Description: The Union Budget 2026–27 introduces extensive amendments under the Income-tax Act, 2025 to rationalise taxation, reduce litigation, and simplify compliance. Key proposals include excluding buy-back proceeds from dividend and taxing them as capital gains; reducing MAT rate to 14% while restructuring MAT credit utilisation; lowering tax on unexplained income from 60% to 30% and subsuming related penalties under misreporting provisions;
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Tag: Income Tax Act 2025, TCS ,TDS
Description: The Information was filed under Section 19(1)(a) of the Competition Act, 2002 alleging contravention of Section 4 by a domestic airline on account of abuse of dominant position. The Informant stated that during the first week of December 2025, the airline cancelled hundreds of flights,
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Tag: CCI ,competition act
Description: We invite you to a live, insightful webinar where CA Bikash Bogi, an experienced tax professional, will break down the key income tax amendments proposed in the Union Budget 2026, explaining not just what has changed, but how it affects you in practice.
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Tag: Income Tax Amendments,Union Budget 2026
Description: Industry has recently filed 8th annual return on or before 31st December, 2025. This sphere of GST law has seen many ups and downs in terms of extension of due dates, changes in late fees, amnesty to file pending returns and recently computation of late fees where annual return filed but not reconciliation statement.
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Tag: GST Return
Description: Allahabad High Court held that toll plaza receipts not mandatory for justifying actual physical movement of goods since e-way bill and tax invoice duly produced. Accordingly, order not justified in the eyes of law.
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Tag: Goods And Services Tax, GST
Description: The Income Tax Department, under its risk management framework, has identified specific income tax returns (ITRs) for Assessment Year 2025-26 where refund claims appear potentially ineligible. This initiative, known as the “Nudge” campaign, leverages advanced data analytics to identify discrepancies before the returns are fully processed.
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Tag: Income Tax Refund
Description: A professional body representing tax practitioners submitted a detailed representation to the Union Finance Minister, the Maharashtra Chief Minister, and GST authorities seeking an extension of the due date for filing FORM GSTR-9 and FORM GSTR-9C for FY 2024–25 up to 31 January 2026.
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Tag: GST Notifications ,GSTR 9 ,GSTR 9C
Description: With the GST annual compliance deadline approaching, a newly developed tool streamlines the preparation and reporting of GST returns at the GSTIN level. The tool addresses challenges arising from multiple circulars and recent GSTN FAQs on GSTR 9, which often make it difficult for users to identify the correct reporting tables. Leveraging an intelligent identification system, the tool automatically maps user data to the appropriate tables, reducing errors and manual intervention.
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Tag: Goods And Services Tax, GST, GST Notifications ,GSTR 9
Description: The Securities and Exchange Board of India (SEBI) issued a public caution regarding unregistered Online Bond Platform Providers (OBPPs), noting that some fintech companies and stock brokers are offering such services without the mandatory registration with stock exchanges, as required under SEBI Circular SEBI/HO/DDHS/DDHS-
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Tag: SEBI ,SEBI notifications
Description: The article explains how rebate under Section 87A applies under the old tax regime for FY 2025–26 when a taxpayer has both normal income and special-rate income such as Short-Term Capital Gains (STCG) under Section 111A.
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Tag: SECTION 87A ,Short Term Capital Gain
Description: The Search & Seizure Manual, 2025, issued by the Central Board of Direct Taxes (CBDT), updates the earlier 2007 edition to align with major legislative, technological, & procedural developments in tax administration. It serves as a comprehensive operational guide for officers of the Directorate of Investigation & Central Charges dealing with search, seizure, & post-search processes under Sections 132, 132A & 132B of the Income-tax Act, 1961.
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Tag: income tax search ,search and seizure
Description: This past week saw significant regulatory and judicial activity across multiple sectors, primarily impacting Income Tax, GST, Customs, DGFT, and RBI. In Income Tax, the Delhi High Court ruled that Long Term Capital Gains (LTCG) indexation starts from the Builder Buyer Agreement date, not provisional allotment, and that External Development Charges (EDC) paid to HUDA are not rent, thus not requiring TDS deduction under Section 194-I.
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Tag: GST , goods and service tax
Description: The pre-budget memorandum suggests several reforms across tax administration, litigation, and policy to widen the tax base and streamline direct tax laws. To encourage voluntary compliance, the current practice of mandatorily increasing returned income during scrutiny, which creates a “physiological fear” among taxpayers, should be avoided. Read more at: https://taxguru.in/income-tax/pre-budget-memorandum-union-budget.html Copyright © Taxguru.in
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Tag: Budget .,Budget 2024
Description: The Supreme Court of India dismissed an appeal by the Airports Authority of India (AAI), upholding the levy of service tax on its cargo handling services. The AAI, a government organization, challenged the tax, arguing that services related to the handling of export cargo should be exempt.
