https://pnassociates.in/insights Practical commentary on Indian tax, GST, FEMA and corporate finance from PNA's partners. en-IN Sat, 16 May 2026 09:03:44 GMT https://pnassociates.in/insights/advance-tax-fy-2025-26-complete-guide https://pnassociates.in/insights/advance-tax-fy-2025-26-complete-guide Fri, 15 May 2026 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Who pays advance tax, the four due dates, how 234B/C interest actually compounds, and the planning playbook we run for salaried earners, freelancers, founders and HNIs. https://pnassociates.in/insights/old-vs-new-tax-regime-2025 https://pnassociates.in/insights/old-vs-new-tax-regime-2025 Fri, 15 May 2026 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) A practical, numbers-first guide to choosing between the old and new income tax regime for FY 2025-26 — with break-even tables for salaried, founders, HNIs and NRIs. https://pnassociates.in/insights/cfo-banker-conversation-working-capital-line-2025 https://pnassociates.in/insights/cfo-banker-conversation-working-capital-line-2025 Sat, 06 Dec 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Most CFOs walk into a working-capital line negotiation under-prepared. Bankers evaluate eight specific dimensions; preparing on each shifts the negotiation from defensive to strategic. https://pnassociates.in/insights/transfer-pricing-cfo-related-party-policy-2025 https://pnassociates.in/insights/transfer-pricing-cfo-related-party-policy-2025 Fri, 05 Dec 2025 00:00:00 GMT International Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Once your group has overseas subsidiaries or domestic associated enterprises, transfer pricing becomes a CFO discipline. The TP study, master file, safe-harbour option, APA path — here is the operating framework for a mid-size Indian group. https://pnassociates.in/insights/fundraise-data-room-due-diligence-pack-2025 https://pnassociates.in/insights/fundraise-data-room-due-diligence-pack-2025 Thu, 04 Dec 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) A well-organised data room shortens diligence by 4-8 weeks and visibly raises investor confidence. Here is the 12-folder structure that handles 95% of asks from Series A through PE growth rounds. https://pnassociates.in/insights/internal-financial-controls-ifc-private-company-2025 https://pnassociates.in/insights/internal-financial-controls-ifc-private-company-2025 Wed, 03 Dec 2025 00:00:00 GMT Compliance insights@pnassociates.in (Prakash N, FCA — Managing Partner) Auditors of every Indian company (other than small / OPC) must report on the adequacy and operating effectiveness of internal financial controls. Most companies under-document and a few over-engineer. Here is the practical middle path. https://pnassociates.in/insights/erp-selection-50-500-crore-company-2025 https://pnassociates.in/insights/erp-selection-50-500-crore-company-2025 Tue, 02 Dec 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) The 'right' ERP depends less on functionality and more on user count, integration appetite and 3-year scale plan. Here is the decision framework and four shortlist candidates for the ₹50-500 crore band. https://pnassociates.in/insights/month-end-close-5-day-cfo-playbook-2025 https://pnassociates.in/insights/month-end-close-5-day-cfo-playbook-2025 Mon, 01 Dec 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) If your monthly books close on day 15 or later, the MIS is stale before it lands. A 5-day close is achievable for any sub-₹500 crore company with disciplined daily ops and clear ownership. https://pnassociates.in/insights/unit-economics-cac-ltv-payback-cfo-2025 https://pnassociates.in/insights/unit-economics-cac-ltv-payback-cfo-2025 Sun, 30 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Unit economics convert a confusing P&L into a clear answer to one question: does the business model work? CAC, LTV, payback period and contribution margin per customer are the four numbers a CFO must own. https://pnassociates.in/insights/saas-revenue-recognition-ind-as-115-cfo-2025 https://pnassociates.in/insights/saas-revenue-recognition-ind-as-115-cfo-2025 Sat, 29 Nov 2025 00:00:00 GMT Compliance insights@pnassociates.in (Prakash N, FCA — Managing Partner) Ind AS 115 has been mandatory since FY18-19, but most SaaS and services CFOs still apply it inconsistently — particularly around contract modifications, variable consideration and bundled deliverables. Here is the practitioner walkthrough. https://pnassociates.in/insights/treasury-sme-bank-consolidation-fd-ladder-2025 https://pnassociates.in/insights/treasury-sme-bank-consolidation-fd-ladder-2025 