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
Introduction The Government of India has taken another significant step towards digitizing tax administration by introducing Rule 46(8) of the Income-tax Rules under the Income-tax Act, 2025. The new provision makes it mandatory for specified taxpayers maintaining their books of account in electronic form to create and preserve a daily backup of such electronic books.
Introduction The Goods and Services Tax (GST) regime in India continues to evolve with technology-driven reforms aimed at improving tax compliance and reducing tax evasion. One of the most significant compliance mechanisms introduced under GST is the E-Way Bill System, which enables the electronic tracking of movement of goods across the country. From August 1,
In a significant move aimed at easing compliance burdens, the government has proposed a time-bound disclosure scheme under the Finance Bill, 2026, allowing taxpayers to voluntarily declare undisclosed foreign assets and income. The initiative seeks to address long-pending reporting gaps under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
In a significant judgment that strengthens the rights of genuine taxpayers under the Goods and Services Tax (GST) regime, the Gauhati High Court has reiterated that a bona fide purchaser cannot be denied Input Tax Credit (ITC) merely because the supplier failed to deposit GST with the Government. The Court held that the tax authorities
