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The Bombay High Court has paved the way for eligible taxpayers to claim the rebate under Section 87A of the Income Tax Act, 1961, for the assessment year 2024-25 and beyond. A bench of Justices MS Sonak and Jitendra Jain passed the order while deciding a PIL challenging software changes that restricted such claims on the Income Tax Department’s online filing platform.
In a curtain-raiser to the India Energy Week 2025 , Union Oil Minister Hardeep Singh Puri indicated that Aviation Turbine Fuel (ATF) is likely to be brought under the Goods and Services Tax (GST) in the near future, signalling a potential change in aviation fuel taxation.
CBDT, vide notification no. 8/2025, makes the following order to remove the difficulty in respect of Direct Tax Vivad Se Vishwas Scheme, 2024 arisen in situations where,–– (a) an order in case of a person had been passed on or before the specified date i.e. the 22nd day of July, 2024; (b) the time for filing an appeal in respect of such order was available as on the said date; (c) appeal in respect of such order was filed after the said date within the stipulated time as applicable for filing of such appeal; and (d) aforesaid appeal is filed without any application for condonation of delay
DGFT issued Notification No. 54/2024-25 dated 24.01.2025 to make amendment in the Import Policy Condition of Glufosinate Technical covered under HS Code 38089390 of Chapter 38 of Schedule-I (Import Policy) of ITC(HS) 2022.
The accused, Kamlesh Shah, used to ingeniously claim the unaccounted cash seized by the department and return it to tax evaders in lieu of hefty commissions, said the officials. His wife Meena and accomplices Devang Vyas, Gaurang Panchal and Ramesh Thakkar are also under the scanner, they added.
The A.P. Tax Bar Association, Vijayawada has made a representation to The Hon’ble Union Finance Minister on the applicability of late fees for GSTR-9C under section 35(5) and section 47 of the CGST Act, 2017 in view of Notification No. 08/2025-CT dated 23.01.2025.
The CBI has booked its deputy superintendent of police (DySP) Arun Bhashkar, a customs official, a GST official and a private person in a Rs. 20 lakh bribery scandal.
Here are the key differences between the Union and State budgets. Notably, there is a three-tier system of government, namely Central (or Union) Government, State Government and local government (like Municipal Corporation, Municipal Committee and Zila Parishad). These governments prepare their own respective budgets (called Union Budget, State Budget and Municipal Budget) containing estimates of expected revenue and proposed expenditure.
During the Budget 2024 speech, Union FM announced that the income tax law will undergo a comprehensive review. The finance minister asserted that a comprehensive review of the Act will be done to make it concise, lucid, easy to read and understand. “This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers,” she said during the speech.
