Clarifications

Answers to common client doubts, official clarifications, practical explanations, and simplified terms.

Why Filing an Income Tax Return (ITR) Is Important Even If You Have No Tax Liability

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Many people believe that Income Tax Return (ITR) filing is only necessary when they have to pay income tax. However, this is one of the most common misconceptions among taxpayers. Even if your tax liability is zero, filing an ITR can provide several financial and legal benefits that can help you in the future. In […]

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Blocked ITC Under GST: Understanding Ineligible Input Tax Credit

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One of the biggest advantages of the GST regime is the availability of Input Tax Credit (ITC), which allows businesses to reduce their GST liability by claiming credit for tax paid on purchases and expenses used in business. However, GST law also specifies certain expenses on which ITC cannot be claimed. These are known as

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📢 GST UPDATE – ITC CLAIM RESTRICTIONS (Detailed Guide)

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⚠️ Input Tax Credit (ITC) is one of the biggest benefits in GST, but many businesses lose it due to small mistakes. 📌 What is ITC? ITC means the tax you paid on purchases can be claimed as credit to reduce your GST liability on sales.👉 Example:If you paid GST ₹10,000 on purchase and ₹15,000

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CBDT Notification No. 74/2025 – Income Tax (Dated: 11th July 2025)

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🔍 Overview The Central Board of Direct Taxes (CBDT) has issued Notification No. 74/2025 – Income Tax on 11th July 2025, announcing an important amendment under Section 10(23FE) of the Income-tax Act, 1961. This section provides income-tax exemption to specified persons, mainly sovereign wealth funds (SWFs) and pension funds making eligible investments in India. ✅

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