RBI kept the repo rate at 5.50% in the Oct 2025 policy. GDP growth is projected at 6.8%, and inflation at 2.6%. New rules for credit loss, capital risk, and lending.
ITAT allows employee TDS credit of Rs. 13.14 Lakh despite employer Dunzo’s deposit failure. Salary slips are sufficient proof; denial for employer’s default is rejected.
ITAT Delhi ruled that a diary alleged to show undisclosed income cannot sustain a Rs. 27 crore addition, as it was not seized, lacked corroboration, and mere voluntary surrender by the assessee is insufficient for assessment.
Tribunal held that interconnected flats forming a single residence count as “one house” for Section 54F exemption and quashed PCIT’s revision, ruling that AO’s detailed enquiry could not be overturned.
The Gujarat High Court has issued notice to the Union of India, demanding an explanation for not extending the Income Tax Return (ITR) filing due date under Section after extending the Tax Audit Report deadline under Section to October . The court relied on its previous ruling in the All Gujarat Federation of Tax Consultants case, which established that the two dates are inextricably linked and must be the same.
The CBDT extended the Tax Audit deadline to Oct 31, 2025. GST Appellate Tribunal (GSTAT) was launched, and RBI mandated two-factor authentication for all digital payments.
Understand how Section 54/54F applies to long-term capital gains when demolishing and reconstructing a house, with key rulings and compliance tips.
Excessive tax deductions trigger audits when claims are disproportionate to income, lack documentation, or mismatch AIS data. Taxpayers face scrutiny if claims are inflated.
Missing the ITR due date u/s 139(1) mandates the use of the new tax regime, as the option to choose the old regime or file Form 10−IEA is lost.
Construction was funded through borrowed money, and assessee sought to utilize the account funds to repay the debt. However, Department denied the request to close the account and release funds citing incomplete construction, use of borrowed funds, non-filing of returns for the relevant assessment years, and non-compliance with Section 54F conditions.
