Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (under Section 44AB) and due date for filing corresponding Income Tax Return (ITR).
BCAS requests extension of GSTR-3B filing and payment deadline for Sep 2025, arguing the original date of Oct 20 coincides with Diwali, creating compliance difficulties.
Summary of mandatory financial record-keeping periods under the Income Tax Act, GST Law (72 months), and Companies Act (8 years) to avoid penalties and ensure compliance.
Summary of GST Rule 88A and Section 49 governing ITC utilization. Explains the mandatory order of set-off and the strategic use of IGST credit to reduce cash payment.
New GST rate notifications (09/2025 & 10/2025) exempt uncoated paper used solely for notebooks/exercise books, but not other uses. This end-use-based exemption creates significant compliance risk for manufacturers and traders, as the burden of proving downstream use falls on the supplier, requiring stringent documentation and potentially impacting Input Tax Credit (ITC).
CBDT Circular 13/2025 addresses tax demands after ITR processing due to Section 87A rebate denial on special rate income. Interest waived if paid by Dec 31, 2025.
Interest under Section 234B cannot be levied on Section 115BBE-assessed income for resident senior citizens exempt from advance tax, as per ITAT and CBDT guidance.
ITAT Jaipur ruled that reassessment under Section 148 based solely on Investigation Wing’s report without independent verification is invalid and void ab initio.
Key regulatory updates: GST advisory, SC rulings on adjournments/confiscation, Customs tariff value fixation, REEIMS import mandate, SEBI Block Deal revision, and RBI’s ECL framework drafts.
Pre-Budget 2026 suggestions for widening the tax base, reducing litigation with 30-day resolution limits, rationalizing to a single tax regime, and improving tax administration.
