invoice Reference Number (IRN) generation. This change, effective from 1st June 2025, affects how invoice or document numbers are processed by the Invoice Reporting Portal (IRP). Specifically, invoice numbers will now be treated as case-insensitive, meaning variations […]

Bank Transactions Rules: The Government is keeping a close watch on high-value transactions with the help of data analytics and various agencies to prevent tax evasion. If a person is transacting large amounts in his bank accounts, investments or property purchases but is not fulfilling his income tax liability properly, then he is more likely […]

Budget 2025 has introduced various modifications to direct taxation, including a new tax rate slab, an increased basic exemption limit and a higher tax rebate limit under the New Tax Regime. These adjustments aim to alleviate the tax burden on citizens and streamline tax compliance processes. Within the framework of the new tax regime, tax […]

The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 07/2025-Central Tax (Rate) to implement recommendations from the 55th GST Council Meeting held on December 21, 2024. This notification amends Notification No. 13/2017-Central Tax (Rate) by modifying the applicability of the Reverse Charge Mechanism (RCM) for services involving the renting of immovable property, with specific exclusions for composition taxpayers. Amendment to Serial […]

Switzerland has suspended the Most Favoured Nation (MFN) clause in its Double Taxation Avoidance Agreement (DTAA) with India. This move is expected to impact Swiss investments in India and increase tax burdens on Indian companies operating in Switzerland. The Swiss finance department, in its December 11 statement, cited a 2023 Indian Supreme Court ruling as […]

The Union Cabinet approved the PAN 2.0 Project on Monday to make PAN the “single source of truth and data consistency”. With PAN already linked to Aadhaar, it is expected to become a strong source of identification and information for authorities. The 10-digit alphanumeric Permanent Account Number (PAN) issued by the Income Tax Department is […]

Income Tax Notice: You will find many such people who prefer to transact in cash even in the age of Digital India. Small transactions are fine, but the problem arises when big cash transactions start happening. At the slightest inkling, the Income Tax Department becomes alert and such people come under the radar of the Income […]

In a significant update to the Central Goods and Services Tax (CGST) Act, Section 16 has been amended with the insertion of two new sub-sections. This change aims to address input tax credit (ITC) claims for past financial years and offers relief to taxpayers whose GST registration was cancelled and later revoked. Key Highlights of […]

The STT applicable to futures and options (F&O) trading is set to increase from October 1, 2024. Specifically, the tax rates for Futures & Options (F&O) of securities will rise to 0.02% and 0.1%, respectively. Union Budget 2024: Union Finance Minister Nirmala Sitharaman introduced some changes in terms of income tax in the Union Budget […]

Section 143(1) of the Income Tax Act, 1961 is essentially a computer-generated automated message which lets the taxpayer know of any error that exists in his/her tax filing. It also tells the taxpayer if he/she has any interest that is payable. Anytime someone receives a notice from the Income Tax Department, there seems to be an overwhelming […]