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Starting April 1, 2025, new financial rules will introduce changes to GST, income tax, and banking. Below are the complete details. New Feature to Strengthen GST Security The Goods and Services Tax (GST) structure will undergo updated modifications, and the new security feature, Multi-Factor Authentication (MFA), will become mandatory for taxpayers accessing the GST portal. […]
Circular No. 05/2025 has been issued by the Central Board of Direct Taxes (CBDT) to provide relief to taxpayers facing charges under Section 201(1A)(ii) and Section 206C(7) of the Income-tax Act, 1961. The circular allows for an exemption from interest on late payments of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) that resulted […]
Union Finance Minister Nirmala Sitharaman stated that a proposal to reduce the GST on agricultural equipment and inputs is currently being reviewed by a Group of Ministers (GoM). Sitharaman answering the queries on the Finance Bill, 2025 mentioned that a proposal to reduce the GST on farm inputs, including tractors, drip irrigation systems, fertilisers, and pesticides, to […]
The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 dated March 25, 2025, amending the Income-tax Rules, 1962. The Income-tax (Sixth Amendment) Rules, 2025, introduce modifications impacting transfer pricing, electric vehicles, and assessment years. Latest Update The IT Notification 124/2024 regarding the application for the Safe Harbour option under Section 9(1)(i), Profits […]
The Raipur Bench of the ITAT has partly removed an addition of Rs. 11,00,000 made on account of cash deposits at the time of the demonetization period, carrying that Rs. 3.5 lakh can be reasonably attributed to household savings, in line with CBDT Instruction No. 03/2017. The taxpayer Sunita Sherwani e-filed the income tax return […]
The Central Board of Direct Taxes (CBDT) has invited public input on the new Income Tax Bill, 2025, via a utility. The bill was introduced in Parliament on February 13 and is currently under review by a select committee. Under the process of consultation, the board has launched an online portal where the stakeholders can […]
The Madras High Court ruled that uploading notices only on the GST portal is not sufficient service while granting relief to a taxpayer who was unaware of the proceedings against him. The applicant Chokalingam Srinivasan, was running a business of undertaking works contract services and was registered under the Goods and Services Tax Act, 2017(GST […]
In recent months, the Central Goods and Services Tax (CGST) officials have scrutinized more than 2 dozen textile manufacturing companies in the nation concerning misclassifying textile processing activities and subsequently paying lesser tax. As per the officials, the CGST department has noted that various textile manufacturers are recording activities that involve ‘changing the nature of […]
Various significant changes have been announced by the Centre in the Budget related to tax, particularly to make TDS and TCS more straightforward. From April 1, 2025, these changes aim to simplify tax compliance for common taxpayers and traders and eliminate unnecessary complexities. Such an amendment will ensure that taxpayers do not suffer the issues […]
