Taxpayers can request online corrections for wrong assessment years and tax heads, but must act within seven or 30 days; PAN errors require separate action. When taxpayers pay income tax or advance tax, a small error in a challan can…
A proposed change to Section 17(5)(b)(i) could ease blocked input tax credit on business events, but existing restrictions remain until Parliament amends the law. The 57th GST Council meeting has opened the door to a meaningful easing of input tax…
The proposed Annual Return Quarterly Payment scheme would allow eligible businesses with turnover of up to ₹5 crore to pay GST quarterly while filing just one return a year, although key rules are still unresolved. India’s Goods and Services Tax…
India’s markets regulator says unregistered operators are using fake profits, planted praise and overseas numbers to make fraudulent stock-tip groups appear credible. India’s markets regulator has warned investors to steer clear of WhatsApp groups that use fake praise, inflated profit…
Even a limited rise in India’s repo rate could push up home-loan costs, squeeze MSMEs and weaken consumption as slower income growth leaves borrowers with less room to absorb higher EMIs. India’s borrowing costs are likely to keep edging higher,…
India’s GST Network is testing two new e-invoicing categories for self-invoices covering domestic purchases from unregistered suppliers and imported services, with businesses facing tighter controls and a 30-day reporting deadline. India’s Goods and Services Tax Network has widened its e-invoicing…
The court ruled that failing to cross-charge shared head-office costs to branches did not, by itself, establish fraud or tax evasion under GST law. The Gujarat High Court has quashed a ₹43.43 crore goods and services tax demand against Gujarat…
New rules allow SEZ units to retrieve and resell duty-paid goods refused by domestic buyers, while requiring proof of identity and leaving manufacturers to pursue a separate duty refund. The Indian government has widened the Special Economic Zone rules to…
Businesses and other eligible taxpayers will have three months to clear legacy tax liabilities, with interest waivers ranging from 50% to 100% and penalties linked to non-payment waived. Uttar Pradesh has introduced a three-month tax relief programme aimed at helping…
Cash, jewellery, shares and property may be taxable for recipients unless they meet exemptions for relatives, weddings, inheritances or employer benefits. Diwali may be a season of generosity, but the tax rules do not pause for the festivities. In India,…
The ruling in Orissa Rural Housing Development Corporation’s case limits taxpayers’ ability to introduce new claims at the appellate or revisional stage, while preserving a narrow route for pure legal arguments based on existing facts. India’s Supreme Court has tightened…
A loan marked active or settled after repayment can inflate your reported debt and complicate new borrowing. Here is how to gather proof, seek a correction and escalate the complaint. Paying off a loan is not the end of the…