Fri, 28 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) A ₹50 crore revenue company sitting on ₹8 crore of idle bank balance is losing ₹50-60 lakh of annual yield. Disciplined treasury captures it. Here is the practitioner setup. https://pnassociates.in/insights/working-capital-optimisation-dso-dpo-dio-2025 https://pnassociates.in/insights/working-capital-optimisation-dso-dpo-dio-2025 Thu, 27 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) For a growing company, working capital can lock up 20-30% of annual revenue. Disciplined management on DSO, DPO, DIO can release ₹2-15 crore without raising a rupee externally. Here is the operating playbook. https://pnassociates.in/insights/kpi-dashboard-vanity-vs-decision-grade-2025 https://pnassociates.in/insights/kpi-dashboard-vanity-vs-decision-grade-2025 Wed, 26 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Total users, total revenue, total downloads — vanity metrics that go up and to the right and inform nothing. Decision-grade metrics expose a trade-off, point to a lever, and have an owner. Here is how a CFO should curate the dashboard. https://pnassociates.in/insights/budget-vs-actual-variance-cadence-cfo https://pnassociates.in/insights/budget-vs-actual-variance-cadence-cfo Tue, 25 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Most companies discover budget overruns 60-90 days after they happen. The variance review cadence that catches them in 14 days has three layers — weekly at the department, monthly at the leadership level, quarterly at the board. Here is the operating model. https://pnassociates.in/insights/mis-pack-design-board-actually-wants-2025 https://pnassociates.in/insights/mis-pack-design-board-actually-wants-2025 Mon, 24 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Most MIS packs are 40+ pages of historical data nobody reads. A useful MIS pack is 8-12 pages, opens with a one-page CEO summary, and frames every number against a decision. Here is the structure we install for CFO clients. https://pnassociates.in/insights/13-week-rolling-cash-flow-forecast-cfo-playbook https://pnassociates.in/insights/13-week-rolling-cash-flow-forecast-cfo-playbook Sun, 23 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) A 13-week rolling cash flow is the operating CFO's most important deliverable. It exposes funding gaps three months ahead, drives weekly receivables chase, and turns banking conversations from defensive to strategic. Here is the practitioner build. https://pnassociates.in/insights/when-startup-needs-fractional-cfo-2025 https://pnassociates.in/insights/when-startup-needs-fractional-cfo-2025 Sat, 22 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) The right time to hire a fractional CFO is not 'after Series A' or 'at ₹50 crore revenue'. It is when the founder is spending more than 6 hours a week on finance decisions they're not equipped to make. Here is the diagnostic we use with founders, and what a fractional CFO should cost. https://pnassociates.in/insights/founders-agreement-vesting-cliff-tax-india-2025 https://pnassociates.in/insights/founders-agreement-vesting-cliff-tax-india-2025 Fri, 21 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Most Indian founders' agreements are imported from US templates and ignore three Indian tax/regulatory realities: (a) founder shares are equity at allotment, not options; (b) cliff-based repurchase triggers Section 50CA capital gains; (c) buy-back vs transfer election changes the cap-table mechanics. Here is the practitioner take. https://pnassociates.in/insights/dpiit-startup-benefit-stack-2025 https://pnassociates.in/insights/dpiit-startup-benefit-stack-2025 Thu, 20 Nov 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) DPIIT recognition unlocks 14 distinct concessions across tax, regulatory, IPR, procurement and compliance. Most founders use 3-4 and leave the rest on the table. Here is the consolidated stack as it stands in November 2025, with the eligibility and value of each. https://pnassociates.in/insights/csr-trigger-funded-startup-india-2025 https://pnassociates.in/insights/csr-trigger-funded-startup-india-2025 Wed, 19 Nov 2025 00:00:00 GMT Compliance insights@pnassociates.in (Prakash N, FCA — Managing Partner) Section 135 of the Companies Act triggers CSR (₹2 crore + governance) on companies crossing ₹500 cr net worth, ₹1,000 cr turnover, or ₹5 cr net profit in any preceding financial year. For a Series B+ startup that just turned profitable, this lands earlier than founders expect. Here is the test, the structuring, and the relief options. https://pnassociates.in/insights/odi-by-dpiit-startup-overseas-subsidiary-2025 