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Income Tax
New Thresholds for Perquisites & Medical Benefits – G.S.R. 555(E)
The Ministry of Finance recently introduced the Income-tax (Twenty Second Amendment) Rules, 2025 through Notification G.S.R. 555(E), redefining key thresholds related to perquisites and employer-provided medical benefits. For professionals and salaried employees, this update...
GST
Cabinet Approves Blanket Ban on Online Money Games
In a landmark move, the Union Cabinet has approved legislation imposing a blanket ban on online money games. This decision has sent shockwaves across a ₹27,438 crore industry, impacting startups, unicorns, and listed companies,...
Income Tax
Prem Prakash Gupta v. ITO – ITAT Jaipur Ruling on Turnover Definition for Stamp Vendors
Introduction
The concept of turnover under the Income-tax Act often appears straightforward, until it is applied to agency-based businesses. For licensed stamp vendors, where sales are made on behalf of the government, the question becomes...
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A recent tax tribunal order, hastily withdrawn after citing non-existent court judgments, has sparked concerns over the possible use of generative AI—a groundbreaking technology reshaping the world but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...
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