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
The Misuse of GST Section 74: A Threat to Honest Taxpayers India Inc. is raising serious concerns over the “arbitrary and excessive” use of Section 74 of the Central Goods and Services Tax (CGST) Act. While this provision was designed to target deliberate tax evasion, tax officers are now routinely applying it to a broader … Read more
Gross GST collections in India rose to ₹1,95,735 crore in July 2025, a 7.5% increase from the same period last year. This growth signals continued economic activity, though the pace has slowed. On a year-to-date basis (April–July), gross GST revenue surged 10.7% to ₹8.18 lakh crore. Key Figures for July 2025: Net Revenue Growth Stalls … Read more
In order to ensure the quality of tax audit, the Council of the Institute has, at its 442nd meetingheld on 26th and 27th May, 2025 and its 443rd meeting held on 30th June, 2025 and 1st July, 2025,decided the limit on the number of tax audits, to be effected by issuance of new guidelines, asfollows … Read more
Reporting capital gains accurately in your Income Tax Return (ITR) is more critical than ever, given the Income Tax Department’s intensified monitoring. With advanced data-matching systems, the IT Department is closely scrutinizing disclosures of income from equities, mutual funds, and even buyback transactions. To avoid notices and penalties, diligent documentation and professional guidance are no … Read more
In India, a recent case highlighted a significant issue with the Annual Information Statement (AIS): duplicate reporting of income. A tax professional discovered that a client’s AIS showed ₹4.1 lakh in interest income, while the actual amount was only ₹2.2 lakh. This was due to the same income being reported twice from different sources. Such … Read more
A significant overhaul of India’s tax system is underway with the proposed Income Tax Bill, 2025. The Select Committee tasked with reviewing the bill has submitted its report to the Lok Sabha, recommending 285 changes to simplify the legislation and make it more taxpayer-friendly. This report was presented to the Lok Sabha on Monday, July … Read more
Lok Sabha Select Committee Presents Report on New Income Tax Bill New Delhi, India – The Select Committee of the Lok Sabha today, Monday, July 21, 2025, submitted its much-anticipated report on the Income Tax Bill, 2025, to the House. BJP leader Baijayant Panda, who chairs the 31-member panel, handed over the report to the … Read more
The Supreme Court is set to reserve its judgment on July 25, 2025, in the Gameskraft GST case, a landmark legal battle with ₹1.5 lakh crore in Goods and Services Tax (GST) demands at stake. This high-profile case has massive implications for real money gaming (RMG) operators, casinos, and lottery businesses across India. A division … Read more
Understanding how capital gains tax applies to your mutual fund investments is crucial, especially when filing your Income Tax Return (ITR) for FY2024-25. Many taxpayers find this area confusing due to the different types of funds and holding periods. Let’s break down what you need to know. Key Changes for FY2024-25 The Union Budget 2024 … Read more