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The revised Form ITR-U under Notification No. 49/2025, published in the Official Gazette, has been notified under the Central Board of Direct Taxes (CBDT). The new form replaces the earlier version of ITR-U found in Appendix II of the Income-tax Rules, 1962. The updated Income tax return form, applicable u/s 139(8A) of the Income-tax Act, […]
The central government, on May 15, 2025, approved 187 startups for income tax exemption. A 100% income tax deduction on profits is allowed for eligible startups for any three consecutive years within a ten-year period from the date of incorporation. The income tax benefit scheme is made to assist emerging businesses in their initial years, […]
The taxpayer’s consultancy services to the foreign university/foreign group entity do not fall under the category of “intermediary services”, and the taxpayer is qualified for the advantage of “export of services,” New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). The Bench of Binu Tamta (Judicial Member) and (Technical Member) has said […]
CBDT has asked income tax officials to track advance taxpayers and identify fake claims of exemptions and deductions in order to improve direct tax collections in the current fiscal year. The central action plan (CAP) for 2025-26 has been issued via the Central Board of Direct Taxes, the policy-making body for the department, which guides […]
The appeal filed by the Income Tax Department against Intime Vanijya Private Limited has been dismissed by the Income Tax Appellate Tribunal (ITAT), Kolkata bench, stating that the disputed tax amount of ₹7.97 lakh is below the ₹60 lakh threshold specified in CBDT Circular No. 09/2024. In the case of AY 2013-14, in which the […]
The Orissa High Court reminded tax authorities not to harass practising lawyers with notices regarding GST and service tax levies. Consequently, Chief Justice Harish Tandon and Justice B.P. Routray set aside the notices issued to a Bhubaneswar-based lawyer, which demanded service tax of ₹2,14,600 along with a penalty of ₹2,34,600 and applicable interest. It noted […]
The Delhi High Court has directed the GST (Goods and Services Tax) department not to prejudice the taxpayer’s business, which is engaged in the manufacturing of mild steel products, by attaching its entire bank account pending adjudication of ₹15.09 crores in tax evasion proceedings. It was noted by the division bench of Justices Prathiba M. […]
The Gujarat High Court handled a case in which the applicant, Ujala Dyeing and Printing Mills Private Limited, made an error in its income tax return filed on September 24, 2018, while claiming a tax refund of ₹38,08,115. In column 23, the applicant has incorrectly revealed the disallowable expenses rather than the wrong columns 15 […]
As per Notification No. 38/2025 issued by the CBDT, companies cannot claim tax deductions for money spent on settling cases involving violations of key financial and competition laws. According to the CBDT, expenses incurred to resolve proceedings under four specific laws will not be considered business expenses. Such statutes are: the Securities and Exchange Board […]
