New Income Tax Scrutiny Rules: AI & Data Analytics to Detect Mismatches in Income and Lifestyle

The Income Tax Department has introduced a more stringent scrutiny framework for FY 2025-26, powered by AI and advanced data analytics. From high-value transactions to undisclosed incomes, the tax authorities are leaving no stone unturned in identifying suspicious cases. Experts warn …

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Why ITR-2 and ITR-3 Utilities Are Delayed for FY 2024-25: Here’s What Taxpayers Need to Know

As the income tax return (ITR) filing season for Assessment Year 2025-26 progresses, many taxpayers are facing uncertainty due to the delayed release of utilities for ITR-2 and ITR-3 forms. While the Excel and JSON utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) …

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CBIC Clarifies Appeal and Review Process for GST Orders by Common Adjudicating Authorities

In a significant development for India’s GST framework, the Central Board of Indirect Taxes and Customs (CBIC) has issued clear guidelines on the appeal, review, and revision process for Orders-in-Original (O-I-Os) passed by Common Adjudicating Authorities (CAAs) in cases investigated by the Directorate General of GST …

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Delhi: Advocate, Associate Arrested for Running Fake GST Firms and Issuing Bogus Bills

Advocate, Associate Arrested for Running Fake GST Firms and Issuing Bogus Bills New Delhi, June 2025: In a major crackdown on GST fraud, the Delhi Police have arrested two individuals, including an advocate, for allegedly operating a racket of fake GST-registered …

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Crypto Tax Crackdown: Income Tax Department Targets Non-Filers of Virtual Digital Assets (VDAs)

The Indian Income Tax Department (ITD) has intensified its crackdown on undisclosed cryptocurrency income, sending out notices to thousands of investors who failed to report earnings from Virtual Digital Assets (VDAs) such as cryptocurrencies and NFTs. With the implementation of …

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RBI’s New Gold Loan Draft Guidelines: Key Rules, Exemptions for Small

The Reserve Bank of India (RBI) has released new draft guidelines to regulate gold loans amid a sharp rise in gold prices and growing non-performing assets (NPAs) in this segment. The central bank aims to improve transparency, reduce risks, and protect …

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RBI Plans Uniform Interest Rate Guidelines for NBFCs to Enhance Transparency and Monetary Policy Transmission

The Reserve Bank of India (RBI) is set to introduce a unified interest rate framework for Non-Banking Financial Companies (NBFCs), aligning them more closely with the norms followed by banks. This move aims to improve the transmission of monetary policy …

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ITR Filing for AY 2025–26: Why Reconciling GST and Income Tax Data is Now More Crucial Than Ever

As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …

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The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26: Get Details Here

The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …

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NBFCs, Banks Agree on 18% GST for Co-Lending Charges as RBI Pushes Model Expansion

In a major development for the financial sector, non-banking financial companies (NBFCs) and banks have reached a consensus to levy 18% Goods and Services Tax (GST) on service charges arising from co-lending arrangements. This GST will likely apply to 0.5%–1% of the total …

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Finance Minister Meets India Inc to Discuss GST 2.0 Reforms: Push for Simplified Tax Structure Gains Momentum

In a significant move towards tax reform, Finance Minister Nirmala Sitharaman is scheduled to meet representatives from India Inc on May 27 to deliberate on the upcoming GST 2.0 reforms. The high-level meeting aims to accelerate efforts to streamline the Goods and Services Tax …

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CBDT Prepares for Implementation of New Income Tax Bill with Workforce Training and Outreach Plans

The Central Board of Direct Taxes (CBDT) is proactively gearing up for the rollout of the new Income Tax Bill, which is currently under review by a Parliamentary Select Committee. The bill, expected to be cleared during the Monsoon Session of Parliament, aims to simplify …

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Solapur-Based Lawyer Arrested in Rs. 100 Crore Fake GST Invoice Scam: Major Crackdown by DGGI

Solapur, Maharashtra (India): In a significant breakthrough in the fight against GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested a Solapur-based lawyer, Sajid Ahmed Sheikh, for orchestrating a large-scale fake GST invoice scam worth over Rs. 100 crore. This high-profile case has …

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World Bank: General Sales Tax a Major Driver of Rising Poverty in Pakistan

A recent World Bank study has revealed that Pakistan’s General Sales Tax (GST) is the largest marginal contributor to the country’s increasing poverty levels. The report, titled “The Effects of Taxes and Transfers on Inequality and Poverty in Pakistan”, underscores how …

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Street Food Vendors and Informal Businesses to Come Under GST: Government Launches Nationwide Drive

In a major move toward formalizing India’s vast informal economy, the Government of India has launched a nationwide campaign to bring street food vendors, local shops, and other small-scale businesses under the Goods and Services Tax (GST) regime. Government Pushes …

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All ITR Forms Released for AY 2025-26, But Return Filing Still on Hold – Here’s Why

The Income Tax Department has officially notified all seven Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26. However, taxpayers are currently unable to file their returns as the corresponding e-filing utilities have not yet been made available on …

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GST Council Meeting Likely Soon: Focus on Rate Rationalisation and Compensation Cess

The upcoming GST Council meeting, expected to take place in New Delhi, is set to address significant issues such as GST rate rationalisation and the future of the compensation cess, according to top government sources. The meeting, anticipated in the coming weeks, is …

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GST Advisory: Mandatory Payment Voucher Reporting for RCM Transactions from May 2025 Onwards

The Goods and Services Tax Network (GSTN) has recently issued a crucial advisory highlighting mandatory reporting of payment voucher details in GSTR-1, effective from the return period of May 2025. This update brings renewed focus on Reverse Charge Mechanism (RCM) compliance and the …

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