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The Supreme Court of India has rejected a request from the Union of India regarding the refund of unused taxes related to a system where higher tax rates apply to goods that are typically bought rather than sold. The Court pointed out that this matter had already been resolved in a past decision. Furthermore, the […]
The Bombay High Court has ruled that interest earned on fixed deposits and TDS refunds related to business activities are eligible for deduction under Section 80IA of the Income Tax Act. This decision provides clarity on the classification of these income types in the context of tax deductions. Tax incentives for businesses are being given […]
The tax season is often marked by limited filing time and considerable uncertainty. Some people file their returns at the last minute, while others spend weeks preparing their taxes. Without the right software, the process can be complex in both cases. To address these challenges, income tax software has been introduced. Over the past 10 […]
In an advisory dated August 28, 2025, the Goods and Services Tax Network (GSTN) stated that the GST system has been enhanced to allow taxpayers to claim refunds when individual components (minor heads) of a GST demand column show negative balances, provided the overall cumulative balance is zero or positive. Advisory helps small businesses and […]
The Supreme body of Chartered accountants, ICAI, cited that the new income tax bill provides a simple and transparent framework that facilitates the operations of business and supports the objective of India to become the most perfect destination of investment. A new income tax bill has been passed by the Parliament to supersede the 60-year-old […]
For the financial year 2025-26, the gross direct tax collections of India stood at Rs. 7,98,822 crore as of August 11, 2025, marking a 1.87% decrease compared to Rs 8,14,048 crore collected in the same period last year, as per official data from the Tax Information Network – Management Information System (TINMIS). The recent decline […]
The Calcutta High Court, calling it a “grave error” by the GST authorities, ruled that the tax department could not recover the entire tax demand before the expiry of the statutory period allowed to the taxpayer to file an appeal. A refund rejection order dated 11 March 2025 has been contested by the applicant, Supreme […]
A major change is set to take place in India’s tax regime. Today, the government will present the revised Income Tax Bill, 2025, replacing the earlier draft withdrawn last week after experts pointed out multiple drafting errors and ambiguities. The same version can revise the way income is taxed, deductions are claimed, and compliance is […]
The Supreme Court, without a valid cause, the Goods and Service Tax (GST) refund from the cash ledger cannot be withheld. The Union of India’s challenge against a Delhi High Court ruling has been dismissed by a bench comprising Justice Sudhanshu Dhulia and Justice Joymalya Bagchi, which quashed the order of the GST authority staying […]
