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Analysis of Notifications and Circulars for Week Ending 24th May 2026

May 25, 2026 3336 Views 0 comment Print

The weekly roundup covers important Supreme Court rulings, GST advisories, RBI amendments, SEBI consultation papers, and insolvency law developments. The key takeaway is the growing focus on digital compliance and regulatory oversight across sectors.

All About Exempted Income and Deductions under New Income Tax Act, 2025

May 25, 2026 9600 Views 0 comment Print

The Income Tax Act 2025 has overhauled the 1961 law by introducing new section numbers, a unified “Tax Year,” and simplified compliance structures. The article explains the key renumbered provisions taxpayers must now remember.

Rising Inflation & War Crisis Make Financial Planning Crucial for Taxpayers

May 25, 2026 255 Views 0 comment Print

The article explains how rising oil prices, inflation, and economic uncertainty are affecting salaried individuals, farmers, traders, and businesses. It highlights the importance of tax planning, liquidity management, and compliance discipline.

Social Media Income: GST & Income Tax Guide

May 25, 2026 834 Views 0 comment Print

Social media creators earning from YouTube, Instagram, sponsorships, and affiliate marketing must report income as professional business income under Code 16021. The guide explains GST, TDS, presumptive taxation, and compliance rules for creators.

Income Tax Act 2025: SFT Reporting, PAN Rules, Faceless Assessments & Revision Powers

May 25, 2026 1515 Views 0 comment Print

The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendment significantly expands the SFT framework and increases scrutiny of property transactions without consideration.

GST Penalty Quashed as Transit State Had No Jurisdiction Over Interstate Goods Movement: Allahabad HC

May 25, 2026 819 Views 0 comment Print

The High Court ruled that a transit State cannot impose GST penalties on goods merely passing through its territory when no tax liability arises there. The judgment clarifies limits on State GST powers in interstate transportation cases and protects taxpayers from multiple penalties across States.

Agricultural Land Also Covered Under Section 56(2)(x): ITAT Surat

May 25, 2026 906 Views 0 comment Print

The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers “any land or building or both.” The Tribunal ruled that purchases below stamp duty valuation may attract tax on the differential amount.

How TDS on Purchase of Goods Changed Business Compliance in India?

May 25, 2026 657 Views 1 comment Print

Businesses now face stricter seller-wise tracking, PAN verification, and reconciliation obligations under TDS on purchase provisions. The article examines how MSMEs are gradually shifting toward automated compliance systems.

How Tally Works in GST and Reduces Compliance Burden for Taxpayers?

May 25, 2026 642 Views 0 comment Print

Correct configuration of GSTINs, ledgers, HSN codes, and vouchers in Tally allows businesses to generate portal-ready returns directly from accounting data. The article explains how this reduces repetitive Excel-based compliance work.

Advisory Note on GST: Section 74A Penalties- Key Insights for Professionals

May 25, 2026 1167 Views 0 comment Print

The article breaks down penalty provisions under Section 74A for fraud and non-fraud GST cases. It explains how penalties change depending on whether payment is made before intimation, after SCN, or after the demand order.

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