https://pnassociates.in/insights/odi-by-dpiit-startup-overseas-subsidiary-2025 Tue, 18 Nov 2025 00:00:00 GMT FEMA / RBI insights@pnassociates.in (Prakash N, FCA — Managing Partner) Indian companies (including startups) can set up a US Inc, Singapore Pte or Dubai LLC under the automatic route — provided they stay within the net-worth-linked Overseas Direct Investment cap and meet bona-fide business requirements. Post the 2022 rules, the structure options are wider but the documentation is tighter. https://pnassociates.in/insights/gst-lut-saas-export-refund-startup-2025 https://pnassociates.in/insights/gst-lut-saas-export-refund-startup-2025 Mon, 17 Nov 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) Indian SaaS startups exporting subscriptions to overseas customers can ship at 0% GST under a Letter of Undertaking. Or they can pay IGST and claim a refund. Most startups pick the wrong route. Here is the comparison, the documentation, and the refund mechanics that work in practice. https://pnassociates.in/insights/rule-11ua-valuation-post-angel-tax-abolition-2025 https://pnassociates.in/insights/rule-11ua-valuation-post-angel-tax-abolition-2025 Sat, 15 Nov 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Finance Act 2024 abolished Section 56(2)(viib) for all investor classes from FY 2025-26. But Rule 11UA hasn't disappeared — it still controls FEMA pricing on non-resident issuance, ESOP perquisite valuation, share-buyback pricing, and Section 56(2)(x) on receipt below fair value. https://pnassociates.in/insights/sweat-equity-shares-startup-india-2025 https://pnassociates.in/insights/sweat-equity-shares-startup-india-2025 Fri, 14 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) Sweat equity shares — issued to directors or employees for know-how, IP or value addition — have a specific framework under Section 54 of the Companies Act and Rule 8 of the Companies (Share Capital and Debentures) Rules. The 25% / 50% caps, the 1-year lock-in, the perquisite tax, and the relaxations for DPIIT startups. https://pnassociates.in/insights/startup-ecb-3-million-cap-update-2025 https://pnassociates.in/insights/startup-ecb-3-million-cap-update-2025 Thu, 13 Nov 2025 00:00:00 GMT FEMA / RBI insights@pnassociates.in (Prakash N, FCA — Managing Partner) RBI's startup ECB framework allows DPIIT-recognised startups to raise up to USD 3 million per financial year under the automatic route from any recognised lender abroad. The cost-of-borrowing flexibility is real, the operational compliance is light, and the option is genuinely under-used. https://pnassociates.in/insights/sme-ipo-vs-main-board-startup-2025 https://pnassociates.in/insights/sme-ipo-vs-main-board-startup-2025 Wed, 12 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) NSE Emerge and BSE SME have absorbed 280+ listings in calendar 2024-25, often with 50x oversubscription. For a profitable startup at ₹50-150 crore market cap, the SME route is faster, cheaper, and reaches retail demand. Here is the structural comparison. https://pnassociates.in/insights/reverse-flip-singapore-india-tax-cost-2025 https://pnassociates.in/insights/reverse-flip-singapore-india-tax-cost-2025 Mon, 10 Nov 2025 00:00:00 GMT International Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) A wave of Indian-founded companies that flipped to Singapore or Delaware in 2017-2021 is now reversing the structure ahead of IPO. The mechanics — NCLT scheme of arrangement, Pillar Two implications, founder capital gains, FEMA flowback — are now well-trodden. Here is the playbook. https://pnassociates.in/insights/esop-5-year-perquisite-tax-deferral-eligible-startup https://pnassociates.in/insights/esop-5-year-perquisite-tax-deferral-eligible-startup Sat, 08 Nov 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Section 191(2) read with Section 156(2) gives eligible startups a five-year deferral on ESOP perquisite TDS — the employee pays only on the earliest of sale, separation, or end of year 5. The mechanism is sound; the operational compliance is where most founders drop the ball. https://pnassociates.in/insights/imb-80iac-startup-rejection-patterns-2025 https://pnassociates.in/insights/imb-80iac-startup-rejection-patterns-2025 Fri, 07 Nov 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) DPIIT recognition is easy. The Inter-Ministerial Board (IMB) approval for the Section 80-IAC three-year tax holiday is hard — historical approval rates hover around 20-25%. Here is what the IMB actually looks for, and the eight rejection patterns we see most often. https://pnassociates.in/insights/safe-vs-ccd-vs-cn-startup-instruments-india-2025 