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As we know, the income tax Returns in India require detailed reporting of income, tax relief, and foreign assets (if applicable), else dueto information exchange agreements department is sending notices. In this article we will discusshow to file the Schedule FSI, Schedule TR, and Schedule FA in your ITR along with its meaning, ensuring compliance and accuracy.
The issue regarding Input Tax Credit which is claimed on invoices received from the suppliers whose GST registration was retrospectively cancelled is a important matter which is in question in GST compliance, as indirectly it is attracting double taxation along with interest or penal consequences. GST department label them as “fake suppliers”or “fake ITC”making buyers face hardships..
An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment year (herein referred to as the relevant assessment year), of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment year, in the prescribed form 61 at any time within twenty-four months from the end of the relevant assessment year.
CBDT issued notification no. 7/2025 dated 14.01.2025 whereby the Central Government approves Central Power Research Institute (CPRI) (PAN: AAAAC0268P), Bengaluru under the category of ‘Research Association’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5D of the Income-tax Rules, 1962.
CBIC issued Notification No. 4/2025-Customs (N.T.) dated 17.01.2025 to make further amendment to the Notification no. 12/97-Customs (N.T.) dated 02.04.1997.
CBIC issued Notification No. 3/2025-Customs (N.T.) dated 15.01.2025 regarding Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.
CBIC issued Notification No. 2/2025-Customs (N.T.) dated 15.01.2025 on Sea Cargo Manifest and Transhipment Regulations.
CBIC issued Notification No. 1/2025-Customs (N.T.) dated 14.01.2025 making further amendment to Notification no. 12/97-Customs (N.T.) DATED 02.04.1997.
CBIC issued Circular no. 2/2025-Customs dated 17.01.2025 on Sea Cargo Manifest and Transhipment Regulations.
