TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are crucial for generating government revenue, accounting for over 40% of the fiscal year’s income. They help minimize tax evasion and require tax professionals to manage compliance processes. TDS was introduced in India under the Income Tax Act, 1922, initially covering limited income sources. […]
Posted inINCOME TAX
Implications of TDS and TCS for Tax Compliance
TDS is a mechanism through which the Government collects tax directly at the source of income. This deduction occurs at a specified percentage of the income. Under the provisions of the Income Tax Act, 1961, payers are required to deduct TDS at the source of income if the payment for goods or services exceeds a […]
Posted inGST
Attention! Manufacturers of Pan Masala
Attention! Manufacturers of Pan Masala Health Security se National Security (HSNS) CESS ACT, 2025 to apply from 1st February, 2026 HSNS Cess is levied on machines/processes for pan masala manufacture. Every taxable person must register and pay. MANDATORY REGISTRATION (FORM HSNS REG-01) MONTHLY CESS PAYMENT (FORM HSNS PMT-01) CESS DECLARATION (FORM HSNS DEC-01) MONTHLY RETURN […]
Posted inBUSINESS & ECONOMY
RBI to stop ₹500 notes from ATMs by March 2026
RBI to stop ₹500 notes from ATMs by March 2026❓🤔 Some social media posts claim that the Reserve Bank of India will discontinue the circulation of ₹500 notes by March 2026. #PIBFactCheck: ❌This claim is #fake! ✅ @RBI has made NO such announcement. ✅ ₹500 notes have NOT been discontinued and remain legal tender. 🚨 […]
Posted inTC
Indore Water Crisis Kills 10 in Cleanest City Ward
Sewage leaked from a faulty pipeline near an unprotected toilet into the Narmada water supply, contaminating drinking water with E. coli and Shigella bacteria in a densely populated ward of 15,000 residents. Over 1,400 fell ill with vomiting, diarrhea, and fever after residents’ complaints about foul water went unheeded for months despite a stalled pipeline […]
Posted inJUDGEMENT
Gujarat High Court Quashes Reopening of Income Tax Assessment for AY 2019-20
Gujarat High Court quashed proceedings reopening the assessment of a man whose income had allegedly escaped assessment, after noting that despite the assessee explaining all banking transaction details, the assessing officer had travelled beyond the law and conducted a roving inquiry. For context, Section 148A of the Income Tax Act pertains to conducting of inquiry […]
Posted inRBI
RBI Reveals Updated Risk Weighting Framework for NBFC Infrastructure Financing
RBI issues Amendment Directions on risk weighting framework for exposure of NBFCs to infrastructure projects The Reserve Bank of India had, on October 24, 2025, issued draft Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Amendment Directions, 2025 seeking feedback from stakeholders. The amendment directions were aimed primarily at aligning risk weights […]
Posted inGST
Gross and Net GST revenue collections for the month of Dec, 2025 Latest Updated 31-12-25
Gross and Net GST revenue collections for the month of Dec, 2025
Posted inBUSINESS & ECONOMY
Withdrawal of ₹2000 Denomination Banknotes – Status 02-01-2026
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on December 01, 2025. 2. The facility for deposit and / […]
Posted inBUSINESS & ECONOMY
Government to provide 100% guarantee for additional loan facility under this scheme
Exports being a critical pillar of the Indian economy, account for nearly 21% of GDP and robust foreign exchange inflows. With over 45 million people being directly and indirectly employed under the export oriented industries, the MSMEs contribute nearly 45% of total exports. Such a sustained export growth has been instrumental in supporting India’s current account balance and macroeconomic stability. The Credit Guarantee Scheme for Exporters (CGSE) […]
Posted inCOMPANY LAW
2025 Corporate Affairs Updates: KYC, Mergers, and New Regulations
Year-end review 2025: Ministry of Corporate Affairs Threshold limit of paid-up share capital and turnover for small companies enhanced The Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 on 31st December, 2025 amended to provide easier procedure for closure of government companies filing application with Registrar C-PACE under section 248(2) […]
