The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench, in its decision dated 3 September 2025, examined whether an addition under Section 69 of the Income-tax Act, 1961 could be sustained in respect of a land transaction where the registered sale deed was subsequently cancelled, …
The Calcutta High Court in the case of Dinesh Biswas v. State of West Bengal & Ors. (WPA No. 1737 of 2025, decided on 2 September 2025) examined the legality of cancellation of GST registration on account of non-filing of returns. The …
The Finance Bill 2025 and the subsequent Budget changes have introduced important revisions in how capital gains are taxed in India. For investors and taxpayers, these updates impact not only how gains and losses are reported but also how portfolios …
The Allahabad High Court, in the case of Khurja Scrap Trading Company vs. Additional Commissioner Grade-2 (Appeal) & Another (decided on 29 August 2025), examined the validity of initiating proceedings under Section 74 of the CGST Act. The petitioner had availed Input Tax Credit …
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) recently delivered an important ruling in the case of Smt. Sushama Rajesh Rao v. DCIT (ITA No. 49/Bang/2023, order dated 18 August 2025). The dispute centered on whether capital gains arising from …
The government has rolled out important relaxations linked to GST rate revisions effective from September 22, 2025. These changes aim to simplify compliance for businesses, reduce costs, and make it easier to communicate revised prices to consumers. Here’s a quick …
The Pension Fund Regulatory and Development Authority (PFRDA) has released a draft proposal seeking to overhaul the exit and withdrawal framework of the National Pension System (NPS), inviting public comments by October 17, 2025. The proposed amendments aim to provide greater flexibility, liquidity, and choice to …
In a major move to strengthen India’s economy and provide relief to the common man, Finance Minister Nirmala Sitharaman has announced significant GST rate cuts and rationalization measures. These reforms are expected to not only reduce the tax burden on households but also …
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 …