The week of February 10-16, 2025, saw several updates in the Income Tax and GST sectors. The amendment to section 200(3) of the Income Tax Act limits correction statements to those filed within six years from the financial year in which they are due, with a deadline of March 31, 2025, for Financial Years 2007-08 to 2018-19. Additionally, taxpayers can file ITR U for AY 2022-23 to 2024-25, with a final deadline for AY 2022-23 on March 31, 2025. In other news, the Central Government approved Bhaikaka University for scientific research tax benefits under section 35 of the Income Tax Act. A notification also granted tax exemptions to the Real Estate Regulatory Authority of Punjab. On the GST front, updates included an advisory for the GST registration process and the introduction of Form ENR-03 for enrolling unregistered dealers in the e-Way Bill portal. Taxpayers were also reminded that they can opt for the Composition Scheme for FY 2025-26 from February 4 to March 31, 2025. Further, the Central Board of Indirect Taxes and Customs issued a notification bringing several CGST rules into effect and clarified GST rates and classification of goods based on the 55th GST Council meeting.
WEEKLY ROUND UP (10.02.2025 TO 16.02.2025)
- E-FILING SITE INCOME TAX
10/02/2025:-
News and Updates:
1. As per amendment in section 200(3) of the Income-tax Act vide FINANCE (No.2) ACT,2024, no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in sub-section (3) is required to be delivered. In view of the above, correction statements pertaining to Financial Year 2007-08 to 2018-19 shall be accepted only upto 31st March 2025. Deductors/Collectors and other Stakeholders may kindly take note.
2. You can still file ITR U for AY 2022-23, 2023-24 and 2024-25. However, the last date to file ITR U AY 2022-23 is 31st March 2025.
- CENTRAL BOARD OF DIRECT TAXES
10/02/2025:-
Notification 15/2025 issued, the Central Government hereby approves ‘Bhaikaka University’ Anand, Gujarat (PAN: AAGAB9280N) for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
12/02/2025:-
Notification 16/2025 issued, In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as “the Income-tax Act”), the Central Government hereby notifies the Real Estate Regulatory Authority, Punjab (PAN: AAAJR1281N) (hereinafter referred to as “the assessee”), an authority constituted under The Real Estate (Regulation and Development) Act, 2016 (No. 16 of 2016), for the purposes of the said clause.
- GOODS AND SERVICE TAX
12/02/2025:-
Advisory for GST Registration Process (Rule 8 of CGST Rules, 2017)
15/02/2025:-
Taxpayers can opt for the Composition Scheme for FY 2025-26 via GST Portal (‘Services -> Registration -> Application to Opt for Composition Levy’) from February 4 to March 31, 2025, by filing Form CMP-02
- CENTRAL BOARD OF INDIRECT TAXES AND CUSTOM
11/02/2025:-
Notification 09/2025 issued Central Taxes issued for Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to force.
14/02/2025:-
Circular no. 247/04/2025 issued, Clarification regarding GST rates & classification of goods based on recommendations of GST council 55th meeting.
Author Bio
