Income Tax

Allows Section 80P(2)(d) Deduction on Interest Earned from Co-operative Bank Investments: Gujarat High Court

Introduction The taxation of interest income earned by co-operative societies has been an important and frequently disputed issue under the Income-tax Act, 1961. Many co-operative societies invest their surplus funds in fixed deposits, savings accounts and other interest-bearing instruments with co-operative banks. Such investments are generally made to earn additional income while keeping surplus funds

GST

Major Changes in GST Forms from 1st November 2026

The Goods and Services Tax (GST) compliance system in India is entering an important phase of digital transformation from 1 November 2026. The Central Board of Indirect Taxes and Customs (CBIC) has notified significant amendments to various GST forms under the Central Goods and Services Tax (CGST) Amendment Rules, 2026. These amendments are intended to

GST

Special Economic Zones Under GST: Legal Framework, Litigation, Refund

Introduction Special Economic Zones (SEZs) play an important role in India’s economic development. They were established to promote exports, attract domestic and foreign investment, generate employment, encourage manufacturing, and strengthen India’s position in international trade. The objective behind creating these zones was to provide businesses with a favourable operating environment, simplified procedures, and tax benefits

GST

57th GST Council Meeting: Major Decisions

The 57th GST Council meeting was held on 8 October 2026 in New Delhi, under the chairpersonship of Union Finance Minister Nirmala Sitharaman. Unlike the previous meeting, which focused on GST rate rationalisation, the 57th meeting concentrated mainly on simplifying GST procedures, improving input tax credit (ITC) and refund processes, reducing unnecessary litigation, and making

GST

GST Council Approves Major Reforms: Arrest Powers Curbed, ITC Relief for Employee Insurance

The 57th GST Council meeting has cleared a series of important measures aimed at making India’s indirect tax system more business-friendly and reducing compliance pressure on taxpayers. Instead of focusing primarily on broad GST rate changes, the latest decisions put greater emphasis on simplifying tax administration, expanding Input Tax Credit (ITC), reducing small-value disputes and

TDS

New Property TDS Rules 2026: Form 141

Introduction Buying or selling property in India involves several legal and tax-related responsibilities. One important responsibility is Tax Deducted at Source (TDS), which requires the buyer to deduct the applicable tax from the payment made to the seller and deposit it with the government. Property TDS compliance has undergone significant changes in 2026. The introduction

GST

How to Get New GST Registration for Multiple States in India

process is conducted online through the official GST portal. Applicants must provide their PAN, business details, address proofs, authorized signatory information, and other supporting documents. This article explains how to obtain new GST registration for multiple states in India, the documents required, the online application procedure, applicable rules, common mistakes, and important compliance requirements. 1.

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