Posted inCOMPANY LAW
MCA Introduces Simplified KYC Every Three Years
MCA replaces Annual KYC requirements under the Companies Act, 2013 with abridged KYC requirements once in three years The annual KYC requirement for directors in companies under rule 12A of the Companies (Appointment & Qualification of Directors) Rules, 2014 has been reviewed pursuant to examination in the Ministry of Corporate Affairs, recommendation made by the […]
Posted inBUSINESS & ECONOMY
Major Excise Duty Revision Announced for Cigarettes and Tobacco Products Effective February 2026
The Finance Ministry on Wednesday (December 31) notified a major revision in excise duty on cigarettes and tobacco products, effective February 1, 2026. According to the notification issued, the government has imposed an additional excise duty on cigarettes in the range of Rs 2,050 to Rs 8,500 per 1,000 sticks, depending on the product’s length […]
Posted inBUSINESS & ECONOMY
New 2026 Rules for Tobacco Packing Machines and Duty Compliance FAQs Release
The FAQs outline the regulations on central excise duties for chewing tobacco, jarda scented tobacco, and gutkha, effective from February 1, 2026. Key points include the requirement for declarations, duty calculation based on machine capacity, mandatory registration for manufacturers, and procedures for filing, sealing machines, and claiming abatements.
Posted inBUSINESS & ECONOMY
PFRDA Unveils New Framework to Enhance Pension Fund Management and Subscriber Protection
The Pension Fund Regulatory and Development Authority’s (PFRDA) board has approved, in principle, a framework to permit Scheduled Commercial Banks (SCBs) to independently set up Pension Funds to manage NPS, with the objective of strengthening the pension ecosystem. This shall enhance competition and safeguard subscriber’s interests. The proposed framework seeks to address existing regulatory constraints […]
Posted inBUSINESS & ECONOMY
BSNL Launches Nationwide Voice over WiFi Service for Enhanced Connectivity
On New Year Bharat Sanchar Nigam Limited (BSNL), India’s premier state-owned telecommunications provider, is delighted to announce the nationwide rollout of Voice over WiFi (VoWiFi), also known as Wi-Fi Calling. This advanced service is now available to all BSNL customers across every telecom circle in the country, ensuring seamless and high-quality connectivity even in challenging […]
Posted inINCOME TAX
Form 26AS: Tax Credit Statement
Form 26AS is an annual consolidated credit statement that provides the details of the taxes deposited with the government by a taxpayer. Form 26AS can be accessed by a taxpayer from the Income Tax Portal using the PAN. What does it include? From AY 2023-24 onwards, Form 26AS will include every transaction where tax has been deducted (TDS) […]
Posted inINTERNATIONAL TAXATION
India Imposes New Tax on Cigarettes: Market Reaction
Shares of Indian tobacco companies fell on Thursday after the government imposed a new excise duty on cigarettes, increasing their cost for around 100 million smokers. ITC, the market leader, saw a decline of 4.4%, while Godfrey Phillips India dropped 7.7%. ITC shares reached 385.25 rupees, marking their lowest point since June 2024 and their […]
Posted inCOMPANY LAW
Directors KYC Compliance Updates for 2026
The Ministry of Corporate Affairs has amended the Companies (Appointment and Qualification of Directors) Rules, 2014, establishing that DIR-3 KYC is not annual. Changes in personal details must be reported within 30 days, using Form No. DIR-3 KYC-Web. Amendments take effect on March 31, 2026.
Posted inCOMPLIANCE CALENDAR
Compliance Calendar (January 2026 – December 2026)
The Compliance Calendar for 2026 outlines essential deadlines for statutory requirements related to Income Tax, GST, and Labour Laws (PF/ESI) in India. It serves as a crucial resource for ensuring adherence to regulatory obligations throughout the year. The calendar is published by Taxation Updates.
