GST Update
New GST rates for certain goods and services effective May 1, 2026
GST Updates
GST Council Announces New Rates for Certain Goods and Services
The GST Council has announced new rates for certain goods and services, effective from June 1, 2026.
GST Council Announces New Rates for Certain Goods and Services Read Post »
Tax Puzzles
Penalty for Concealment
Penalty for concealment of income under Section 271(1)(c).
Penalty for Concealment Read Post »
Income Tax
CBDT Notifies New Rules for Taxation of Virtual Digital Assets
The Central Board of Direct Taxes (CBDT) has notified new rules for the taxation of virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs).
CBDT Notifies New Rules for Taxation of Virtual Digital Assets Read Post »
GST Updates
GST Council Removes Exemptions on Certain Services, Including Hotel Accommodations
The GST Council has announced the removal of exemptions on certain services, including hotel accommodations, effective from October 1, 2026.
GST Council Removes Exemptions on Certain Services, Including Hotel Accommodations Read Post »
Act Explainers, Income Tax
Section 43B(h): Why Delaying Payments to MSMEs Is Now a Tax Problem
For decades, large corporates and their finance teams managed cash flow partly by stretching payment timelines to their smallest suppliers
Section 43B(h): Why Delaying Payments to MSMEs Is Now a Tax Problem Read Post »
Act Explainers, FEMA & RBI
FEMA Overseas Direct Investment 2022: The New Framework
When the Reserve Bank of India overhauled India’s overseas investment regulations in August 2022, it did not merely tweak the
FEMA Overseas Direct Investment 2022: The New Framework Read Post »
Act Explainers, GST Updates
ITC Reversal Under GST: Rule 42, Rule 43 and the Annual True-Up
A large pharmaceutical company in Ahmedabad had been claiming full ITC on its marketing overheads for two years. When a
ITC Reversal Under GST: Rule 42, Rule 43 and the Annual True-Up Read Post »
Act Explainers, Income Tax
Section 271AAC: The 10% Penalty You Can Actually Avoid
Most taxpayers who receive an income tax assessment order assume that if additions are made to their income, a penalty
Section 271AAC: The 10% Penalty You Can Actually Avoid Read Post »
GST Updates
GSTR-2B Reconciliation: Why Skipping This Step Is Costing You ITC
Every month, thousands of businesses across India claim input tax credit (ITC) based on what they think their suppliers have
GSTR-2B Reconciliation: Why Skipping This Step Is Costing You ITC Read Post »