https://pnassociates.in/insights/safe-vs-ccd-vs-cn-startup-instruments-india-2025 Thu, 06 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) The US-style SAFE does not work in India. CCPS is the gold-standard for institutional rounds. Convertible notes are the fastest. CCDs are the lawyer's compromise. Here is the practitioner's comparison we hand founders before a term-sheet discussion. https://pnassociates.in/insights/convertible-notes-india-startup-2025 https://pnassociates.in/insights/convertible-notes-india-startup-2025 Wed, 05 Nov 2025 00:00:00 GMT Corporate Advisory insights@pnassociates.in (Prakash N, FCA — Managing Partner) The convertible note (CN) framework under the Companies (Acceptance of Deposits) Rules carves a narrow lane for early-stage startups — minimum ₹25 lakh from a single investor, up to 10 years to conversion, only DPIIT-recognised companies. Here is how to use it without tripping the deposit rules. https://pnassociates.in/insights/section-54gb-rollover-into-eligible-startup-2025 https://pnassociates.in/insights/section-54gb-rollover-into-eligible-startup-2025 Tue, 04 Nov 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Section 54GB lets an individual or HUF roll capital gains from sale of a residential house into equity of an eligible startup — and avoid LTCG tax. The 31 March 2025 sunset has been extended to 31 March 2026. Here is the actual mechanism, the traps, and what we tell founders raising friends-and-family rounds. https://pnassociates.in/insights/gst-corporate-guarantee-1-percent-v5 https://pnassociates.in/insights/gst-corporate-guarantee-1-percent-v5 Sat, 25 Oct 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) Back-to-basics revision with practical examples for finance teams. https://pnassociates.in/insights/trc-ppt-substance-test-v29 https://pnassociates.in/insights/trc-ppt-substance-test-v29 Sun, 19 Oct 2025 00:00:00 GMT International Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Back-to-basics revision with practical examples for finance teams. https://pnassociates.in/insights/194i-194ib-rent-tds-split-v53 https://pnassociates.in/insights/194i-194ib-rent-tds-split-v53 Mon, 13 Oct 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Refreshed for current notifications and recent rulings. https://pnassociates.in/insights/it-act-2025-transition-pending-proceedings https://pnassociates.in/insights/it-act-2025-transition-pending-proceedings Wed, 08 Oct 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) The cleanest way to read the 2025 Act is to understand what it does NOT do — it does not disturb pending matters. Assessments in progress, appeals filed, refunds claimed, prosecutions launched — all continue under the 1961 Act. Here is the operational map of the transition. https://pnassociates.in/insights/it-act-2025-trust-charity-section-12-11 https://pnassociates.in/insights/it-act-2025-trust-charity-section-12-11 Sun, 05 Oct 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Sections 11, 12, 12A, 12AB, 13 of the 1961 Act — the framework for charitable and religious trust exemption — is consolidated into Sections 134-145 of the 2025 Act. Registration under 12AB, 80G approval, annual filings, accumulation rules — all preserved. The drafting is finally readable. https://pnassociates.in/insights/50c-56-2x-stamp-duty https://pnassociates.in/insights/50c-56-2x-stamp-duty Sat, 04 Oct 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Seller faces 50C, buyer faces 56(2)(x). 10% safe harbour bridges minor gaps but doesn't immunise structured undervaluation. https://pnassociates.in/insights/it-act-2025-business-income-43b-44ab https://pnassociates.in/insights/it-act-2025-business-income-43b-44ab Thu, 02 Oct 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Section 43B disallowance (including 43B(h) MSME 45-day rule), Section 44AA books-of-account requirement and Section 44AB tax audit threshold (₹1 crore / ₹10 crore digital) — all preserved at renumbered sections under the 2025 Act. Here is the consolidated picture. https://pnassociates.in/insights/it-act-2025-deductions-chapter-via-schedule-vi https://pnassociates.in/insights/it-act-2025-deductions-chapter-via-schedule-vi Mon, 29 Sep 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Chapter VIA of the 1961 Act — the home of every deduction from 80C investments to 80U disability — is consolidated into Schedule VI of the 2025 Act. Each deduction sits in a row with its limit, conditions and eligible assessee. The substance is preserved; the navigation is