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Tag: supreme court judgements
Description: As the September 30, 2025, tax audit deadline approaches, taxpayers and professionals across India are having sleepless nights and are grappling with unprecedented challenges that warrant an urgent extension of the deadline. Additionally, the imposition of interest on defaults in advance tax payments due on September 15, 2025, is causing undue hardships to the tax payers without there being no fault from their side.
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Tag: Income Tax Return, Filing Due Dates ,ITR section 44AB, Tax Audit ,Tax Audit Report
Description: The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular to clarify the GST treatment of secondary or post-sale discounts. The circular addresses three main issues. First, it clarifies that recipients of a supply can avail themselves of the full input tax credit (ITC) even if the supplier issues a financial or commercial credit note for a discount.
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Tag: GST, GST Notifications
Description: ITAT Agra set aside a TDS assessment order for AY 2014-15, holding that a late-night show cause notice with a 1-day deadline violated natural justice. The matter is remitted to the Assessing Officer for fresh adjudication.
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Tag: TDS
Description: The GST & Indirect Taxes Committee of the ICAI has published a set of suggestions aimed at improving the Goods and Services Tax (GST) framework. These recommendations, compiled from inputs provided by Chartered Accountants across the country, address practical issues faced by taxpayers after eight years of GST implementation. The suggestions are categorized into key areas
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Tag: GST ,GST Notifications ,ICAI
Description: Kodandaramaswamy Temple Vs CIT (Exemptions) (ITAT Hyderabad) ITAT Hyderabad: Registration u/s 12AA cannot be denied to ancient temple for non-filing of Trust Deed – Certificate from Endowments Department sufficient evidence
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Tag: 12AA Registration ,
Description: In a sharp and detailed statement, the Indian Ministry of External Affairs (MEA) has refuted recent accusations from the United States and the European Union regarding its continued import of Russian oil. The statement, released on August 4, 2025, comes in the wake of U.S. President Donald Trump’s decision to impose significant new tariffs on Indian goods, a move he linked directly to India’s trade with Russia.
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Tag: Government Policy, India Rebuts U.S. Tariffs
Description: Supreme Court of India has affirmed that life insurance policies are transferable and assignable, dismissing an appeal by LIC of India against Insure Policy Plus Services Pvt. Ltd. Read more at: https://taxguru.in/corporate-law/supreme-court-upholds-life-insurance-policy-transferability.html Copyright © Taxguru.in
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Tag: insurance sector, supreme court judgements
Description: Commissioner of Central Goods And Service Tax & Ors. Vs Karuna Rajendra Ringshia (Supreme Court of India) Supreme Court Upholds Delhi HC: ITC Blocking Under Rule 86A Must Be Backed by Evidence, Arbitrary or “Negative Blocking” Not Allowed!
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Tag: supreme court judgements , gst
Description: The Kerala High Court, in the case of Mathai M.V. v. The Senior Enforcement Officer, ruled that a confiscation order issued under Section 130 of the CGST Act, 2017, is void if the notice to the vehicle owner was not served through statutorily recognized methods.
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Tag: gst, news, judgement
Description: Gujarat High Court has upheld the Income Tax Officer’s (ITO) decision to reopen the assessment of Meghavi Minerals Pvt. Ltd. for the assessment year 2012-13. The court rejected the company’s challenge to the Section 148 notice of the Income Tax Act, 1961, which initiated reassessment proceedings based on information regarding alleged accommodation entries totaling Rs. 1.20 crore.
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Tag: section 147, section 148,
Description: When a recipient inadvertently rejects invoices, debit notes, or ECO-documents on the Invoice Matching System (IMS), and their corresponding GSTR-3B for the same tax period has already been filed, the recipient can still claim Input Tax Credit (ITC). This is done by requesting the supplier to re-report the exact same record in the same return period’s GSTR-1A or the amendment table of a subsequent GSTR-1/IFF.
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Tag: gst
Description: This document details an appeal filed under Section 454(5) of the Companies Act, 2013, by C.A. Dayanidhi Das, an auditor for MPS Distributors Private Limited. The appeal challenged a penalty order dated June 27, 2024, issued by the Registrar of Companies (ROC), West Bengal.
