Updated Returns: A Second Chance That Costs Extra (But Saves You More)

Retraction of statement recorded during Income Tax Search Proceedings: An Overview of Legal Provision

GST Advisory on Case Sensitivity in IRN Generation

Permanent Registration of the Trust – Quoting a wrong provision cannot be held to be fatal & well-deserved beneficial provision need to be extended: ITAT Nagpur

Error in claiming GST- ITC: Supreme Court directed CBIC to revisit rules to fix errors in GST filing due to Human Error

Compliance Calendar for April’2025

ITAT allowed capital gain exemption u/s 54F – Where father died intestate, inherited property devolved equally on mother and son

Deductors / collectors may get interest waiver if TDS/TCS amount debited from the bank account but not credited to the Government Treasury due to technical glitches

Section 254(1) & Rule 11 of the ITAT Rules: ITAT has power to admit any ground or issue not taken by either of the parties earlier in Appeal

Separate reporting of settlement related expenses in Form 3CD:

ITAT quashed order under section 263 as CIT could not pinpoint any seized material relating to the issues on which revisionary directions is exercised

Tax Audit Form 3-CD amended: Know key changes introduced in Tax Audit Report

ITAT allowed Misc. Application and quashed ex-parte order as taxpayer was prevented by sufficient cause in non-appearance: Delhi ITAT

Step-siblings should be considered as relatives under the Income Tax Act -1961: ITAT Mumbai

Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC

FINALLY, NEW FINANCIAL STATEMENT FORMATS EFFECTIVE TODAY

LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP.

Revised Limit for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025.