In Short News
Cash Transaction Limit & Penalty as per Income Tax Act
The Finance Act 2017 introduced Section 269ST, capping cash transactions at Rs. 2 Lakhs per day to combat black money. Exceptions exist for bank withdrawals and specific entities. Additional sections regulate cash payments over Rs. 10,000 and limit loans and…
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Income Tax Compliance: High-Value Cash Transactions List
The income tax department uses various data analysis techniques to trace individuals who have not filed income tax returns or have underreported their income. As part of this effort, the department is collaborating with different government agencies to obtain information…
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GST Department has recently issued Bulk GST Notices targeting non-filing of the GST Annual Return
The Delhi GST Department has issued notices for the non-filing of GST Annual Returns, raising concerns over penalties. A Madras High Court ruling states that a general penalty cannot apply if late fees have been imposed. Furthermore, late fees have…
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ITR: Top Reasons You Might Receive an Income Tax Notice
You may receive an Income Tax Notice for various reasons, including inaccuracies in reported income, discrepancies in TDS claims, or substantial changes in income levels. Other reasons include delayed tax return filings, outstanding debts, or prior years’ tax evasion. Respond…
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Surat SBI Bank Robbery: ₹50 Lakh Stolen by Armed Youths (CCTV Footage)
A robbery amounting to ₹50 lakh took place at an SBI branch in Surat, Gujarat. Five youths entered the bank armed with weapons. They confiscated the bank employees’ mobile phones and disabled the alarms. Subsequently, they calmly looted the cash…
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GST Changes 2026: Essential Updates for Small Businesses
Starting April 1, 2026, significant GST compliance updates will impact small businesses in India, requiring changes in invoicing, returns, and tax credits. Key alterations include mandatory LUT filing for exporters, reduced e-invoicing thresholds, and stricter ITC validation. These changes demand…
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TDS & TCS Rate Chart for FY 2026–27 AY 2027-28
The TDS and TCS rate chart for FY 2026-27 outlines tax deduction procedures under the Income Tax Act, affecting businesses and taxpayers. It includes specific rates for various payments and highlights compliance requirements. Understanding these rates is crucial for proper…
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Do Credit Card Rewards Count as Income? Find Out!
Credit cards have quietly turned into more than just a payment tool. Between cashback offers, reward points, and air miles, they now come with a steady stream of small gains. But when it is time to file your income tax…
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PhonePe Surpasses 50 Million Merchants: A Significant Leap in Digital Payments Across India
PhonePe has achieved a significant milestone by reaching 50 million registered merchants as of April 28, covering over 98 percent of India’s postal codes. The company, which is preparing for an IPO, has expanded from QR code payments to a…
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TAX AMOUNT AS PER NEW (DEFAULT) TAX REGIME FOR F.Y.2025-26 FOR RESIDENT INDIVIDUAL(FOR NORMAL TAXABLE INCOME UP TO RS.1 CRORE)
The new default tax regime for the financial year 2025-26 outlines the tax amount applicable to resident individuals with a normal taxable income of up to Rs. 1 crore. This regime introduces updated tax calculations and thresholds to simplify the…
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Sambhal Iron Trader Under GST Raids: What You Need to Know
The GST Department conducted raids on a prominent iron trader in Sambhal, seizing important documents amidst concerns over billing discrepancies. The investigation involved 15 officials and police oversight, lasting over three hours. This operation has raised awareness about compliance and…
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EY Report Urges GST Cut for India’s Tourism Boost
A report by EY India and FICCI recommends reducing GST on premium hotel rooms from 18% to 9% to boost India’s competitiveness as a tourist destination. It highlights the need for structural reforms in tourism, improved affordability, and a shift…
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Seizures surpass Rs 510 crores in West Bengal
The Election Commission of India has scheduled the General and bye-elections for March 15, 2026, in several states, including West Bengal. Strict adherence to the Model Code of Conduct is enforced, with over 2,728 Flying Squad and 3,142 Static Surveillance…
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How the India-New Zealand FTA Benefits Farmers and Entrepreneurs
The Prime Minister, Shri Narendra Modi, today hailed the India-New Zealand Free Trade Agreement (FTA) as a landmark moment in the partnership between the two countries. He said that the agreement will add unprecedented momentum to the developmental partnership and…
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