Business Finance – smeaccountant

Navigating GST Compliance: Mastering Proportionate ITC Reversal

The Growing Risk of GST ITC NoticesAs the Goods and Services Tax (GST) framework matures in India, tax authorities are intensifying their scrutiny of Input Tax Credit (ITC) claims, specifically…

Prasenjit Bhowmik June 5, 2026

Blog

CESTAT Ruling Clarifies Scope of Cenvat Credit for Manufacturing Input Services

CESTAT's landmark ruling clarifies Cenvat credit eligibility for manufacturing input services, broadening scope and resolving long-standing disputes.

Prasenjit Bhowmik June 1, 2026

Blog

Pune ITAT Caps Contract Profit Estimation at 8%, Providing Significant Relief to Taxpayers

The Pune bench of the Income Tax Appellate Tribunal (ITAT) delivered a landmark ruling this week, declaring that an 18% net profit estimation on contract receipts is excessive without concrete…

Prasenjit Bhowmik May 31, 2026

Blog

ITAT Rules Cash Deposits in Medical Business Are Not Fully Taxable Under Section 69A

Clarifying Tax Treatment for Business Cash DepositsIn a significant ruling for small-scale retailers, the Income Tax Appellate Tribunal (ITAT) has clarified that cash deposits made into a medical store's bank…

Prasenjit Bhowmik May 31, 2026

Blog

GST Annual Compliance Review 2025-26: Critical Deadlines and Strategic Rectification

As the fiscal year 2025-26 approaches its close, businesses operating in India face a critical window to rectify Goods and Services Tax (GST) reporting discrepancies before the statutory deadline of…

Prasenjit Bhowmik May 31, 2026