Posted inGST
Bribery Racket Exposed: CBI Arrests Jhansi IRS and CGST Officials
The CBI has arrested an IRS-C&IT officer, two CGST Superintendents, an Advocate, and a private company owner for allegedly accepting a bribe of Rs. 70 lakh. The operation revealed a bribery scheme involving demands of Rs. 1.5 crore for facilitating GST evasion. Following searches, Rs. 1.60 crore in cash has been seized.
Posted inICAI
New Dates for Mandatory Peer Review Implementation
The ICAI Council announced the deferment of Phase IV of the Peer Review mandate to December 31, 2026. This phase applies to practice units conducting audits for public sector banks and those with three or more partners offering attestation services, requiring a Peer Review Certificate before accepting statutory audits.
Posted inBUSINESS & ECONOMY
Biggest Search Operation: ED Recovers Cash and Jewelry Worth ₹13.92 Crores
The Enforcement Directorate has seized Rs 5.12 crores; one suitcase full of Jewellery (both gold and diamond jewellery) worth Rs 8.80 crores; one bag full of cheque books, documents pertaining to properties worth Rs 35 crores during a search operation conducted on December 30 at a premise located in Delhi’s Sarvpriya Vihar. The search operation […]
Posted inBUSINESS & ECONOMY
Kumar Mangalam Birla’s Inspiring CA Journey on KBC [Watch Video]
Mr. Kumar Mangalam Birla discussed his inspiring journey in Chartered Accountancy with Mr. Amitabh Bachchan in a memorable episode of Kaun Banega Crorepati, creating a proud moment for the CA community. Watch Video
Posted inINCOME TAX
Financial Rule Change from January 1, 2026
Starting January 1, 2026, key changes in personal finance include mandatory PAN-Aadhaar linking, the elimination of revised and belated ITR filing, and weekly credit score updates. The 8th Pay Commission will commence, alongside stricter digital payment regulations. Additionally, fuel prices and lending rates are expected to fluctuate, impacting households and borrowers.
Posted inINCOME TAX
01-Jan-2026 Income Tax e-filing Portal Update
Excel Utilities for filing Updated Return in ITR-1 to 7 for AY 2025-26 are available now for filing. Common Offline Utility (ITR 1 to ITR 4) Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the AY 2025-26. Document Utility (version 1.2.8) (48.5 MB) Date of release of […]
Posted inINCOME TAX
Young Professional Vacancy At Income Tax Department
With a view to augment departmental representation in Income Tax Appellate Tribunal (ITAT), the Income Tax Department, Karnataka & Goa Region is inviting applications for the post of Young Professional under the Young Professional Scheme of the Central Board of Direct Taxes (CBDT). Location: Bengaluru No. of Posts: 3 Remuneration: Rs. 60,000/- per month Educational Qualification: LL.B./LL.M. Eligibility: Candidates should […]
Posted inICAI
ICAI Conducts Convocation Across 15 Locations; Inducts Nearly 20,000 New CAs
The Institute of Chartered Accountants of India (ICAI), a statutory body established under an Act of Parliament, organized a grand Convocation Ceremony simultaneously across 15 locations pan India to confer certificates of membership to newly qualified Chartered Accountants and felicitate rank holders. The Convocation was held at New Delhi, Kolkata, Mumbai, Chennai, Bengaluru, Hyderabad, Ghaziabad, […]
Posted inINCOME TAX
Deadline Alert: File Belated ITR Today & Avoid Penalties
Section 139(4) of the Income Tax Act allows taxpayers to file belated returns until 31st December 2025 after missing the original deadline. Late fees range from Rs. 1,000 to Rs. 5,000. Key consequences include the inability to carry forward certain losses and potential penalties. Timely filing helps avoid legal complications.
Posted inGST
BCAS Requests Extension for GSTR 9 & 9C Deadlines
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY (BCAS) is requesting extension of GSTR 9 & GSTR 9C timelines on 11th Dec, 2025