The Income Tax Department of India recently announced that it has selected 1.6 lakh income tax returns for scrutiny assessment under Section 143(2) of the Income Tax Act. This figure is nearly three times higher than the usual annual average, drawing significant…
1. What’s changing? The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, has approved a comprehensive restructuring of India’s GST framework. This marks the most significant reform since the GST’s inception in 2017. Key Changes:…
Paying timely income tax is a fundamental civic responsibility. However, many taxpayers defer the calculation and payment of their tax liabilities until the end of the financial year. This practice often results in last-minute stress, potential cash flow difficulties, and,…
1. Introduction Capital gains represent the profit earned when an asset is sold at a price higher than its purchase cost. Tax on such profits is governed by the Income Tax Act, 1961, under the head “Capital Gains.” This concept…
1. Introduction The introduction of the New Tax Regime under Section 115BAC by the Government of India in the Union Budget 2020 marked a significant shift in the country’s income tax framework. This reform aimed to simplify the tax system…
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy. They contribute significantly to GDP, employment generation, innovation, and exports. To foster growth and competitiveness, the Government of India has introduced MSME Registration, now officially known as…
India’s startup ecosystem has emerged as one of the fastest-growing in the world, fueled by a robust framework of government support. The Startup India initiative, launched in 2016, has been the cornerstone of this transformation, offering a wide range of…
India is rapidly becoming a global hub for startups. Young minds are turning innovative ideas into successful businesses across sectors like tech, fintech, education, health, and more. But building a profitable and sustainable startup takes much more than just a…
1. Introduction – What is GST Appellate Tribunal (GSTAT)? The Goods and Services Tax Appellate Tribunal (GSTAT) is a specialized quasi-judicial body constituted under the GST law to resolve disputes arising under the GST regime. It serves as: 2. Formation…
Let’s be honest. Filing your Income Tax Return (ITR) may look easy on the surface – after all, there are apps, portals, and YouTube tutorials galore. But beneath that seemingly simple form lies a web of complex rules, hidden deductions,…