Income Tax Act, 2025: A Simplified Tax Era
Introduction For more than six decades, India’s taxation framework was governed by the Income Tax Act, 1961. While it was a landmark law in its time, the Act became increasingly complex due to thousands of amendments, scattered provisions, and archaic language. Taxpayers, professionals, and businesses often struggled to interpret its dense legal text, leading to […]
Old Regime vs New Regime u/s 115BAC – FY 2025-26 (AY 2026-27): Which Income Tax Regime Should You Choose?
Introduction: As FY 2025-26 nears its end, taxpayers face a critical phase where accurate TDS deductions, advance tax payments, and final submission of tax declarations to their employer companies must be completed without error. At this juncture, the choice between the Old Tax Regime and the New Tax Regime becomes decisive, as it directly influences […]
Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY): A Complete Guide
Introduction India’s vision of Viksit Bharat@2047 emphasizes employment generation as a cornerstone of development. To accelerate formal job creation, the Government of India announced the Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) in the Union Budget 2024–25. Implemented by the Ministry of Labour and Employment through the Employees’ Provident Fund Organisation (EPFO), the scheme incentivizes […]
GST Reforms: 2025: Part I
Introduction The year 2025 has been a landmark year for GST in India, with several important changes rolled out to make the system simpler, fairer, and more inclusive. From rationalising tax rates on essentials to correcting inverted duty structures and easing compliance for businesses, GST has undergone a series of updates that directly impact households, […]
GSTN Update: Opt-In Declaration for Specified Premises for Hotels is live from January 2026!
Introduction The GSTN has enabled electronic filing of Opt-In Declarations for Specified Premises under Notification No. 05/2025 – Central Tax (Rate), dated 16th January 2025. This facility applies to taxpayers supplying hotel accommodation services who wish to declare their premises as “specified premises” And pay 18% GST with ITC. What is meant by “Specified Premises”? […]
Income Tax Reforms – Union Budget 2025
As Financial Year 2025-26 draws to a close, it is the right time to revisit and take stock of the income tax changes applicable for this year. The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduced several reforms that directly impact individual taxpayers, businesses, and institutions. These changes are designed to simplify compliance, […]
GST Advisory- December 2025: Negative Balances in ITC Reclaim and RCM Ledgers can block GSTR-3B Filing!
Introduction The GSTN has issued an important Advisory & FAQs on 29 December 2025 introducing strict system-level validations for Input Tax Credit (ITC) reversal, ITC reclaim, and Reverse Charge Mechanism (RCM) ITC reporting in GSTR-3B. With the implementation of the Electronic Credit Reversal and Re-claimed Statement and the RCM Liability/ITC Statement, GST compliance is now […]
31st March 2026 is the cut off date for TDS/TCS Correction Statements for FY 2018-19 to FY 2023-24!
Introduction Tax Deductors and collectors are permitted under the Income Tax law to rectify errors in filed TDS/TCS returns through correction statements. However, this facility is governed by a statutory limitation period. In view of Section 397(3)(f) of the Income Tax Act, 2025, the Income Tax Department has clarified that 31 March 2026 is the […]
Job Change and Income Tax: Common Reasons for Extra Income Tax at the time of ITR!
Introduction Changing employment during a financial year is increasingly common among salaried taxpayers. However, many employees face an unexpected additional income tax liability at the time of filing their Income Tax Return, even though TDS has been deducted by both the previous and current employers. This additional tax payable primarily arises due to independent TDS […]
BEN-2 Filing for Indian Companies – WHAT, WHO & WHEN
Form BEN-2 is one of the most scrutinised ROC filings under the Companies Act, 2013. With increasing focus on transparency and identification of real owners, Indian companies must clearly identify when BEN-2 is applicable, who qualifies as an SBO, and how to comply correctly. This article explains BEN-2 filing in a practical, audit-ready manner. 1. […]