Next-Gen GST Reform : Ease of Living & Aatmanirbhar Bharat The Government of India has rolled out the Simplified GST Registration Scheme, GST refund marking a next-generation reform to strengthen the vision of Ease of Living and Aatmanirbhar Bharat. GST 2.0 is designed not just for taxation ease, but as a nation-building reform that’s fueling …
Filing ITR & Claiming TDS Refund for a Deceased Parent Obtain Proof That You Are the Legal Heir Apply through the local tehsildar / municipal corporation office for a legal heir certificate. Submit an application form, death certificate, PAN of deceased, your PAN, address proof, bank account details, and documents proving your relationship. Once verified, the tehsildar …
Central Board of Direct Taxes have indeed raised the exemption threshold for undisclosed foreign assets Following this legislative change, the Central Board of Direct Taxes has amended its internal instruction (dated August 18, 2025) to align prosecution thresholds with the revised penalty limits. Now, prosecution u/s 49 and 50 will not be initiated where penalties …
Section 7 Vs Section 9 IBC – Key Differences Every Creditor Must Know The Insolvency and Bankruptcy Code, 2016 has revolutionized the debt recovery landscape in India. Among its provisions, Section 7 (for financial creditors) and Section 9 (for operational creditors) are most frequently invoked before the National Company Law Tribunal’s. While both sections allow …
Old vs New Tax Regime: Evaluate each year before choosing. With ITR filing season around the corner, here’s the biggest question for every salaried individual. Should I opt for the Old Regime or the New Regime? After Budget 2023 & 2024, the New Regime has become the default, offering Lower slab rates Higher standard deduction …
Personal Income Tax Collection Surpasses Corporate Tax for the First Time For the first time in India’s history, personal income tax collections have surpassed corporate tax collections, marking a major structural shift in the country’s tax landscape. The development reflects a structural shift in the country’s direct tax architecture, driven by formalisation, digitisation, and stronger …
CA vs CPA: Which is Smarter Choice for Finance Professionals When it comes to building a high-growth career in accounting & finance, two qualifications often top the list: CA (Chartered Accountant – India) CPA (Certified Public Accountant – US) A side-by-side CA vs CPA comparison table (Duration, Cost, Eligibility, Recognition, Salary, Career Scope) right after …
ICAI Merger & Demerger Guidelines, 2024 (Effective 23 Jan 2025) The Institute of Chartered Accountants of India (ICAI) has issued new guidelines governing merger and demerger of CA firms. These replace all prior Council rules, and are applicable to firms as defined in Section 2(ca) of the Chartered Accountants Act, 1949. Why New Guidelines? Gap …
Good News for Salaried Taxpayers- New Rules for Salaried Employees Finance Act, 2025 raises tax-free salary perk limits to INR 4 lakh for specified employees and INR 8 lakh for overseas medical treatment, effective April 1, 2025. The Finance Act, 2025 has brought major relief for employees by raising the income thresholds for tax-free …
The existing 12% & 28% GST rates were Scrapped, which resulted in leaving only 2 FST slab of 5% & 18% rates. The Group of Ministers on GST rate rationalisation has accepted the Centre’s proposal to reduce the current four-slab structure to two, Bihar Deputy Chief Minister Samrat Choudhary said on Thursday. The Group of …