What documents do I need to file GST?

Identity proof, business PAN, invoices, and bank statements. Contact KnowTaxx for a full checklist and guided support.

Can freelancers claim business expenses?

Yes — genuine business-related expenses can be claimed. Consult KnowTaxx for specifics tailored to your situation.

India’s biggest tax reform in decades is here. Is your business ready?

The 1961 Income-tax Act was long due for overhaul. The 2025 Act focuses on simplification, digital governance, and transparency.

Key reforms and features of the new Act include:

It received Presidential assent on 21 August 2025 and will come into effect from 1 April 2026.
The number of sections has been reduced from 819 (in the 1961 Act) to 536, and chapters from 47 to 23 — aimed at making the law simpler.
Introduction of the concept of a “Tax Year” (a 12-month period beginning 1 April) replacing the old “Previous Year / Assessment Year” dichotomy.
Enhanced digital and faceless compliance mechanisms, aiming to reduce litigation, streamline assessments, and improve taxpayer experience.
Some substantive changes for specific areas: for example broadening definitions around Virtual Digital Assets, more clarity around refunds, carry-forward losses

Even though tax slab rates remain largely as per the Budget/previous law, the clarity and structure of the law improve, which may make your compliance (filing, understanding) easier.
If you earn up to certain thresholds, you may benefit from improved rebate or simpler rules. For instance, articles mention higher rebate threshold up to ~₹12 lakh under specified conditions.
If you have virtual digital assets or complex income sources, you’ll need to ensure you understand how they are treated in the new law (since the definitions and rules may change) — this means more careful planning.

With a simplified Act, you could expect lesser legal ambiguity, potentially fewer disputes, which reduces the risk (and related cost) of litigation.
If you carry forward losses or invest in assets, some updated rules (carry-forward, setting off losses) may affect you.
The digital-first approach means your records, compliance, filing may need to be more “tech-ready” — make sure your documentation, digital trail, software systems are up to date.

If you have overseas income/assets or digital assets, the new Act clarifies or updates definitions — so you should revisit your tax structure and treaty considerations.
For investment decisions: changes in how losses, gains, or asset categories are treated may impact strategy.

Review your tax position: salary, business income, investment income, capital gains — check how they stand under the upcoming law.
If you hold virtual digital assets, or have cross-border income, or have carry-forward losses: get advice now, because transition to new Act may bring new considerations.
Ensure your tax documentation and record-keeping are up to date — since a digital and streamlined regime means faster scrutiny, notices, or assessments.
Decide on your tax year planning (since the term changes) and understand how your fiscal & assessment cycle may change starting 1 April 2026.
Consider whether your investment/structuring decisions made today will carry through into the new Act’s regime — e.g., whether you want to finish certain transactions now or wait.