transformed. https://pnassociates.in/insights/it-act-2025-disputes-dr-c-itat-appeals https://pnassociates.in/insights/it-act-2025-disputes-dr-c-itat-appeals Fri, 26 Sep 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) First-appellate (CIT(A)), DRP for international/TP, Vivad Se Vishwas re-enabling clause, Dispute Resolution Committee for small assessees — the 2025 Act preserves every route and tidies the cross-references. Here is the operational map. https://pnassociates.in/insights/gst-mrp-re-stickering-legal-metrology-2025 https://pnassociates.in/insights/gst-mrp-re-stickering-legal-metrology-2025 Wed, 24 Sep 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) Lowering GST does not automatically lower the printed MRP. Pre-22-Sept inventory in the channel needs revised MRP physically displayed under the Legal Metrology (Packaged Commodities) Rules. Here is the exact compliance path. https://pnassociates.in/insights/it-act-2025-international-tax-gaar-tp https://pnassociates.in/insights/it-act-2025-international-tax-gaar-tp Tue, 23 Sep 2025 00:00:00 GMT International Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Cross-border practitioners had the most to fear from a fresh codification. The good news: GAAR, transfer pricing, DTAA application, DRP, MAP, APA — all carry forward substantively unchanged. The bad news: every cross-reference in your TP documentation needs updating. https://pnassociates.in/insights/gst-textile-apparel-rate-reset-2025 https://pnassociates.in/insights/gst-textile-apparel-rate-reset-2025 Mon, 22 Sep 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) Yarn at 5%, fabric at 5%, garments under ₹2,500 at 5%, garments above ₹2,500 at 18%. After three failed attempts since 2021, GST 2.0 finally aligned the textile chain. Here is what manufacturers and retailers need to do. https://pnassociates.in/insights/gst-renewable-energy-equipment-5-percent https://pnassociates.in/insights/gst-renewable-energy-equipment-5-percent Sun, 21 Sep 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) Solar panels, wind turbine generators, biogas plant components and EV charging equipment all consolidated at 5% on 22 September 2025. A clean simplification — but the rate inversion vs 18% inputs creates a fresh refund workflow for developers. https://pnassociates.in/insights/gst-life-saving-drugs-exempt-2025 https://pnassociates.in/insights/gst-life-saving-drugs-exempt-2025 Sat, 20 Sep 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) The Council exempted 33 specified life-saving drugs entirely and moved the bulk of pharma from 12% to 5%. Medical equipment and diagnostics also dropped. Here is the line-by-line picture for hospitals, pharmacies and patients. https://pnassociates.in/insights/it-act-2025-faceless-statutory-anchor https://pnassociates.in/insights/it-act-2025-faceless-statutory-anchor Sat, 20 Sep 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Faceless schemes lived as CBDT notifications under Section 144B of the 1961 Act — perpetually contestable on natural justice grounds. The 2025 Act anchors faceless assessment, faceless appeal and faceless penalty as substantive statutory provisions. Litigation theatre will shrink. https://pnassociates.in/insights/gst-hotels-restaurants-5-18-election-2025 https://pnassociates.in/insights/gst-hotels-restaurants-5-18-election-2025 Fri, 19 Sep 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) The Council preserved the restaurant regime but tightened the rules. Standalone restaurants stay at 5% without ITC. Hotel restaurants follow the room-tariff rule. And a new 18%-with-ITC option opens up for premium standalone restaurants from FY26. https://pnassociates.in/insights/gst-inverted-duty-refund-recalculation-2025 https://pnassociates.in/insights/gst-inverted-duty-refund-recalculation-2025 Wed, 17 Sep 2025 00:00:00 GMT GST insights@pnassociates.in (Prakash N, FCA — Managing Partner) Several historically-inverted sectors (textiles, footwear, fertilisers) got the inversion corrected. Others (renewable energy parts, EV batteries) had it newly created. Here is how the refund formula under Rule 89(5) plays out across each. https://pnassociates.in/insights/it-act-2025-search-block-assessment https://pnassociates.in/insights/it-act-2025-search-block-assessment Wed, 17 Sep 2025 00:00:00 GMT Direct Tax insights@pnassociates.in (Prakash N, FCA — Managing Partner) Sections 132 / 132A / 153A / 153C / 148 of the 1961 Act — the spaghetti that made search assessments litigation-prone — are streamlined into a single block-assessment framework. Budget 2025's block-assessment revival is the 2025 Act's organising principle.