Insurance is an important part of financial planning. It provides financial protection against unexpected events such as accidents, illness, damage to property, loss of a vehicle, death of a family member and other risks. Life is uncertain, and no one can predict when an unfortunate event may happen. While insurance cannot prevent an accident, illness
The Central Board of Direct Taxes (CBDT) has introduced a dedicated ITR-B form for block assessment proceedings under the Income-tax Rules, 2026. The move is an important procedural development under the new Income-tax Act, 2025 and is particularly relevant for taxpayers who become subject to search or requisition proceedings. Through Notification No. 97/2026 dated 24
The Unified Payments Interface (UPI) has transformed the way people in India make payments. Whether it is paying a small shopkeeper, purchasing products online, paying a restaurant bill or transferring money to a family member, UPI has become an important part of everyday financial transactions. With the rapid growth of digital payments, changes in the
The Karnataka High Court has delivered an important ruling concerning the reimbursement of Goods and Services Tax (GST) to a civil contractor executing government work. The Court directed the concerned department to reimburse GST at the rate of 12% on the value of work completed by the contractor after finding that the contractor was legally
The treatment of money under the Goods and Services Tax (GST) law can sometimes be confusing. In ordinary business transactions, money changes hands almost every day. A person may receive a loan, repay a debt, pay a supplier, purchase machinery, pay professional fees, exchange foreign currency or receive interest from a bank. Although all these
Tax audit is an important compliance requirement under the Income-tax law for certain businesses and professionals. It helps ensure that books of account are properly maintained, income is correctly reported and important financial information is disclosed to the Income Tax Department. For taxpayers, understanding the tax audit provisions is important because the requirement is not
The Income-tax Act, 2025 marks one of the most comprehensive reforms in India’s direct tax framework. One of the notable structural changes introduced in the new legislation is the reorganization of the deductions previously contained in Chapter VI-A of the Income-tax Act, 1961 into Chapter VIII of the Income-tax Act, 2025. While many deductions continue
