Blog tagged as Financeact

If you are a salaried employee and you claim House Rent Allowance (HRA) to save income tax, there is an important update you should know. The Income Tax Department has made new changes in the Income Tax Return (ITR) forms to stop fake rent claims.

The GST Network (GSTN) has issued an important update regarding the reporting of: ✔ ITC reversal and re-claim ✔ RCM liability and corresponding ITC claim. To avoid clerical mistakes and excess ITC claims, GSTN has introduced two ledgers on the GST portal

In India, gold isn’t just jewellery — it’s an emotion, a backup plan, and often, a quick source of cash when times get tough. But now, the Reserve Bank of India (RBI) has tightened the rules for gold loans, and not everyone will be eligible like before.

In a recent case, a person had given a cheque to another party for a transaction.Later, when a dispute arose, the cheque was lost, and only a xerox copy of that cheque was available.

The Goods and Services Tax Network (GSTN) has issued an advisory regarding Table 3.2 of GSTR-3B, with critical updates effective from the April 2025 tax period. This advisory outlines the changes and processes required for accurate reporting of inter-State supplies.