ITAT Mumbai ruled that forfeited share application money is a capital receipt, not taxable under Section 68. It also confirmed interest on business funds and disallowed ad-hoc expense additions.
Importers must understand BIS compliance for products under compulsory registration or quality control orders to avoid customs issues and costly demurrage charges in India.
Learn about the tax implications of transactions within a Hindu Undivided Family (HUF). This summary covers capital gains on partitions, gifts, sales, and inheritance.
Understand the 2025-26 salary tax implications in India. Compare old vs. new tax regimes, tax slabs, deductions (80C, 80D, HRA), and choose the best option for your income.
A summary of the 56th GST Council Meeting’s recommendations, including changes to tax rates, simplified registration for small businesses, and new rules for credit notes.
Learn about the effects of GST 2.0 on freelancers and platform workers in 2025. This summary covers tax changes, compliance challenges, and the TCS burden on gig workers.
The 56th GST Council simplifies credit notes for post-sale discounts. Learn about the new rules, including de-linking from original invoices, and how they affect businesses.
Understand the process of receiving a GST DRC-01 notice for tax discrepancies. Learn about the relevant sections, time limits, and how to file a reply in DRC-06.
ITAT Mumbai rules SBI is not an assessee in default for TDS on foreign remittances if payees have paid taxes. Explains implications for MasterCard, Visa, and interest liability.
Learn if a GST rate reduction requires ITC reversal under Section 18(4) of the CGST Act. This article clarifies that ITC reversal is not needed for reduced tax rates.