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Tag: Companies Act 2013 ,company law notifications ,Company Law Penalty
Description: Chartered Accountants Association, Surat (CAAS), has written to the Finance Minister expressing significant concerns about the current Goods and Services Tax (GST) regime. The letter highlights a range of issues, including alleged unauthorized access and sale of taxpayer data, prolonged GST registration processes due to arbitrary “high-risk” profiling, and substantial delays in GST refunds, with claims of unofficial “packages” for expedited processing. Read more at: https://taxguru.in/chartered-accountant/alms-and-apathy-under-gst-regime.html Copyright © Taxguru.in
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Tag: GST , goods and service tax
Description: The following basic criteria is to be fulfilled by the audit firms for conducting concurrent audit. – The firm should be selected from RBI panel of auditors; – The Audit firm should possess a minimum of 2 years’ experience in Bank audit; However, preference shall be given to Read more at: https://taxguru.in/chartered-accountant/online-empanelment-indian-overseas-bank-concurrent-audit.html Copyright © Taxguru.in
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Tag: chartered accountants, Empanelment
Description: Goods and Services Tax Network (GSTN) has announced that Table 3.2 of Form GSTR-3B will remain editable for the time being. This decision follows representations and grievances received from taxpayers regarding an earlier advisory issued on April 11, 2025,
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Tag: GSTN
Description: Businesses finalizing their annual accounts must reconcile accounting records with GST compliance to avoid tax demands, penalties, and credit denials. Key reconciliations include sales, input tax credit (ITC), GST ledgers, and reverse charge mechanism (RCM). Sales reconciliation involves verifying sales reported in books with GSTR 1 and 3B, reviewing invoices, and ensuring correct place of supply.
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Tag: GST
Description: The Supreme Court of India addressed an appeal by Andaman Timber Industries against an order by the Customs, Excise and Service Tax Appellate Tribunal (Tribunal). The dispute arose from a Show Cause Notice issued by the Central Excise department regarding the valuation of plywood and related products manufactured by the appellant at their factory in South Andamans.
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Tag: Excise Duty, supreme court judgements,
Description: On April 15, 2025, the Institute of Company Secretaries of India (ICSI), a statutory body under the Ministry of Corporate Affairs, issued an advisory cautioning students against the unauthorized use of the ‘CS’ prefix before their names Read more at: https://taxguru.in/company-law/advisory-misuse-cs-prefix-icsi-students.html Copyright © Taxguru.in
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Tag: Company Secretaries
Description: Every company limited by shares issues shares and share certificates to its shareholders. A share certificate is prima facie evidence of the title of shares in the company. The share certificate issued under the common seal is evidence to the world that the title of shares belongs to the member named on it, but it is not a warranty of title by the company issuing it.
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Tag: Companies Act 2013
Description: CBDT has introduced amendments to the Income-tax Rules, 1962, through Notification No. 23/2025, effective April 1, 2025. Key changes include modifications to Form 3CD, used for tax audits, with the addition of Section 44BBC and removal of deductions under Sections 32AC, 32AD, 35AC, and 35CCB. Read more at: https://taxguru.in/income-tax/cbdt-amends-form-3cd-adds-section-44bbc-removes-32ac-32ad-35ac-35ccb.html Copyright © Taxguru.in
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Tag: CBDT ,
Description: Last month, the Income Tax Department raised concerns regarding deductions under section 80G for donations. And yesterday, on Sunday, many individuals received intimations to verify the claim of exemptions for house rent allowance (‘HRA’).
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Tag: Section 194IB, TDS
Description: Section 107 of the Central Goods and Services Tax (CGST) Act, 2017, governs the filing of appeals against orders passed by adjudicating authorities. Section 107(1) grants an aggrieved person “Three months” from the date of communication of the order to file an appeal, while Section 107(4) allows the Appellate Authority to condone a delay of “one month” if sufficient cause is shown.
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Tag: Goods And Services Tax, GST
Description: As we all know, the government by finance act introduced this “new tax system” for making tax filing easier and in this it reduced tax rates as well as tax slabs, but on darker side it also removed many tax benefits that people used before like section 80C, HRA etc.
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Tag: New Tax Regime, Section 80C, Tax Planning
Description: The Supreme Court of India has ruled that procedural safeguards under the Code of Criminal Procedure (CrPC), now the Bharatiya Nagarik Suraksha Sanhita (BNSS), must be followed in arrests made under the Goods and Services Tax (GST) and Customs Acts. The three-judge bench, comprising Chief Justice Sanjiv Khanna and Justices M. Read more at: https://taxguru.in/goods-and-service-tax/sc-clarifies-arrest-rules-gst-customs-acts.html Copyright © Taxguru.in
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Tag: GST ,supreme court judgement
Description: Circular No. 3/2025 issued by the Central Board of Direct Taxes (CBDT) provides guidance on income tax deduction from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2024-25. It incorporates amendments from the Finance Acts of 2023 and 2024, highlighting key changes such as the inclusion of Agniveer Corpus Fund contributions in “salary” under Section 17(1) and revised provisions for perquisites under Section 17(2).
