The Income Tax system in India is evolving steadily toward greater transparency, flexibility, and taxpayer convenience. One of the most important reforms in recent years relates to the time limits for filing a Revised Income Tax Return (ITR). Mistakes in tax returns are common, even among careful taxpayers, and the law recognises this by allowing […]
New Time Limits for Revised Income Tax Return Read More »
The Indian capital market has witnessed exponential growth in the derivatives segment, particularly Futures and Options (F&O). With rising participation from retail traders, institutional investors, and foreign portfolio investors, regulatory oversight and taxation have become increasingly important. One such levy is the Securities Transaction Tax (STT), which directly affects every derivatives trader operating on recognized
Securities Transaction Tax (STT) on Futures and Options: A Detailed Analysis Read More »
The United Nations Statistical Division (i.e.; UNSD) developed the UN Central Product Classification (i.e.; UN-CPC), and based on this, the Central Board of Indirect Taxes and Customs (i.e., CBIC) developed the SAC codes with some modification in the Indian context. What is Service Accounting Code (SAC)? The term SAC stands for Service Accounting Code. We
Service Accounting Codes (SAC) and Its Relevance Under GST? – A Detailed Analysis Read More »
From, FY 2023-24 onwards, the New Tax Regime is the default tax regime. If you are a salaried person and intend to opt for the New Tax Regime in FY 2025-26, then this blog is for you. This blog covers only the slab rates and related provisions under the New Tax Regime. The slab rates
The Harmonized System of Nomenclature (HSN) is an international system used to give a special code to every type of product. It was developed by the World Customs Organization (WCO) so that goods can be identified and taxed uniformly all over the world. In GST, HSN codes help to make sure that right tax has
What is HSN and Its Relevance Under GST? – A Detailed Analysis Read More »
5 minutes read time. If you are an Indian citizen working as a crew member on a foreign-going Indian ship where the destination of the ship is outside India and are not sure whether you are a resident person or a non-resident person for income tax purposes and want to determine your residential status, then
Residential Status of a Crew Member of a Ship or an Aircraft Read More »
Have you ever noticed your employer or bank deducting money from your salary or interest and wondered, “Why is money going out of my income?” If you haven’t, you’re in the right place! In this blog, we explain TDS in simple terms, show why your employer or bank deducts it, and teach you how to
What Is Tax Deducted at Source (TDS) – A Beginner’s Breakdown! Read More »
Filing your Income Tax Return (ITR) is not just a financial formality, it’s a legal obligation and an essential part of being a responsible citizen. Your ITR acts as a report card of your earnings, helping the government ensure that you are paying the right amount of tax. But what happens if you miss the
What Happens When You Don’t File ITR on Time? Read More »
From 1 October 2025, the GST rules in India will change, especially for credit notes and their reflection in the GSTR-2B. What’s Changing? Under the revised process, credit notes issued by suppliers will now require explicit acceptance by customers (recipients) in the Invoice Matching System (IMS). If a buyer rejects a credit note, the supplier’s
GST Alert: Major Changes in Credit Notes from 1 October 2025 — Provisions Explained! Read More »
What is the Limited Liability Partnership (LLP)? A Limited Liability Partnership (LLP) is a new form of Legal business entity with limited liability. Through LLP, partners can organize their internal structure as a traditional partnership firm with the added benefit of Limited Liability. LLP is a hybrid structure that combines features of both partnership and
Limited Liability Partnership (LLP): The Business Structure You Need to Know: Read More »
