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CA VK Agrawal

5 Scenarios Mandating Full ITR Scrutiny for FY 2025-26: What Every Taxpayer Should Know

As India moves into a new financial year, the Crucial Update has been issued by the Central Board of Direct Taxes that every taxpayer needs to be aware of. For Financial Year 2025-26 (Assessment Year 2026-27), the CBDT has flagged five peculiar scenarios in which there would be mandatory and exhaustive scrutiny of Income Tax Returns (ITRs). This post explains each one in a very simplified manner to help the… Read More »5 Scenarios Mandating Full ITR Scrutiny for FY 2025-26: What Every Taxpayer Should Know

Advance Tax in India: Dates, Calculation, Exemptions & Penalties (FY 2025–26)

Advance tax is an essential part of the Indian tax system, ensuring that income tax is collected in a timely and phased manner throughout the year. Often referred to as the “pay-as-you-earn” method, it means taxpayers—both individuals and businesses—need to pay their income tax in instalments during the financial year instead of waiting until year-end. In this blog, we’ll cover who needs to pay advance tax, due dates, how to… Read More »Advance Tax in India: Dates, Calculation, Exemptions & Penalties (FY 2025–26)

Correction Statements For TDS/TCS Cannot Be Filled After 6 Years

Filing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) returns accurately is essential for ensuring smooth credit flow and tax compliance. But even the most meticulous filers can make mistakes — an incorrect PAN, mismatched challan details, or wrong deduction amount. Thankfully, the Income Tax Department allows the filing of correction statements to fix such errors. What many taxpayers may not realize is that correction statements for… Read More »Correction Statements For TDS/TCS Cannot Be Filled After 6 Years

Half- Yearly Return Mandated for Delayed Payments to MSMEs

Delayed payments have long plagued India’s Micro, Small, and Medium Enterprises (MSMEs), straining their cash flow and slowing growth. By April 2025, the total value of unresolved payment complaints filed on the MSME Samadhaan portal had surpassed INR 50,000 crore. In response, the government now mandates that companies file a half-yearly return disclosing payments overdue by more than 45 days to micro and small enterprises (MSEs). This move complements broader… Read More »Half- Yearly Return Mandated for Delayed Payments to MSMEs

GST Appellate Tribunal Rules 2025 and Key Timelines

India’s Goods and Services Tax (GST) system has streamlined the taxation process, yet disputes are an unavoidable part of its implementation. The GST Appellate Tribunal (GSTAT), as the second appellate authority, offers taxpayers an essential platform for challenging orders issued by the Appellate or Adjudicating Authorities. Understanding the GST Appellate Tribunal Rules, 2025, including the key appeal timelines, is crucial for businesses and tax professionals.  Ministry of Finance Notification On… Read More »GST Appellate Tribunal Rules 2025 and Key Timelines

GST on Rental Income – A Complete Concept of taxability

With the recent 47th GST Council meeting and a lot of notification issued by CBIC, one of the major topic of discussion is GST on “Rental Income”. According to the Schedule II of CGST Act, 2017:- Land and Building (a) Any lease, tenancy, easement, license to occupy land is supply of service. (b) Any lease or letting out of the building which includes a commercial, industrial, or residential complex for… Read More »GST on Rental Income – A Complete Concept of taxability

How to Make the Most of Bitcoin Volatility

The term Volatility is used to refer to rapid price movements in the value of any asset, including Bitcoin or any cryptocurrencies. The price of this crypto currency has repeatedly moved upwards and downwards within the day by between 5% & 15%. The volatility of this digital currency is gauged by sampling how far away the price of the coin behaves from where it was from a specific point in… Read More »How to Make the Most of Bitcoin Volatility

New TDS Provisions (Section 194R & 194S) applicable from 01 July 2022

It is an effort of Direct Taxes Committee to update members regarding any changes or amendments made in Direct Taxes. Section 194R & Section 194S was inserted in Income-tax Act, 1961 vide Finance Act 2022. Section 194R: Deduction of Tax on benefit or perquisite in respect of business or profession: The section provides that a person responsible for providing to a resident, any benefit or perquisite, whether convertible into money… Read More »New TDS Provisions (Section 194R & 194S) applicable from 01 July 2022

Why Do Central Banks Raise Interest Rates?

When the Central bank (In terms of India it is Reserve Bank of India, in the USA it is Federal Reserve System) raises interest rates, It is a piece of big news. It can send waves across the whole economy. Increasing interest rate is the primary tool used by the central bank to manage inflation in the economy. Today through this article, we will understand why the central bank raises… Read More »Why Do Central Banks Raise Interest Rates?

What are the Advantages of GeM Registration?

For empowering small traders & manufacturers, the central government launched a transparent e-Marketplace which is known as GeM. Government e-Marketplace is commonly known as GeM. Any small trader or manufacturer can get a GeM registration for their business in very easy way. What Is Gem? The Government e-Marketplace (GeM) is commonly an e-commerce portal operated by the GoI. It is an online platform where sellers & government buyers meet to… Read More »What are the Advantages of GeM Registration?