Act Explainers
Section-by-section walkthroughs of the statutes.
How IPO Listing-Day Gains Are Actually Taxed
The holding period for IPO-allotted shares starts on the allotment date, not the listing date — which is why almost every “sell on listing day” decision is a short-term capital gain taxed at 20%, not the long-term 12.5% rate, and why the ₹1.25 lakh exemption doesn’t apply to it.
21 Oct 20264 min read
Read MoreSection 74 vs. Section 73 — Why the Difference Just Saved Amul ₹43 Crore
Every GST demand rests on one of two foundations — ordinary Section 73 or fraud-grade Section 74 — and which one the department picks changes the penalty, the limitation period, and the taxpayer’s whole defence. Here’s the difference, and why it mattered in Amul’s ₹43-crore case.
20 Oct 20263 min read
Read MoreInput Service Distributor (ISD) Under GST — Registration, ITC Distribution and GSTR-6
An explainer on the Input Service Distributor mechanism under GST — mandatory registration, the Rule 39 turnover-ratio distribution formula, and the monthly GSTR-6 filing — timed to annual-return reconciliation season. Prepared by Finoscape Editorial Team.
15 Oct 20264 min read
Read MoreCharity Commissioner Extends Online Submission of Trust Accounts to 30 November 2026: What Circular No. 625/2026 Means for Trustees and Auditors
Circular No. 625/2026 gives a final extension to 30 November 2026 for online submission of trust accounts in Maharashtra. Here is what it means for trustees and auditors.
30 Sept 20265 min read
Read MoreExport Declaration Form for Service Exporters and Digital Creators: What Changes from 1 October 2026
From 1 October 2026 every exporter of services furnishes a monthly Export Declaration Form to the specified authority. Proceeds must be realised within 9 months. Here is who is covered and what to do.
29 Sept 202610 min read
Read MoreForm 132 and Section 425: The New Act’s Numbers Behind This Week’s Two Deadlines
Today’s TDS-certificate deadline (Form 132) and tomorrow’s advance-tax instalment both trace to freshly renumbered Income-tax Act, 2025 provisions — the same obligations, under new section numbers practitioners should get right.
14 Sept 20264 min read
Read MoreGSTAT Backlog Appeal Deadline Missed? Section 112(6) Condonation Window Explained (2026)
A practitioner’s guide to the GST Appellate Tribunal backlog-appeal limitation regime — the 30 June 2026 statutory deadline, the Section 112(6) condonation window now closing, pre-deposit rules, and what to do if a client missed the cut-off.
24 Aug 20268 min read
Read MoreSection 17(5)(d) CGST Act Explained — When Is Equipment “Immovable Property” for ITC Purposes?
A practitioner’s explainer on Section 17(5)(d) of the CGST Act — the immovable-property ITC restriction, the “plant and machinery” carve-out, and the permanence/annexation test courts actually apply.
20 Aug 20263 min read
Read MoreSection 122(1A) CGST Act Explained — Who Is Personally Liable for GST Fraud Penalties
A practitioner’s explainer on Section 122(1A) of the CGST Act — who counts as “any person” for personal GST fraud penalty liability, how it interacts with a firm’s own penalty, and what evidence establishes individual exposure.
19 Aug 20263 min read
Read MoreRule 86A ITC Blocking — Natural Justice Checklist for Practitioners (2026)
A practical checklist for challenging Rule 86A ITC blocking orders — the natural justice safeguards the J&K and Ladakh High Court has now read into the provision, and the quantum argument every practitioner should also preserve.
17 Aug 20265 min read
Read MoreForeign Assets Disclosure Scheme 2026 — Complete Practitioner Guide to Eligibility, Fees & Forms
A practical, step-by-step guide to the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 — how to identify eligible clients, distinguish Category 1 from Category 2, and navigate the Form 1–4 sequence before the 31 December 2026 deadline.
17 Aug 20266 min read
Read MorePractical Compliance Guide: Section 129 Detention & Seizure — The 7-Day Clock Every Transporter and Consignor’s Advisor Must Track
Executive Summary With GSTAT Thiruvananthapuram this week quashing a ₹1.39 lakh penalty because the department’s MOV-09 order arrived 47 days […]
16 Aug 20266 min read
Read MorePractical Compliance Guide: Valid Service of GST Notices Under Section 169 of the CGST Act — A Practitioner’s Checklist
Executive Summary With the Delhi High Court reaffirming this week, in Saraswati Printers & Fabgar Overseas v. Sales Tax Officer […]
16 Aug 20267 min read
Read MoreFinoscape Explains: Section 16(2)(c) of the CGST Act — Why Your Client’s ITC Depends on the Supplier Actually Paying Tax
Executive Summary Section 16(2)(c) of the CGST Act, 2017 conditions a recipient’s entitlement to Input Tax Credit on the tax […]
14 Aug 20263 min read
Read MoreIncome Tax Act 2025: What Actually Changed From April 1, 2026
When the Income-Tax Act, 2025 (ITA 2025) was passed by Parliament in February 2025, the tax community braced for a […]
8 May 20263 min read
Read MoreSection 185 Companies Act: Loans to Directors — The Rules Every Private Company Gets Wrong
The promoter of a profitable private limited company needed ₹50 lakhs for a personal real estate transaction. His CA suggested […]
8 May 20263 min read
Read MoreSection 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 […]
8 May 20263 min read
Read MoreFEMA 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 […]
8 May 20263 min read
Read MoreITC 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 […]
8 May 20263 min read
Read MoreSection 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 […]
8 May 20263 min read
Read MoreSection 44AD: The Presumptive Tax Scheme That Can Save Small Businesses Thousands
Priya owns a small electronics repair shop in Pune. Annual turnover: ₹82 lakhs. She has no accountant and no formal […]
8 May 20262 min read
Read MoreSection 68: Why Your Cash Credits Could Be Taxed at 78%
Rajan runs a mid-sized textile business in Surat. In AY 2022-23, his books showed a ₹40 lakh cash credit from […]
8 May 20263 min read
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