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 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
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
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
India’s labour laws have historically been complex, fragmented, and difficult for both employees and employers to navigate. For decades, the country had more than 40 separate labour laws, many of which overlapped or had conflicting provisions. To simplify this system and create a modern framework for labour regulations, the Government of India undertook one of
The introduction of Section 270A of the Income Tax Act, 1961, through the Finance Act, 2016, marked a turning point in India’s tax penalty framework. Replacing the older Section 271(1)(c), the new regime introduced a clear distinction between under-reporting and misreporting of income—each carrying different consequences. While under-reporting attracts a penalty of 50% of the
