Kerala HC Relief: ITC Mix-Up Doesn’t Invite Penalty
Introduction In a landmark decision, the Kerala High Court ruled that a genuine mistake in classifying Input Tax Credit (ITC) under the wrong head in GSTR-3B does not justify penal action under Section 73 of the CGST Act—provided the total ITC balance is sufficient to cover the tax liability. The judgment, dated April 1, 2025, […]
Missed Your ITR Filing or e-Verification Deadline? Here’s How to Fix It (2025 Update)
If you’ve missed filing your Income Tax Return (ITR) or didn’t e-verify it on time, you’re not alone. Many taxpayers run into this issue each year. Fortunately, the Income Tax Department offers a remedy — the Condonation Request. Think of it as your official request for a second chance to stay compliant without penalties. In […]
ITR Filing Last Date FY 2024-25 (AY 2025-26): Key Deadlines, Benefits & Updates
Filing your Income Tax Return (ITR) is not just a legal requirement—it’s a financial best practice that ensures compliance, prevents penalties, and unlocks various benefits like refunds and loan approvals. As we step into a fresh assessment cycle, it’s crucial to be aware of the ITR filing due dates for FY 2024-25 (AY 2025-26), the […]
HSN & Document Reporting Made Mandatory in GSTR-1 from May 2025
Starting from the May 2025 return period, the Goods and Services Tax (GST) portal is rolling out critical updates for taxpayers. These updates apply to Table 12 (HSN code reporting) and Table 13 (document details) of GSTR-1 and GSTR-1A. These changes follow the phase-wise implementation announced under Notification No. 78/2020 – Central Tax dated October […]
May 2025 Tax Compliance Calendar: Key Due Dates for TDS, GST, PF, ESI & More
Tax deadlines can easily slip through the cracks, especially with multiple filings falling in the same month. May 2025 is packed with compliance obligations for businesses, professionals, and accountants. From TDS payments to GST returns and LLP filings, each due date has legal and financial implications. To make it easier, we’ve created a concise, easy-to-read […]
Focusing on Operating Cash Flows helps Businesses Maintain a Strong Grip on Day-to-Day Financial Health
In everyday business operations, monitoring operating cash flows is critical. While income statements show profits, they don’t always reflect the actual cash position. That’s why the operating activities section of the cash flow statement becomes a vital tool. Operating activities are those business functions that relate directly to revenue generation sales, purchases, payments to employees […]
Gujarat High Court Allows GST Refund Even After Time Limit – A Relief for Businesses
The Gujarat High Court has issued a major ruling that benefits honest taxpayers. The court declared that GST paid by mistake can be refunded — even if the refund request is made after two years. This decision reaffirms a simple truth: money collected without legal authority must be returned. Case Summary What Actually Happened? Aalidhra […]
Top GST Changes from April 2025 That Every Business Must Know
As the financial year 2025–26 begins, the Indian government has introduced several important updates to the Goods and Services Tax (GST) regime. These changes aim to improve tax compliance, ensure timely reporting, and enhance the transparency of financial transactions. Whether you’re a large corporation or a small business, it’s essential to understand and implement these […]
GST on Development Agreements: Bombay High Court Offers Major Relief to Real Estate Developers
Judgment Date: April 8, 2025 Case: Shrinivasa Realcon Pvt. Ltd. vs. Deputy Commissioner, CGST Court: Bombay High Court, Nagpur Bench Judges: Justice Avinash G. Gharote & Justice Abhay J. Mantri Overview of the Case Shrinivasa Realcon Pvt. Ltd. entered into a development agreement on April 7, 2022, with a landowner in Nagpur. The agreement allowed […]