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Tag: income Tax Notifications, perquisites in salary ,salary income ,TDS tds on salary
Description: The Income Tax Department has embraced the Faceless Assessment System to bring transparency and efficiency. However, it has also led to critical challenges and complexities for taxpayers and professionals.
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Tag: income tax act 1961 , Webinar
Description: Conveyance refers to the legal transfer of land and building ownership from the developer to the housing society. As per Section 11 of the Maharashtra Ownership Flats Act (MOFA), 1963, developers must execute conveyance within four months of society registration. Without conveyance, societies lack complete ownership, limiting redevelopment rights and exposing them to risks like unauthorized sales or mortgages by builders. Read more at: https://taxguru.in/corporate-law/conveyance-deemed-conveyance-housing-societies.html Copyright © Taxguru.in
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Tag: RERA
Description: In the Union Budget 2025-26, the government proposed significant changes to the income tax regime, aiming to provide relief to the middle class and stimulate consumption. Under the new tax regime, there will be no income tax on annual earnings up to Rs. 12 lakh, with an additional Rs. 75,000 standard deduction for salaried taxpayers, raising the limit to Rs. 12.75 lakh.
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Tag: Budget ,Budget 2025, income tax rate chart, New Tax Regime
Description: India has undergone several significant changes in its taxation policies in recent years, aiming to create a more conducive environment for economic growth and investor confidence. One major area which needs rationalisation is the taxation of dividends for resident shareholders.
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Tag: Budget 2025, Dividend, Dividend Distribution Tax
Description: As we know, DA (Dearness Allowance) is paid as a certain percentage of basis pay. For example if the Basic Salary of an employee is Rs 50,000 per month and DA rate is 30% then he will get DA of Rs 15,000 per month in addition to Basic salary and other applicable allowances (like House Rent Allowances etc).
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Tag: Government Policy
Description: Brunda Infra Pvt. Limited and Others. Vs Additional Commissioner of Central Tax (Telangana High Court) In this batch of writ petitions, the petitioners have called in question the legality, validity and propriety of notification Nos.13/2022, dated 05.07.2022, 9 and 56/2023, dated 31.03.2023 and 28.12.2023, respectively. The pari materia/ corresponding notification Nos.118/2023, dated 25.08.2023 and 170/2023, dated 17.12.2023 issued by State of Telangana are also subject matter of challenge. These notifications are admittedly issued in purported exercise of power under Section 168A of The Central Goods and Services Tax Act, 2017 (for short, ‘the GST Act’).
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Tag: Goods And Services Tax, GST
Description: The Supreme Court of India recently ruled in the case Dwarika Prasad (D) THR. LRs. Vs Prithvi Raj Singh, addressing the issue of a party suffering due to their advocate’s negligence. The case originated from a civil suit where the appellant, Dwarika Prasad, had his sale deed declared void in 1994 due to an ex parte judgment passed when he was not represented in court.
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Tag: supreme court judgements
Description: A Public Interest Litigation (PIL) has been filed under Article 32 to challenge the constitutionality of the Tax Deducted at Source (TDS) system. The petitioner argues that TDS imposes unreasonable administrative and financial burdens on deductors, who must navigate complex procedures without adequate compensation or training.
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Tag: TDS
Description: Karnataka State Chartered Accountants Association (KSCAA) has submitted suggestions and raised concerns regarding the Direct Tax Vivad Se Vishwas Scheme 2024 (VSVS) to the Central Board of Direct Taxes (CBDT). Key issues include the eligibility of taxpayers with pending appeals before the “specified date,” challenges related to remanded cases and ex-parte appeals, and the impact of high tax rates on the viability of settlements. KSCAA recommends clarifications on the scheme’s applicability, including for belated appeals, rectification applications, and additional grounds filed before the specified date.
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Tag: CBDT ,chartered accountants, Vivad se Vishwas Scheme
Description: Income tax compliance may proof to be a compliance burden for senior citizens who are in the later stages of their lives i.e. more than age of 75 years. Acknowledging the same, The government of India have provided with the various relief measures in Finance Act, 2021 for senior citizens, which also included the exemption from filing income tax returns (but there are some specific conditions for the same). Read more at: https://taxguru.in/income-tax/senior-citizens-exempt-filing-itr-analysis.html Copyright © Taxguru.in
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Tag: ITR , senior citizens , news
Description: On 25 November 2024, the National Financial Reporting Authority (NFRA) finalized and recommended 40 Standards on Auditing (SAs) and related Standards on Quality Management (SQMs) to the Central Government under Section 34A of the LLP (Amendment) Act 2021. These standards, initially finalized for company audits in the NFRA’s 18th Meeting, will now apply to audits of Limited Liability Partnerships (LLPs) on a mutatis mutandis basis.
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Tag: ICAI, LLP, NFRA