Category: Finance and Accounting
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Government Allows MRP Revision on Unsold Stock Following GST Rate Changes
The Indian government has introduced a significant relief for manufacturers, importers, and packers by permitting them to revise the Maximum Retail Price (MRP) on unsold pre-packaged goods manufactured or imported before GST rate changes. This move ensures that the benefits of GST reductions reach consumers promptly while avoiding the burden of repackaging or recalling unsold…
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India’s GST Reforms: A Strategic Boost for Coal India
India’s recent GST reforms have brought significant changes to the taxation of coal, creating a favorable scenario for Coal India Limited (CIL), the country’s largest coal producer. By revising GST rates and removing certain cesses, the government has effectively reduced the net tax burden, benefiting producers, consumers, and the broader energy sector. These reforms come…
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Income Tax Return FY 2024-25: Avoid Late Fees & Penalties by Filing on Time
📝 ITR Deadline 2025: Penalties & Late Fees Explained Filing your Income Tax Return (ITR) on time is not just a legal obligation—it directly impacts your finances. The due date for filing returns for FY 2024-25 (AY 2025-26) has been extended, but taxpayers who miss it will face penalties and interest. Here’s a complete breakdown.…
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How to Avoid Income Tax Notices on Savings Account Interest in India
Interest earned on savings accounts is taxable under Indian income tax laws, but many account holders are unaware of provisions that can help reduce or avoid tax liabilities. Understanding these rules is essential to avoid income tax notices, ensure compliance, and make the most of available deductions. In this blog, we cover everything you need…
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How High-Earning Middle-Class Professionals Are Saving Lakhs in Taxes: An Insider Strategy Unveiled
In today’s tax landscape, high-income earners are increasingly discovering a powerful strategy to preserve millions in income—one that bypasses traditional salaried constraints. Recently, a well-known CA highlighted a growing trend on a professional platform: savvy professionals are shifting from salaried roles to consulting arrangements to legally reduce their tax liability. While salaried income comes with…
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ITR Deadline Extension 2025: Why Lakhs of Taxpayers May Default Despite No Fault of Their Own
Filing Income Tax Returns (ITR) is one of the most critical financial responsibilities for individuals, professionals, and businesses in India. The deadline for Assessment Year 2025–26 was already extended once, shifting from July 31, 2025 to September 15, 2025. However, as the new deadline approaches, tax experts and chartered accountants are raising concerns that lakhs…
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GST on Life & Health Insurance Slashed: Should You Wait Until September 22, 2025?
The Indian government has recently announced a major change in the taxation of life and health insurance premiums. From September 22, 2025, the 18% Goods and Services Tax (GST) on these premiums will be completely removed. This is a significant move that directly affects policyholders, insurers, and insurance agents. If you are considering buying a…
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GST Removed from Life & Health Insurance: How Much Will Policyholders Actually Save?
From Sept 22, 2025, no GST on life & health insurance premiums. Know how much you save, impact on policyholders, and renewal tips. The recent announcement of the removal of Goods and Services Tax (GST) on life and health insurance premiums has created a wave of positivity among policyholders. From September 22, 2025, individuals will…
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Pay Tax on 50% Income Only – ITR 4, High Tax Savings & Filing Guide
Many small business owners, freelancers, and professionals want to reduce their taxable income legally. One of the easiest ways to do this is by filing ITR 4 under the presumptive taxation scheme, which allows you to pay tax on 50% of your income in certain cases, reducing your tax burden significantly. This article explains how…
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Income Tax Refund Update 2025 – Faster ITR Processing & Refund Tips
Learn how Income Tax Returns (ITR) are processed faster in 2025, how ITR type affects refund, and steps to get your refund quickly. The Income Tax Department has introduced system updates to speed up the processing of Income Tax Returns (ITRs) and ensure refunds are issued faster. Taxpayers who have filed their returns but are…
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Preparing for Tally + GST Audits in 2025 – A Complete Checklist Guide
With the GST network maturing and e-invoicing expanding to almost all turnover slabs, 2025 is shaping up to be the most audit-intensive year yet. Businesses relying on TallyPrime must ensure their books align perfectly with GST returns, e-invoice data, and vendor filings. A structured checklist-based approach reduces last-minute panic, minimizes penalties, and keeps you audit-ready…