The Indian government has finally unveiled the much-awaited Income Tax Bill 2025. Spanning 622 pages, this comprehensive bill introduces various clauses, chapters, and schedules, bringing significant updates to the tax system. The bill is set to become effective from April 1, 2026. While we will be covering various provisions and terms in future blogs, here …
Continue reading “India’s New Income Tax Bill 2025: Key Changes You Need to Know”
The much-anticipated Income Tax Bill 2025 has finally been introduced, aiming to repeal the Income-tax Act, 1961, and replace it with a more streamlined and efficient tax regime with effect from 1st April 2026. This legislative overhaul is designed to modernize India’s direct tax system without incurring significant additional expenditure beyond the existing administrative costs. …
Continue reading “Do You Know Why the New Income Tax Bill 2025 is Introduced? Here’s the Reason”
Tax Deducted at Source (TDS) compliance is an essential responsibility for deductors under the Income Tax Act, 1961. If you are not required to submit the relevant statement, it is advised to submit a declaration via the TRACES portal. However, if filing is mandatory, it is crucial to adhere to the provisions outlined by the …
Continue reading “Understanding TDS Compliance: Filing, Implications, and Actions to be Taken”
The Goods and Services Tax (GST) framework in India mandates the generation of an E-Way Bill (EWB) for the movement of goods above a specified value. However, Rule 138(14) of the Central Goods and Services Tax (CGST) Rules, 2017, along with its Annexure S.Nos. 4 and 5, provides certain exemptions. Specifically, goods falling under Chapter …
Continue reading “Clarification on E-Way Bill Requirement for Goods under Chapter 71”
