In a move to simplify India’s direct tax laws, the Indian government has withdrawn the Income-Tax Bill, 2025, which was originally introduced on February 13. A new and revised version of the bill is set to be tabled on August 11. The decision to withdraw the initial draft came after a Select Committee, led by … Read more
The 2024 Union Budget has completely changed the tax landscape for share buybacks in India, a move that directly impacts investors’ financial strategies. Effective October 1, 2024, the tax liability for buybacks has shifted from the company to the individual shareholder. This fundamental change requires investors to reassess their portfolios and tax planning. What Has … Read more
Why Should Only CAs Sign Tax Forms? ICSI’s Bold Push Could Change the Game Right now, only Chartered Accountants (CAs) can represent taxpayers before income tax authorities and certify key tax documents. This is because Section 288 of the Income Tax Act defines an “Accountant” exclusively as a CA. But the Institute of Company Secretaries … Read more
“Thinking of gifting money to your spouse to save on taxes? Think again! 🤯 Many believe this is a smart tax move, but the Indian Income Tax Act has specific “clubbing provisions” (Sections 60-64) that prevent it. Here’s why gifting to your spouse (or other family members) won’t typically reduce your tax burden: The bottom … Read more
A Parliamentary Panel has proposed significant amendments to the anticipated Income Tax Bill, 2025, specifically addressing concerns around Tax Deducted at Source (TDS) refunds and the taxation framework for trusts. The report, presented to the Lok Sabha on Monday, July 21, 2025, by the Select Committee chaired by BJP MP Baijayant Panda, aims to refine … Read more
Paying too much tax on your rental income? You might be missing out on significant savings! A 4-step formula from Chartered Accountant Nitin Kaushik can help you drastically reduce your taxable income, smartly and legally. Maximize Your Rental Income Deductions Here’s how to optimize your house property returns, from claiming property tax to home loan … Read more
For decades, a clever trick has been used in India to turn black money into white: buying rural agricultural land with under-the-table cash and then selling it years later at full market value, tax-free. But a recent ruling by the Income Tax Appellate Tribunal (ITAT) on May 27th might just put an end to this … Read more
New ITR Rules: Up to 200% Penalty & Prosecution for Misleading Returns The Income Tax Department is cracking down on inaccurate or misleading income tax returns (ITRs) with stricter new rules. If you misreport income or claim false deductions, you could face severe consequences, including hefty penalties and even prosecution. What’s at Stake? Your CA’s … Read more
Buyer Not Liable for Supplier’s Tax Default, Rules Allahabad High Court In a significant decision, the Allahabad High Court has provided much-needed relief to buyers, ruling that they cannot be forced to reverse Input Tax Credit (ITC) even if their supplier defaults on filing returns or depositing tax. This judgment, delivered in the case of … Read more
Mandatory MOV-09 Issuance: Allahabad High Court Upholds Assessee’s Right to Appeal In a significant ruling, the Hon’ble Allahabad High Court has declared that the GST Department must issue a penalty order in Form GST MOV-09, even if the assessee has already paid the penalty “under protest” to secure the release of detained goods. This decision, … Read more