“50th Edition of ICAI-GST E-Newsletter We are delighted to share with you the “50th Edition of ICAI-GST E-Newsletter”. This edition of Newsletter contains article on “Challenging the reversal of ITC by a bonafide purchaser on purchases made from a non-existent supplier” and also amendments made pursuant to the recommendations of 55th GST Council Meeting. Newsletter also includes interactive features like… Read More »
Penalty for Late Filing of ITR in Income Tax Act 2025 Penalty for Late Filing of ITR in New Income Tax 2025 : Clause 428 of income Tax Bill 2025 specifies the fee for failing to file a return of income under Section 263. Here’s the fee structure in a tabular format: Total Income Fee… Read More »
Meaning of Notwithstanding anything contained in “Notwithstanding anything contained in” is a legal phrase used to indicate that a particular provision will take precedence over any other conflicting provision, law, or rule. It’s a way of saying “despite what other things might say,” or “even if there’s something else that says the opposite.” It essentially… Read More »
Meaning of Without prejudice to the provisions of this Act The phrase “Without prejudice to the provisions of this Act” is a legal term that essentially means “without affecting” or “in addition to” the other provisions of the Act. It’s used to make it clear that the specific provision where it appears doesn’t limit or… Read More »
ChatGPT Search Now Available to All without login ChatGPT Search Now Available to All: OpenAI has made its AI-powered search engine, ChatGPT Search, accessible to everyone without requiring an account. Direct Competitor to Traditional Search Engines: This move positions ChatGPT Search as a direct competitor to traditional search engines, offering real-time, AI-generated responses with links… Read More »
Why Section mapping was required for Income Tax Bill 2025 and Income-tax Act, 1961 Section mapping is needed to understand how the provisions of the Income-tax Act, 1961 correspond to the Income-tax Bill 2025 because the new bill aims to replace the old act with a more concise and lucid tax law. The simplification exercise… Read More »
Section wise Mapping of New Income Tax Act 2025 with Old Income Tax Act 1961 New Income-tax Bill 2025 Navigator!New Utility to check section of Income-tax Act, 1961 (as amended by Finance (No. 2) Act, 2024) vis-a-vis corresponding Clause of Income-tax Bill, 2025!New Section-wise Mapping of Income Tax Bill 2025 with Income Tax… Read More »
Cash Transaction Limits Under the Income Tax Bill 2025 The Income Tax Bill 2025 introduces significant changes to cash transaction limits in India. This video provides a comprehensive overview of the new rules, covering: Restrictions on cash receipts (₹2 lakh limit) Limits on cash expenses for businesses (₹10,000/₹35,000) Rules for accepting and repaying loans in… Read More »
Subject: Advisory on Introduction of Form ENR-03 for Enrolment of Unregistered Dealers/Persons in e-Way Bill Portal for generating e-way Bill. Feb 15th, 2025 Dear Stakeholders, A new feature has been introduced in the E-Way Bill (EWB) system to facilitate the enrolment of unregistered dealers supplying goods, with effect from 11.02.2025. In accordance with Notification No. 12/2024 dated 10th… Read More »
Tax Audit and Time Limits for completing a tax audit in New Income tax Act 2025 Tax Audit in New Income Tax Act 2025 : The Income-tax Bill, 2025 outlines specific time limits for completing a tax audit, which are connected to the financial year. The concept of a “tax year” is introduced in the new… Read More »