The provision safeguards refunds, losses, credits, and pending proceedings under the old law. It prevents disruption caused by repeal of the 1961 Act. The key takeaway is that existing rights and liabilities remain fully intact.
Case Name : R.T. Infotech Vs Additional Commissioner Grade 2 And 2 Others (Allahabad High Court), Writ Tax No. 1330 of 2022, Dated: 30/05/2025 Case Background: The M/s R.T. Infotech, a registered GST taxpayer, had claimed Input Tax Credit (ITC) of around ₹28.52 lakhs based on seven invoices issued by Bharti Airtel Ltd. during July 2017 […]
The Income Tax Return (ITR) filing season for Assessment Year 2025–26 has started, and there are some important changes you should know—especially if you’re following the old tax regime. This year, the ITR forms include new disclosure requirements that ask for more details about your income, assets, and other financial information. These changes aim to […]
Decoding the Bill of entry : Understanding its key terms So Basically a BOE Contains five parts namely , 1. Bill of entry summary 2. Invoice & Valuation Details 3. Duties 4. Additional Duties 5. Other Compliances Part 1 : Bill of Entry Summary 1. IEC – Importer Exporter Code : An unique 10 digit code […]
Budget 2024: Understand how removing indexation can increase taxes on property sales, affect investment decisions, and alter the real estate market.
Explore the Union Budget 2024-25’s key direct tax proposals, including new tax slabs, enhanced deductions, and measures to boost investment and simplify taxation.
When it comes to auditing, planning carefully and doing things accurately are crucial for a successful audit. This easy guide explains the important parts of planning an audit, coming up with a strategy, and carrying out the audit, focusing on the best ways to do it and important things to think about.
Learn about CARO, 2020 guidelines for reporting loans, guarantees, security, and investments by companies to ensure compliance and reliable financial reporting.
Section 54B of Income Tax Act provides relief to individuals or HUF who have transferred their agricultural land and wants to invest the capital gains in Purchasing another Agricultural land.
Discover why external confirmation is crucial in audits, its reliability over internal evidence, and when auditors need it for financial verification.
