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In the redevelopment of housing projects, homeowners hand over their rights to the builder, who then redevelops the project to add more units, space or both in the building. Homeowners can receive either cash compensation or extra carpet area in their current homes or both, ba...
The relevant declarations issued vide Notification No. 05/2025 – Central Tax (Rate), dated 16th January 2025, are now made available electronically on the GST Portal. These declarations may be opted for and filed by persons who are applying for registration or are alread...
A Mumbai-based woman who is a tax resident of Singapore, sold some of her debt and equity mutual fund investments in India and claimed tax exemption on capital gains under Article 13 of the India-Singapore Double Taxation Avoidance Agreement (DTAA). However, the tax department...
Tobacco products and pan masala products are set to face a new tax structure from February 1. This comes as the Centre rolls out additional excise duty and a health cess, above the current GST rates. The new structure will replace the compensation cess which is applied on 'sin...
The corporate affairs ministry on Tuesday extended the deadline for filing of financial statements and annual returns under the companies law till January 31, 2026. The extension of the deadline, which was to initially end on December 31, comes against the backdrop of represen...
1. To ensure correct and accurate reporting of reversed and reclaimed ITC and to avoid clerical mistakes, Electronic Credit Reversal and Re-claimed Statement (Reclaim Ledger) was introduced on the GST portal from August 2023 return period onwards for monthly taxpayers and from...
Over the past few days, thousands of taxpayers across India have received an unexpected message from the Income Tax Department. The SMS or email said their refund claim had been “identified under the risk management process” and that processing had been put on hold...
The ministry of corporate affairs (MCA) has begun a comprehensive review of the rules and regulations, including the norms for accounting and auditing practices. According to Manoj Govil, secretary-MCA, extensive public consultations would be carried out for the review, which...
The Centre in the Budget announced many important changes related to tax, especially to make TDS and TCS easy and simple. The purpose of these changes – which will be effective from April 1, 2025 – is to make tax compliance easier for common taxpayers and traders a...
The Central Board of Direct Taxes (CBDT) has issued a new circular, which states the new rules for tax deduction from salary under section 192 of the Income Tax Act, 1961. It also includes the changes made in the Finance Act 2024 and 2023. “The Form No. 16 has been amend...
In Budget 2025, Finance Minister Nirmala Sitharaman unveiled significant income tax savings, giving taxpayers more funds and introducing modifications to the way they compute their obligations. A noteworthy point is that individuals with earnings up to Rs 12 lakh are exempt fr...
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an ap...
The Goods and Services Tax Network (GSTN) has introduced a new feature in the E-Way Bill (EWB) portal through which unregistered persons (URPs) can generate an e-Way Bill without taking out a GST registration. This feature has been enabled from February 11, 2025 and requires f...
The Goods and Services Tax (GST) Council is considering reducing tax rates on certain items to stimulate consumption while balancing revenue needs, Mint reported, citing sources familiar with the discussions. The Council may also eliminate the 12 percent slab, shifting items e...
In line with recent developments in the GST registration process, applicants must adhere to the following steps as per Rule 8 of the CGST Rules, 2017: 1. Applicants Not Opting for Aadhaar Authentication: • If you choose not to authenticate via Aadhaar, you must visi...