# finance
12 posts in `finance` tag
Did Your Large Cash Deposit Trigger an Income Tax Notice? Don't Panic!
Large cash deposits in bank accounts often trigger Income Tax notices in India. Banks are required to report high‑value transactions, and the ITD may ask for clarification if deposits exceed thresholds. With proper documentation like invoices, sale deeds, or gift deeds you can explain the source of funds and avoid heavy taxes or penalties. Notices are not accusations but part of routine scrutiny.
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By Krishna
Supreme Court Relief: Buyer Not Liable for Seller’s Default on ITC
The Supreme Court has clarified that a genuine buyer cannot be denied Input Tax Credit (ITC) merely because the seller failed to deposit tax. In the case of Commissioner Trade & Tax Delhi vs. Shanti Kiran India Pvt. Ltd., the Court emphasized that if purchases are genuine, invoices valid, and payments made through banks, ITC should not be denied. This ruling strengthens taxpayer rights and prevents innocent buyers from being penalized for the seller’s default.
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By Krishna
Can You Claim Business Expenses During a No-Income Period?
This blog explains whether a business can claim deductions for expenses like rent, salaries, and utilities during a period of zero income. It focuses on Section 37(1) of the Income Tax Act and clarifies the difference between an idle business and one that never started. Includes a checklist to help taxpayers understand eligibility.
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By Krishna
our Tax Refund: Can It Go to Your Friend’s or Family’s Account?
Can your income tax refund go to someone else’s bank account? The answer is no — unless you're a legal heir claiming a refund for a deceased taxpayer. This blog explains why the Income Tax Department requires PAN-linked bank accounts and how to avoid refund failures by validating your account properly.
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By Krishna
Refund Returned by Bank? Here's How to Get Your Money Back
If your income tax refund shows “Refund Failed” or “Refund Returned by Bank,” it means your bank couldn’t accept the payment. This guide explains the common reasons for refund failure and walks you through the simple online steps to fix your bank details and request a refund reissue through the Income Tax portal.
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By Krishna
PAN Cards to Be Deactivated from January 1, 2026 If Not Linked with Aadhaar
The Indian government has set December 31, 2025, as the final deadline to link PAN cards with Aadhaar. Starting January 1, 2026, non-linked PANs will be deactivated, affecting tax filing, refunds, and financial services. Learn who needs to link, what happens if you don’t, and how to complete the process online or via SMS.
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By Krishna
Income Tax Return & Audit Report Deadlines Extended for AY 2025–26
The Central Board of Direct Taxes (CBDT) has extended the deadlines for filing Income Tax Returns and audit reports for the Assessment Year 2025–26. This move offers relief to taxpayers and professionals by giving them more time to complete their filings.
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By Krishna
Difference Between Original, Revised, and Updated ITR A Complete Guide
This blog explains the differences between Original, Revised, and Updated Income Tax Returns (ITR) in India. It covers filing timelines, applicable sections, fees, and practical examples to help taxpayers choose the right return type and avoid penalties.
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By Krishna
Great News for Entrepreneurs! Get Your GST Number in Just 3 Days
GST 2.0 is a game-changer for small businesses in India. Starting November 1, 2025, new applicants can opt for a simplified GST registration process with automatic approval in just 3 working days. Designed for low-risk businesses, this reform reduces hassle and speeds up business launch.
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By Krishna
GST Appeals Made Easier: Lower Pre Deposit Rules Under Finance Act 2025
The Finance Act 2025 brings relief to businesses by reducing the pre-deposit requirement for penalty only GST appeals from 25% to 10%. Tax appeals remain unchanged at 10%. Businesses can now use Input Tax Credit (ITC) for deposits, improving cash flow and easing compliance. These changes will be effective after CBIC notification.
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By Krishna
Default Isn’t Always Best: How to Choose the Right Tax Regime in 2025–26
India's income tax system has undergone a major shift for FY 2025–26, with the New Tax Regime now set as the default. This blog breaks down the differences between the New and Old Regimes, compares tax slabs, and helps taxpayers decide which option suits them best. Whether you're a young professional or a seasoned investor, understanding these changes is key to smarter tax planning.
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By Krishna
Income Tax AY 2024–25: Understanding Section 115BAC Rules
Section 115BAC introduces a simplified tax structure with reduced slab rates, but at the cost of foregoing key exemptions and deductions. Effective from AY 2024–25 as the default regime, this blog explains the revised tax slabs, outlines the benefits that are no longer available, and guides taxpayers on choosing between the new and old regimes based on their financial profile and investment habits.
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By Krishna