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
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,
