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CA VK Agrawal

MCA Update on Small Company Status: What Stakeholders Need to Know

The Ministry of Corporate Affairs (MCA), Government of India, has issued an important clarification regarding the validation and updating of Small Company status on the MCA portal. This update is especially relevant for company directors, compliance officers, and professionals responsible for annual filings, as incorrect sequencing of forms may lead to inaccurate company classification and compliance issues. Understanding Small Company Status Under the Companies Act, 2013, a Small Company enjoys… Read More »MCA Update on Small Company Status: What Stakeholders Need to Know

GST Suo-Moto Cancellation Under Rule 10A Begins

The GST Network (GSTN) has officially began issuing suo-moto cancellation notices under Rule 10A, leading to widespread concern among businesses. These notices are being sent to taxpayers who have failed to update their bank account details within the prescribed timelines after GST registration. As a result, many GSTINs are already facing suspension, and continued non-compliance may soon lead to automatic cancellation. This development marks a significant enforcement step by GST… Read More »GST Suo-Moto Cancellation Under Rule 10A Begins

Tax Dept. Launches NUDGE 2.0 to Track Undisclosed Foreign Assets

India’s Income Tax Department has intensified its crackdown on undisclosed overseas wealth with the rollout of NUDGE 2.0, a data-driven initiative designed to promote voluntary compliance. As global financial systems become increasingly transparent, the government is using advanced analytics and international information-sharing tools to detect foreign assets that taxpayers may have failed to report. What Is NUDGE 2.0? NUDGE 2.0 is the second phase of the CBDT’s Non-intrusive Usage of… Read More »Tax Dept. Launches NUDGE 2.0 to Track Undisclosed Foreign Assets

When the Tax Department Can Reopen Your Case: Key Lessons from a Calcutta High Court Ruling

The Calcutta High Court recently clarified when tax authorities are justified in reopening an assessment, especially in cases involving unexplained cash deposits and linked bank accounts. The judgment in Lakshman Prasad Agarwal v. Union of India (WPO No. 638 of 2025), delivered on 3 November 2025, shows how financial linkages can trigger fresh scrutiny even if the assessee denies ownership of the account. What Sparked the Tax Reopening? During a… Read More »When the Tax Department Can Reopen Your Case: Key Lessons from a Calcutta High Court Ruling

Are Gifts Taxable in India? Simple Guide for Individuals and HUFs

Receiving a gift is always special. Whether it is money, jewellery, or property, a thoughtful gift can bring a lot of joy. What many people do not realise is that some gifts can also create tax responsibilities. The Income Tax Act has clear rules on when a gift is taxable and when it is completely exempt. Here is an easy and practical guide. When Do Gifts Become Taxable A gift… Read More »Are Gifts Taxable in India? Simple Guide for Individuals and HUFs

Supreme Court Clarifies: Long Stay Doesn’t Make a Tenant the Owner

In a significant ruling, the Supreme Court of India has reiterated that a tenant can never become the owner of a property merely because of a prolonged stay. The verdict, delivered in the case Jyoti Sharma vs. Vishnu Goyal, reaffirms the legal principle that ownership rights arise only through lawful transfer, such as a registered sale deed and not through duration of occupation. The judgment settles a recurring confusion among… Read More »Supreme Court Clarifies: Long Stay Doesn’t Make a Tenant the Owner

Simplified GST Registration for Low-Turnover Taxpayers: A Game-Changer for Small Businesses

The Government of India has introduced a major relief for small businesses by simplifying the GST registration process. Through the Central Goods and Services Tax (Fourth Amendment) Rules, 2025, effective from 1st November 2025, the Central Board of Indirect Taxes and Customs (CBIC) has launched a new framework to ease compliance and promote business growth. These reforms are especially beneficial for small suppliers and growing enterprises that often face challenges… Read More »Simplified GST Registration for Low-Turnover Taxpayers: A Game-Changer for Small Businesses

Your Bank Reports to Income Tax: Transactions That Can Trigger a Notice

If you think your bank transactions go unnoticed, it is time to think again. The Income Tax Department keeps a close watch on high value transactions to ensure transparency and prevent tax evasion. Every major financial move, from cash deposits to property deals, can be reported by your bank or financial institution. Staying compliant is not only about avoiding penalties but also about maintaining confidence and peace of mind. As… Read More »Your Bank Reports to Income Tax: Transactions That Can Trigger a Notice

How to File GSTR-9 and GSTR-9C for FY 2024-25 – A Simple Step-by-Step Guide

If you’re a business owner or accountant getting ready for GST annual compliance, two forms will top your checklist GSTR-9 and GSTR-9C. These filings summarize your entire year of GST transactions and help ensure your records match what’s reported to the government. Here’s a practical, step-by-step guide to make the process easier. What Are GSTR-9 and GSTR-9C? Form Purpose Who Needs to File Turnover Limit GSTR-9 Annual summary of GST… Read More »How to File GSTR-9 and GSTR-9C for FY 2024-25 – A Simple Step-by-Step Guide

ITR Processed but Still a Notice? CBDT Circular Brings a New Section 87A Twist (September 2025)

If you have recently filed your Income Tax Return and proudly saw the status marked as Processed Successfully, think again before celebrating too soon. Many taxpayers across India are now receiving fresh tax demand notices after their returns were processed, all because of a new clarification from the Central Board of Direct Taxes (CBDT). What Sparked the Confusion The issue revolves around Section 87A, a rebate designed to help small… Read More »ITR Processed but Still a Notice? CBDT Circular Brings a New Section 87A Twist (September 2025)