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The Central Board of Direct Taxes (CBDT) has issued Notification No. 40/2025, dated April 29, 2025, which announces the Income-tax (Twelfth Amendment) Rules, 2025. These modifications to the Income-tax Rules of 1962 will take effect on April 1, 2025. The modifications will affect the Income Tax Return (ITR) filing for the Assessment Year 2025-26. Top […]
As per officials, 25,009 fake firms have been detected by the Central and state GST officers who are fraudulently passing input tax credit (ITC) worth ₹61,545 crore during the assessment year 2025-26. During the A.Y. 2025–26, ending March 2025, central and state GST officers recovered ₹1,924 crore by blocking ITC and arrested 168 individuals. 42,140 fake firms […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) in a ruling has partly permitted the pleas for multiple assessment years by keeping that where the income is assessed on an estimated basis, separate disallowances like those u/s 40A(3) are unsustainable. The taxpayer, Nishant Jain, a civil contractor working in government infrastructure projects, had […]
The Rajasthan High Court has overturned the prosecution under the Income Tax Act of 1961 against the applicant’s company, which is engaged in e-commerce transactions. The delay faced by prominent companies like Amazon, Naaptol, and eBay in submitting their bills led to the applicant being nearly 10 months late in filing the deducted TDS. It […]
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. […]
The Karnataka High Court, citing norms on Input Tax Credit (ITC), stated that if a taxpayer makes a claim for ITC during reassessment proceedings, it cannot be disallowed merely because the claim is not beneficial to the state exchequer. It was noted by the division bench of Justices Krishna S Dixit and G. Basavaraja that […]
The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) restored the case, remarking that the Commissioner of Income Tax (Appeals) [CIT(A)] failed to decide the immunity application concerning the penalty on its merits. The taxpayer, The Cardamon Planters Marketing Co-op Society Ltd., filed an income tax return for the Assessment Year (AY) 2018-19 dated […]
The Kerala State GST Department has sought the government departments, agencies, and local self-government departments to consider the amendments in GST-TDS return filing w.e.f April 1, 2025. Particular amendments would be made in the monthly TDS Return GSTR-7 Table-3 under Rule 37 of Central Goods and Services Tax (Amendment) Rules, 2024. As part of the […]
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has cited that two or more bills of entry or shipping bills cannot be taken together and evaluated. “Two or more Bills of Entry or Shipping Bills cannot be taken together and assessed. The only exception made in the law is the […]
