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The Union Budget each year includes revisions that affect taxpayers, businesses, and tax professionals. The Budget 2026 is the same; it includes updates to tax rates, rules, and deductions that everyone must understand and follow. Tax software is important because it helps turn these budget amendments into easy-to-use systems, making it easier for people to […]
India has witnessed a strong rise in income tax filings and non-corporate tax collections, exhibiting a broader tax base and more assertive formalisation of the economy, as specified by the Economic Survey 2025-26. In the survey, it cited that the ITR submitted between 2024-25 touched 9.2 crore, compared to 6.9 crore in 2021-22. The same […]
The Delhi High Court recently issued a ruling stating that the collection of tax dues is legally invalid unless the assessment order and statutory demand notice are provided. The court directed the tax department to refund the amounts that were recovered, emphasising that the collection was carried out without the proper legal authority. Philco Exports […]
CBDT Chairman Ravi Agrawal has directed the Income Tax Department to adopt a proactive stance in preparation for the upcoming transition to the new direct tax law. With implementation slated for April 1, the Chairman urged officials to execute their duties with ‘clarity and purpose’ to ensure a seamless shift for taxpayers and the administration […]
The Gauhati High Court, in a ruling addressing one of the most litigated issues under the Goods and Services Tax regime, has held that input tax credit (ITC) cannot be denied to a bona fide purchaser merely because the supplier failed to upload invoices or file appropriate returns. The Court observed that shifting the consequences […]
Tax Deducted at Source (TDS) is a crucial part of India’s tax collection framework, as it facilitates the collection of tax at the point of income generation. Managing TDS obligations comprises a recurring and crucial responsibility for professionals such as chartered accountants, tax consultants, company accountants, and compliance managers. The process comprises distinct steps: calculation, […]
In November, India’s gross goods and services tax (GST) collections marked the lowest monthly mop-up since February 2024. The collection on a year-on-year basis has dropped by 0.7% as per the official data. The moderation specifies the effect of rate rationalisation with taxes on most items of consumption being dropped. In November, the net GST […]
In October, 20 out of the 36 states and Union Territories (UTs) in India experienced a decrease in their Goods and Services Tax (GST) collections. This trend represents the weakest monthly performance for the financial year 2025-26 (FY26), as businesses adjusted to the new GST 2.0 rate structure implementation. In October, the State GST collections […]
The Kerala Goods and Services Tax department has started a GST registration drive in the State in a bid to bring more traders under the tax net and ensure tax returns are submitted in said time. Finance Minister K.N. Balagopal, presenting the 2025-26 State Budget last February, had declared that State-level campaigns would be organised […]
