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Consequences of Missing the ITR Filing Due Date — CoralMetrix Coral Metrix Issue 17  ·  Student Series — Income Tax Consequences of Missing the ITR Filing Due Date Shruthi Krishna Tax Consultant, CoralMetrix 31st July: The Day Your Taxes Are Due, And Your Excuses Are Not. Filing an ITR within the due date defined by the Income Tax Act of 1961 is a fundamental compliance requirement. Yet, each year, numerous taxpayers forget, file late, or deliberately fail to submit their returns on time. Many believe that having paid the correct amount of tax fulfils their obligations — treating the ITR as a mere formality. This is a costly misconception. The ITR is a separate and independent compliance requirement under the Income Tax Act. Failure to file on time can trigger a series of financial, procedural, and in extreme cases, criminal consequen...

Benefits of Filing an ITR — CoralMetrix Issue 15 CoralMetrix Issue 15 Benefits of Filing an Income Tax Return (ITR) More Than Just Tax Compliance Pathikonda Shivani Sreenath Direct Tax, CoralMetrix An Income Tax Return (ITR) is a document through which a taxpayer reports income earned during a financial year, claims eligible deductions, computes tax liability, and pays any tax due — or claims a refund. In India’s self-assessment system, taxpayers voluntarily disclose income in accordance with the Income-tax Act, 1961. With online filing, pre-filled forms, AIS, and TIS, the process is now faster and more transparent than ever. Who Should File an ITR? Individuals whose income exceeds the basic exemption limit Companies, firms, and other entities under the Act Taxpayers claiming refund of excess TDS/TCS paid ...

Foreign Asset Schedule FA Disclosure – CoralTax.ai CoralTax.ai TAX MADE SIMPLE INTERNATIONAL TAXATION · COMPLIANCE GUIDE Foreign Asset Schedule Disclosure: Everything Indian Residents Need to Know A complete walkthrough of Schedule FA, why it exists, who must file it, what the law says under the Income Tax Act 1961 and the Income Tax Act 2025, and the court cases that have shaped how it is enforced today. Ashrith Bharath Finance Intern, CoralTax.ai Published on CoralTax.ai  ·  8 minute read  ·  Reviewed for accuracy Schedule FA — India's framework for reporting foreign assets held by resident taxpayers E very year, lakhs of Indian residents open bank accounts abroad, invest in foreign stocks, hold shares from employee stock plans of overseas employers, or simply inherit a property in another country. Most assume that as long as the income from these assets is ...

Court Room Series: IN THE SUPREME COURT OF INDIA CIVIL / CRIMINAL APPELLATE JURISDICTION AND ORIGINAL JURISDICTION CIVIL APPEAL NO(S). 8241 – 8244 OF 2026 [ARISING OUT OF SLP (C) NOS. 19366 – 19369 OF 2023] DIRECTORATE GENERAL OF GOODS AND SERVICES TAX INTELLIGENCE (HQS) & ORS. … APPELLANT(S) VERSUS GAMESKRAFT TECHNOLOGIES PRIVATE LIMITED AND ORS.   1. Facts of the Case The controversy originated from a show cause notice dated 23 September 2022 issued by the Directorate General of GST Intelligence (DGGI) to Gameskraft Technologies Pvt. Ltd., an online gaming platform facilitating rummy and other skill-based games played for stakes. The Department alleged that Gameskraft was supplying actionable claims in the nature of betting and gambling and was therefore liable to GST at 28% on the entire stake amount deposited by players rather than merely on the platform fee retained by the company. The demand exceeded ₹21,000 crore including tax, interest and penalt...

CoralMetrix — June 2026 Newsletter Coral Metrix Issue 16  ·  June 2026 E-Newsletter from Coral Tax AI PAN, TAN, linking of PAN and Aadhaar - Everything you need to know June 2026  ·  India’s Tax & Identity Infrastructure Raghavaraman R - writer Intern Published on CoralMetrix  ·  June 2026  ·  Reviewed for accuracy Table of Contents 01 Introduction — India’s Tax & Identity Infrastructure 02 Legal Provisions — PAN & TAN Under the New Law 03 Rules — How to Apply, Correct & Link 04 Consequences of PAN–Aadhaar Non-Linking 05 Judicial Proceedings — Landmark Cases 06 Conclusion 01 Introduction PAN (Per...

GST Update: e-Way Bill Portal Enhancements 2026 GST Advisory e-Way Bill Portal Enhancements: What Taxpayers Need to Know GSTN has announced significant changes to the e-Way Bill system — including a mandatory "Ship To GSTIN" field and a new voluntary e-Way Bill closure facility — now effective from 1 August 2026. 📅 Advisory Date: 20 May 2026 📢 Extension Notice: 9 June 2026 🗓️ Effective: 1 August 2026 ⚠️ Implementation Timeline Extended Following representations from trade and industry, GSTN has extended the go-live date. Both functionalities now take effect from 1 August 2026 . 15 June 2026 ✅ 1 Aug 2026 Overview Key Enhancements at a Glance Four major changes are being rolled out to improve data integrity and transaction traceability in the e-Way Bill ecosystem. 🏷️ Mandatory Ship To GSTIN ...