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Income Tax
AI Hallucination in Court: ITAT Recalls Order Over Fake ChatGPT-Generated Case Laws in Buckeye Trust Tax Dispute
A recent tax tribunal order, hastily withdrawn after citing non-existent court judgments, has sparked concerns over the possible use of generative AI—a groundbreaking technology reshaping the world but notorious for sometimes fabricating information.
In December,...
Income Tax
Advance Tax Payment
Advance tax may seem tricky, but knowing the basics can help you manage your money. This knowledge can also prevent surprises at the end of the financial year. In this blog, we’ll cover advance...
Income Tax
How Family Transfers Can Impact Your Tax Bill – Clubbing of Income
Have you ever thought that gifting an asset to a family member might save you tax? Think again! The Income Tax Department has laid down rules—known as clubbing provisions—that could bring that “gift” back...
Company Law and IBC
Section 139 of the Companies Act, 2013
When it comes to running a company, transparency and accountability are key. One of the pillars supporting these values is the role of auditors. In India, Section 139 of the Companies Act, 2013 lays...
Income Tax
1961 to 2025 : Tax Transformation
Finance Minister Nirmala Sitharaman tabled the new Income Tax Bill, 2025, in Parliament on February 13, 2025. It aims to overhaul and modernize the existing framework of the 1961 Act by reducing complexity, removing...
Income Tax
Section 80TTB for Senior Citizens in India
For many seniors, handling money in retirement is about smart planning and enjoying their golden years. One of the most beneficial provisions in the Indian Income Tax Act for this demographic is Section 80TTB....
Income Tax
Budget 2025: Key Direct Tax Changes You Need to Know
The Union Budget 2025 has introduced several direct tax changes aimed at reducing the tax burden and easing compliance for individuals and businesses. With higher rebate limits, revised TDS thresholds, and relaxed rules for...
Income Tax
ICAI’s Key Suggestions for the Union Budget 2025
With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, the Institute of Chartered Accountants of India (ICAI) has put forth a set of recommendations aimed at...
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