Introduction The Income Tax Act, 1961 establishes specific timelines for the filing of income tax returns (ITR). However, taxpayers may encounter unexpected situations that lead to delays in meeting these deadlines. To address such challenges, Section 119(2)(b) offers relief by allowing the condonation of delay in …
ICAI released Handbook on Reverse Charge under GST The Institute of Chartered Accountants of India (ICAI) has released a handbook on reverse charge under Goods and Services Tax (GST). The Goods and Services Tax (GST) system in India is distinguished by its forward-looking and flexible characteristics, marked by …
The Institute of Chartered Accountants of India (ICAI) has invited contributions from Chartered Accountants and subject-matter experts for its Self-Paced Online Module Examinations under the New Scheme of Education and Training. The initiative aims to enhance the question bank for the Self-Paced Module Test (SPMT), a computer-based online examination introduced as part of ICAI’s …
The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has released the Guidance Note on Audit of Banks (2025 Edition). This annual publication serves as a comprehensive resource for auditors conducting statutory audits of banks and their branches. Official …
The Union Budget 2025 introduces significant measures aimed at bolstering India’s middle class, directly impacting your personal finances. Here’s how: Personal Income Tax Reforms Increased Tax Exemption Limit The zero-tax threshold has been raised to ₹12 lakh from the previous ₹7 lakh. This means individuals earning …
Trademarks play a vital function in protecting a brand’s identification. Choosing the proper type of trademark is essential for ensuring prison protection and improving emblem recognition. In this article, we shall go through the different types of Trademarks and the one that particularly suits your business …
The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India’s tax framework. The bill seeks to replace the 65-year-old Income Tax Act of 1961, making way for a more structured, …
The Goods and Services Tax (GST) Council is reportedly considering a reduction in tax rates on select items to stimulate consumption while maintaining revenue stability, according to a report citing sources familiar with the discussions. Proposal to Eliminate 12% GST Slab One of the key proposals …
The Indian online gaming industry is at a critical juncture, with Dream11 co-founder and CEO raising concerns over the government’s retrospective GST demands exceeding ₹1.1 lakh crore. He warned that if the Centre continues to insist on the tax recovery, most companies in the sector will shut down. Dream11, India’s most valuable gaming company, itself …
The Income Tax Bill 2025 seeks to create a more transparent and efficient tax framework for Non-Resident Indians (NRIs) by addressing long-standing concerns and reducing litigation risks, according to tax experts. The government’s attempt to enhance readability and remove ambiguities in the new Bill is expected …
