GST Today

01/09/2026

Learn about applicability of capital gains on agricultural land. Swipe to learn more.

25/08/2026

What happens to your business if a sole proprietor dies?

Most people think about succession only in terms of who will inherit the business.

But there is another important question:

👉 What happens to the carried-forward business losses under Income Tax?

👉 What happens to the unutilised GST ITC lying in the electronic credit ledger?

If the legal heir inherits and continues the same business, the tax treatment can be very different from a situation where the business is simply discontinued.

Under Income Tax, subject to the applicable conditions, the successor may be able to utilise the deceased proprietor’s carried-forward business losses against income from the same business.

But if the business is discontinued, the losses don’t simply become available to the legal heirs.

And under GST, where there is a transfer of business, the legal heir may need to obtain a new GST registration and the unutilised ITC can potentially be transferred through Form GST ITC-02, subject to the prescribed conditions, including transfer of liabilities.

If the business is closed instead of being transferred, the ITC transfer mechanism under ITC-02 would not apply.

The takeaway: Sole proprietors should think about succession planning before a crisis occurs and not after it.

Save this Reel if you own a proprietorship business and share it with a business owner who needs to know this.

Follow Prime Accountants for practical Income Tax, GST & commercial law insights.

This content is for general awareness and educational purposes only. Specific tax treatment depends on the facts and applicable provisions.

16/08/2026

99% of startups may qualify for this tax holiday.
Only 2% actually get it. Explore the exact reason why in this reel !!

12/08/2026

Still waiting on that payment?

Parliament just passed the MSMED Amendment Bill 2026, the biggest overhaul of India’s MSME law in 20 years. It’s not an Act yet (still needs Presidential assent), but here’s what’s coming for every small business owner:

✅ Online Dispute Resolution — settle payment disputes digitally, no more court queues
✅ Courts must release 50% of your payment if a buyer’s appeal drags past 6 months
✅ Mediation capped at 90 days, arbitration kicks in within 30 more — no indefinite delays
✅ Compliance mistakes get a warning first, not an instant penalty

Save this for the day it’s official 📌
Tag an MSME owner who needs to see this 👇

Haven’t registered on Udyam yet? Comment below — covering that next.

12/08/2026

How to Buy an iPhone in India and Actually Save Money ?

Most people assume buying an iPhone from Dubai or Singapore is the smarter move. It isn’t — not once Indian customs duty is factored in.

Swipe through to see:

→ Why the “cheaper abroad” price is misleading
→ India’s actual duty-free allowance
→ The real math after customs duty
→ Smarter, legitimate ways to save when buying in India

Save this for your next upgrade, and share it with anyone planning to “get one from Dubai.”

iPhone

08/08/2026

Here are the 10 MSME Government Schemes that very North Indian business person should know about be for the end of 2026.

We shall break down the in and outs of each scheme in the coming weeks. Stay tuned because with Prime Accountants, you do it right the first time.

08/08/2026

Agricultural land is not always tax free.

There are two types of agricultural land - Urban Agricultural land and Rural Agricultural land.

While rural agricultural land is not taxable, urban agricultural land is taxable in India and capital gains tax is applicable.

In Delhi NCR, the map moves faster than the law can keep up. What’s rural today might not be rural at your next sale.

Accordingly following are the top points to check and prepare before you even think about selling your agricultural land in India :

✅ 1. Get a fresh Tehsildar/Patwari distance and population certificate, dated as close as possible to your sale date.

✅ 2. Check the relevant Development Authority’s notification (GMDA, GDA, Greater Noida Authority, HSVP, NOIDA). Has your village been formally brought inside urban limits?

✅ 3. Confirm population using the last Census figures published before the start of that financial year and not as per the current estimates.

✅ 4. Insist on aerial/straight-line distance, ideally via a government-approved surveyor or GPS-based report and not just a road-distance guess.

✅ 5. Preserve 7/12 extract / khasra girdawari showing actual cultivation for the relevant years.

✅ 6. Keep every document dated to the transaction year. Your later boundary changes shouldn’t apply retroactively, but only if you can prove the “sale date” position.

08/08/2026