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For many business owners, crossing the ₹1 crore turnover mark is an important milestone. It reflects business growth, increasing customer demand and expanding operations. However, higher turnover can also bring additional income tax compliance responsibilities. One of the most important questions business owners should consider is whether their business is required to undergo a tax audit under the Income-tax Act, 1961 . A common misconception is that once business turnover crosses ₹1 crore, a tax audit automatically becomes compulsory in every case. However, tax-audit applicability should not be determined based on turnover alone . The applicable provisions, nature of the taxpayer's business, method of income declaration and prescribed conditions relating to cash transactions must also be considered. In certain eligible cases, a higher turnover threshold of ₹10 crore may apply where the prescribed conditions regarding cash receipts and cash payments are satisfied. Therefore, befor...

Understanding the Growing GST Appeal Landscape The Goods and Services Tax (GST) framework has transformed indirect taxation in India by bringing multiple taxes under a unified system. However, with a vast number of taxpayers, evolving interpretations, assessments, demand orders, and compliance requirements, disputes under GST have also increased significantly. A major development in the GST litigation landscape is the growing number of appeals being filed before the Goods and Services Tax Appellate Tribunal (GSTAT). According to the latest figures provided, GSTAT has received 75,155 appeals , while only 83 cases have been disposed of so far . This highlights the substantial volume of pending matters and the increasing importance of handling GST disputes carefully from the very beginning. For businesses and taxpayers, these numbers send a clear message: GST compliance, documentation, reconciliation and timely filing of appeals are extremely important . Once a dispute arises, proper reco...

Raksha Bandhan is a special occasion that celebrates the beautiful bond between brothers and sisters. From traditional sweets and clothing to cash, jewellery, gadgets and other valuable gifts, exchanging gifts is an important part of the celebration. But when gifts involve significant amounts or high-value assets, an important question may arise: Are Raksha Bandhan gifts taxable under the Income Tax Act? The answer depends largely on who gives the gift, who receives it, the value of the gift, and the nature of the relationship between the parties . Under Section 56(2)(x) of the Income-tax Act, 1961 , certain gifts received by an individual or Hindu Undivided Family (HUF) can be taxable under the head “Income from Other Sources.” However, gifts received from specified relatives are generally excluded from taxation. This makes it important to understand the tax treatment before transferring a large amount of money or valuable assets to family members. What Does Section 56(2)(x) Say Abou...

GST compliance is an important responsibility for every registered taxpayer. For businesses that have opted for the Quarterly Return Monthly Payment (QRMP) Scheme , timely payment of GST is essential to avoid interest, late fees and other compliance-related issues. For July 2026 , taxpayers covered under the QRMP scheme must make their PMT-06 payment on or before 25th August 2026 . The PMT-06 challan is used by eligible QRMP taxpayers to deposit their monthly GST liability for the first two months of a quarter. Therefore, businesses should ensure that the required payment is calculated correctly and deposited within the prescribed time. 📢 Key Reminder GST PMT-06 Due Date for July 2026: 25th August 2026 Taxpayers should not wait until the last day to make their payment. Early compliance helps businesses avoid technical issues on the GST portal and ensures that their GST obligations are completed on time. What is PMT-06 under GST? PMT-06 is a payment challan used by taxpayers under the...

For taxpayers claiming certain disability-related deductions under the Income-tax Act, completing the required documentation is an important part of accurate ITR filing. Form 10-IA is particularly relevant in specified cases involving deductions under Sections 80DD and 80U . With 31 August 2026 approaching, eligible taxpayers should review their documentation and ensure that the required Form 10-IA details are furnished as applicable, rather than waiting until the last moment. The Income Tax Department's current AY 2026-27 guidance requires taxpayers claiming deductions under Sections 80DD or 80U to provide relevant disability details and the acknowledgement number of Form 10-IA filed . What Is Form 10-IA? Form 10-IA is an electronic form associated with certain disability-related deduction claims under the income-tax provisions. It is particularly relevant for specified cases involving: Section 80DD – deduction relating to maintenance and medical treatment of a dependen...