Date: September 19, 2025 Issued by: Accounting Standards Board, The Institute of Chartered Accountants of India (ICAI) The Institute of Chartered Accountants of India (ICAI) has announced a significant update regarding the Guidance Note on Financial Statements of Non-Corporate Entities …
Introduction The Income Tax Appellate Tribunal (ITAT), Delhi Bench, in its order dated 9 September 2025, delivered an important ruling on the availability of capital gains exemption under Section 54F of the Income-tax Act, 1961 to a private trust. The Tribunal held that where …
📌 Introduction A tax audit is a compulsory examination of accounts of a business or profession carried out under Section 44AB of the Income Tax Act, 1961. For small businesses, tax audits ensure accuracy in reporting income, expenses, and compliance with various …
Introduction The Karnataka High Court in the case of DCIT v. Biesse India Pvt. Ltd. (WA No.1619 of 2024, decided on 5 August 2025) dealt with the issue of delay in passing an order giving effect (OGE) to an Income Tax Appellate …
Introduction Tax audit under section 44AB of the Income-tax Act, 1961 is a critical compliance requirement for businesses and professionals crossing prescribed turnover or gross receipt limits. Every year, the Central Board of Direct Taxes (CBDT) notifies due dates and …
Introduction With effect from 1 April 2024, the Institute of Chartered Accountants of India (ICAI) has issued a revised Guidance Note on Financial Statements of Non-Corporate Entities. The new framework prescribes fresh disclosure formats and compliance requirements for proprietorships, partnerships, LLPs, and …
Introduction On 14 August 2025, the Bombay High Court delivered its judgment in the case of Narendra I. Bhuva (Legal Heirs) v. ACIT, Circle 13(1), Mumbai concerning the taxability of gains arising from the sale of a vintage car. While dismissing the main appeal and …
Introduction The due date for filing the tax audit report under Section 44AB for Assessment Year 2025-26 (Financial Year 2024-25) is currently 30 September 2025. While the Income Tax Department has already extended the ITR filing deadline for non-audit cases to …
Introduction When it comes to income tax filing in India, Non-Resident Indians (NRIs) often face confusion regarding refunds on short-term capital gains (STCG). Many assume that if their total income, including STCG, falls below the basic exemption limit, they can …
Introduction The Income Tax Return (ITR) filing deadline is one of the most critical dates for taxpayers in India. With millions of individuals and businesses required to submit their returns, any change or extension in the due date creates significant …
Introduction The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted to provide a time-bound framework for resolution of distressed companies and to ensure certainty for resolution applicants by giving them a “clean slate.” A recurring issue, however, has been the …
Introduction The treatment of life membership fees received by professional bodies, trusts, and charitable institutions has long been a contentious issue in income-tax law. The central question revolves around whether such one-time, non-recurring receipts should be classified as revenue income chargeable in the year …
The Goods and Services Tax (GST) Council has recently introduced a landmark change in compliance requirements concerning credit notes and invoices. This significant reform removes the long-standing requirement to link every credit note with a specific invoice number. The move …
The recent decision to exempt retail life and health insurance premiums from Goods and Services Tax (GST) has sparked interest among policyholders across India. On the surface, it looks like a huge win for consumers—after all, insurance premiums earlier attracted …
The Goods and Services Tax Network (GSTN) has issued an important advisory for taxpayers across India, reminding them to file all pending GST returns before the three-year expiry period mandated by the Finance Act, 2023. This development is critical for …
Introduction A corporate guarantee is a common financial arrangement wherein one company undertakes to discharge the debt or obligation of another, typically in favor of banks or financial institutions. In the context of group companies, it is often the parent …
Introduction The Andhra Pradesh High Court examined whether absence of a Document Identification Number (DIN) in departmental orders automatically invalidates such orders or whether they continue to hold enforceability until judicially set aside. The Court clarified the legal effect of …
The Karnataka High Court, on September 8, 2025, issued notice to the Union government on a second petition challenging the constitutionality of the newly enacted Promotion and Regulation of Online Gaming Act, 2025. The Act, which bans all real-money online games …
Introduction The Orissa High Court in its judgment dated 11 August 2025 in Reliable Security and Intelligence Services (Orissa) (P.) Ltd. v. NFAC addressed the scope of powers of the Assessing Officer under Section 245 of the Income-tax Act, 1961. The dispute arose when the …
Introduction The Madras High Court in P.N. Traders vs. Deputy State Tax Officer (W.P.(MD) No.21356 of 2025, decided on 12 August 2025) examined the validity of service of notice under the GST regime when a business has already ceased operations. The petitioner …