May 2025 Income Tax Updates – Summary
May Month Update
Financial Knowledge Hub
Expert insights, industry updates, and professional advice from Sompalli & Co.
Taxation of Virtual Digital Assets (VDA) in India
With the growing popularity of cryptocurrencies, NFTs, and other digital tokens, the Government of India has implemented a structured tax framework under the Finance Act, 2022 to regulate the taxability of Virtual Digital Assets (VDAs). This article breaks down the applicable provisions, tax rates, reporting requirements, and compliance obligations in a practical and professional manner for Chartered Accountants, Tax Professionals, and Crypto Investors.
12
Jun
12
Jun
GST Updates – May 2025 Digest
summary of key developments under GST for May 2025, including compliance changes, judicial rulings, and upcoming transitions
24
May
Complete Guide: GST Refund for Software Services Export in India
All Types of GST Refunds in India – A Complete Guide with Sections & Rules
23
May
TDS Rate Chart for FY 2025-26 (Assessment Year 2026-27)
Effective from 1st April 2025 Key Changes in TDS for FY 2025-26
12
May
🚢 Returned Export Goods after IGST Refund: Can You Issue a GST Credit Note?
In the complex landscape of GST compliance, one common dilemma arises when exported goods are returned by the foreign buyer after IGST has already been paid and refund has been claimed. A key question is: Can a GST credit note be issued under Section 34 of the CGST Act in such a case? The answer is No — and this article comprehensively explains why, along with legal references, practical treatment, and alternate solutions for businesses and consultants.
12
May
🏗️ Comprehensive Guide to Joint Development Agreements (JDA) in India
A Joint Development Agreement (JDA) is a legal arrangement between a landowner and a real estate developer (builder) wherein the landowner contributes land, and the developer undertakes construction and development. Instead of monetary compensation, the landowner typically receives a share in the constructed property (residential/commercial units or revenue share).
07
May
Introduction to Forensic Audit Techniques Using Data-Driven Analysis
In an era of increasing financial complexity and digital transaction volumes, traditional audit methods often fall short in detecting sophisticated fraud schemes. This gap is where forensic audit analytics—powered by data science and automation—plays a critical role. By applying algorithmic scrutiny to financial records, auditors can uncover hidden patterns, irregular behaviors, and potential misconduct that may otherwise escape manual review.
26
Apr
How to File an ITAT Appeal: A Step-by-Step Guide
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act, 1961. If a taxpayer is aggrieved by an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)], they can appeal to the ITAT. Filing an appeal before ITAT involves careful adherence to procedures and timelines. Here’s a step-by-step guide to understanding the process: