Clipped from: https://www.taxontips.com/turnover-limit-for-tax-audit-is-rs-1-crore-or-rs-10-crore-under-section-44ab-of-the-act/ Section 44AB deals with the limit for conducting Tax audit under the Income Tax Act. For Individual, HUF and firm they can skip
Category: Seven Star
*******Maintenance of accounts by certain persons carrying on profession or business
Clipped from: https://incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2025/102120000000090803.htm 44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or
*******Functioning of GST Appellate Tribunal
Clipped from: https://taxguru.in/goods-and-service-tax/functioning-gst-appellate-tribunal.html The Appellate Tribunal is the second level of appeal, where appeals can be filed against the orders-in-appeal passed by the Appellate Authority or
*******Section 148 Reassessment Notices Must Follow Faceless Procedure: Delhi HC
Clipped from: https://taxguru.in/income-tax/section-148-reassessment-notices-follow-faceless-procedure-delhi-hc.html Mehak Jagga Vs ITO (Delhi High Court) The Delhi High Court has dismissed a petition filed by Mehak Jagga challenging a reassessment notice issued by
*******What the IBC Amendment Bill tries to fix – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/what-the-ibc-amendment-bill-tries-to-fix/article70089843.ece Streamlining process delays, enforcing promoter responsibility, and curbing judicial ambiguity are the key objectives The Insolvency and Bankruptcy Code (IBC) has steadily evolved
*******Should rupee depreciation be stalled? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/should-rupee-depreciation-be-stalled/article70089335.ece It’s time to leave the rupee alone as the inflation situation is far better now and the weakened rupee would help exporters Rupee
*******In a clear change of strategy, govt turns to tax benefits to boost demand
Clipped from: https://www.business-standard.com/opinion/columns/govt-turns-to-tax-benefits-to-boost-demand-faces-fresh-challenges-125092301396_1.html The ‘Festival of Savings’ appears to be the new policy instrument to revive and sustain growth A major takeaway from Prime Minister Narendra
*******Justice in India: Cost, language, and distance keep millions unheard | Editorial Comment – Business Standard
Clipped from: https://www.business-standard.com/opinion/editorial/justice-in-india-cost-language-and-distance-keep-millions-unheard-125092401493_1.html Justice in India remains unequal as cost, language, and distance exclude millions – but reforms in legal aid, technology, and regional languages can
*******GSTAT launch: One forum for state, Centre GST appeals, says FM Sitharaman | Finance News – Business Standard
lipped from: https://www.business-standard.com/finance/news/gstat-launch-one-forum-for-state-and-centre-gst-appeals-says-fm-125092401381_1.html Sub heading: 4.8 lakh pending appeals to be heard, says GSTAT Head Mishra Calling the GSTAT a “one-stop solution” for taxpayers, Sitharaman said
*******GSTAT rollout from Oct to ease GST litigation and unlock business capital | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/gstat-operationalization-to-unlock-capital-and-ease-gst-litigation-125092401270_1.html The GST Appellate Tribunal will begin phased rollout in October 2025 with digital filing, faster appeals, and backlog clearance to ease GST litigation
*******Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D
Clipped from: https://taxguru.in/income-tax/unexplained-income-provisions-sections-68-69-69a-69b-69c-69d.html Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D of the Income-tax Act, 1961 Executive Summary This article analyses Sections 68,
*******US will rue Trump’s trade war on India – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/us-will-rue-trumps-trade-war-on-india/article70081556.ece The punitive tariffs will bring short-term pain for India. But the long-term damage to the US will be bigger Trump’s tariffs on India
*******The Great Stimulus: Will GST rate cut spur a consumption boom? – BusinessToday
Clipped from: https://www.businesstoday.in/magazine/cover-story/story/the-great-stimulus-will-gst-rate-cut-spur-a-consumption-boom-494679-2025-09-18 From income tax cuts to the new I-T act, and now reforms in the Goods and Services Tax, the Centre has implemented a
*******F&O trader shock: Why even your losses could trigger a ₹1.5 lakh audit penalty – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/fo-trader-shock-why-even-your-losses-could-trigger-a-rs15-lakh-audit-penalty-494983-2025-09-21 F&O trading is considered non-speculative business income. That means it falls under “Profits & Gains of Business or Profession,” and traders must maintain
*******Who really needs a tax audit? CA demystifies audit rules, clears confusion on ITR 3 & 4 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/who-really-needs-a-tax-audit-ca-demystifies-audit-rules-clears-confusion-on-itr-3-4-495012-2025-09-21 In an explanatory post, the financial advisor broke down the rules around turnover thresholds, due dates, and audit requirements, making compliance clearer for
*******Selling dad’s old house? How you can pay Rs 9.08 lakh instead of Rs 12.25 lakh in capital gains tax – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/selling-dads-old-house-how-you-can-pay-rs-908-lakh-instead-of-rs-1225-lakh-in-capital-gains-tax-494937-2025-09-20 Selling an inherited property can be costly if you don’t know the rules, but a few tax-saving strategies can help preserve your wealth.
*******Property and assets gifted to son’s wife: Will the income from it be clubbed to your income for tax purposes? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/property-and-assets-gifted-to-sons-wife-will-the-income-from-it-be-clubbed-to-your-income-for-tax-purposes/articleshow/123878630.cms Clubbing of income refers to a situation when you get taxed on someone else’s income. For example, a wife’s income gets combined with her husband’s
*******₹60,000 gone? CA breaks down what’s changing in housing under new tax regime – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/rs60000-gone-ca-breaks-down-whats-changing-in-housing-under-new-tax-regime-493912-2025-09-14 For taxpayers with two or more houses, any additional property is considered “deemed to be let out” — and is taxed based on
*******Even if you made zero capital gains income from sale of property you still need to pay tax in this situation; CA explains why – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/even-if-you-made-zero-capital-gains-income-from-sale-of-property-you-still-need-to-pay-tax-in-this-situation-ca-explains-why/articleshow/123871304.cms Pay income tax even if you made no effective capital gains on such a sale; Know why Sujit Bangar, a former IRS officer
*******Capital gains: Latest LTCG and STCG rates and holding periods for various assets for AY 2025-26 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/capital-gains-latest-ltcg-and-stcg-rates-and-holding-periods-for-various-assets-for-ay-2025-26/articleshow/123827541.cms Latest tax rate and holding period for various assets for LTCG and STCG for AY 2025-26 The capital gains income taxation has seen
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