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The Income Tax Department has rolled out new tools to enhance transparency and compliance in recent years. These include the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS). While they are useful for reducing mismatches between taxpayer disclosures and third-party data, they have their own issues. Taxpayers often face confusion from the mismatched […]
The Madras High Court ruled that an Income Tax Recovery Officer (TRO) must lift attachment orders on a taxpayer’s property once the subject-matter issue has attained finality at the appellate level. The High Court’s decision against a writ petition filed by M/s Sritharani Infraa Developers Pvt. Ltd., impugning an attachment order dated July 15, 2022, […]
For most of the day, the Goods and Services Tax Network (GSTN) portal has been down. It became an issue as thousands of businesses in India use it to file their monthly tax papers, particularly GSTR-1 forms. Tax professionals have observed that the Goods and Services Tax (GST) portal, which is managed by Infosys, has […]
An assessment order against a homemaker has been set aside by the Ahmedabad Bench of the Income Tax Appellate Tribunal, which directed the assessing officer to conduct a fresh trial after providing a fair opportunity of being heard. As per the tribunal, the taxpayer did not receive natural justice as she had not obtained proper […]
In the world of digital compliance solutions, a crucial step has been taken by SAG Infotech, a prominent name in taxation and corporate compliance software. The company to its flagship product Gen Complaw has made a latest update. The updated rollout comprises three all-new Add-on Plans for ROC software and a cutting-edge AI-powered feature for […]
The Delhi Sales Tax Bar Association, a well-established group of tax professionals in India, has approached the Union Finance Minister with an important request. They are asking for the quick setup of the GST Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for the financial year 2024-25 on the GST online platform. This will […]
The Life Insurance Corporation of India (LIC) experienced significant inflows, surpassing Rs 1,100 crore, on the first day following the repeal of the Goods and Services Tax (GST) on individual traditional life insurance policies, as reported by The Economic Times. The recent surge in monthly premium income is striking when compared to the ₹5,000 crore […]
On September 19, 2025, the Central Board of Direct Taxes (CBDT) released Circular No. 13/2025, offering assistance to taxpayers facing issues due to changes made in their income tax returns. This circular aims to help those who may be struggling with extra demands or complications resulting from these adjustments. U/s 115BAC(1A) of the Income-tax Act, […]
Recently, the government announced that reducing the Goods and Services Tax (GST) on the renewable energy value chain from 12% to 5% is projected to lower the annual power procurement costs for distribution utilities (discoms) nationwide by approximately Rs 3,000 crore. This change is expected to significantly support the financial sustainability of discoms and enhance […]
