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CA VK Agrawal

Crypto Losses in India: Can You Adjust or Carry Them Forward?

Cryptocurrency taxation in India follows a strict and separate framework, especially when it comes to losses. Many investors assume crypto losses work like stock market or business losses, but Indian tax laws treat them very differently. This often leads to confusion at the time of filing returns. Are Crypto Losses Recognised Under Indian Tax Law? Crypto losses can occur, but their tax treatment is highly restrictive. Losses from the transfer… Read More »Crypto Losses in India: Can You Adjust or Carry Them Forward?

1% TDS on Crypto Explained – Who Pays, When & How

The government introduced 1% Tax Deducted at Source (TDS) on crypto transactions under Section 194S of the Income-tax Act. The objective is not to tax profits immediately, but to track crypto transactions and ensure transparency in digital asset trading. This TDS applies to the transfer of Virtual Digital Assets (VDAs), which includes cryptocurrencies and NFTs, irrespective of whether the transaction results in profit or loss. What are Threshold Limits TDS… Read More »1% TDS on Crypto Explained – Who Pays, When & How

When Tax Scrutiny Meets the Festive Season: Understanding the Latest Income Tax Checks

The end of the year is usually a time for celebrations, reflections, and financial planning. However, for many salaried taxpayers, this festive period has come with unexpected emails and delayed refunds from the Income Tax Department. Recent scrutiny around charitable donations and discrepancies in Form 16 has brought tax compliance back into focus, turning what should be a season of cheer into a moment of caution. Why Charitable Donations Are… Read More »When Tax Scrutiny Meets the Festive Season: Understanding the Latest Income Tax Checks

MSME Loan Trends in India and the Role of Government Credit Scheme

Micro, Small, and Medium Enterprises (MSMEs form the backbone of India’s economy, contributing significantly to employment, manufacturing output, and exports. Yet, access to timely and affordable credit has long been a challenge for this sector. Over the past few years, India’s MSME lending landscape has begun to evolve, supported by policy reforms, government-backed guarantees, and improved lending practices. Changing MSME Loan Trends Traditionally, MSME loans were heavily dependent on collateral… Read More »MSME Loan Trends in India and the Role of Government Credit Scheme

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