Month: July 2025
ITR filing: How a taxpayer beat a Rs 1.46 lakh penalty despite false deductions
In a rare but eye-opening tax case, a salaried individual, Mr Shinde, managed to escape a hefty penalty of Rs 1.46 lakh — even after it was revealed he had under-reported 50% of his income using bogus deductions. Here’s how he turned what looked like a sure-shot penalty into a clean slate.
Chhattisgarh GST dept busts Rs. 1 crore tax evasion by medical supplier in Rs. 48 crore govt supply scam
Chhattisgarh GST department has exposed one of the biggest crackdowns of Rs. 1 crore tax evasion scam linked to inflated medical supply contracts worth Rs. 48 crore by a Raigarh-based firm accused of allegedly manipulating invoices and routed transactions through shell companies to dodge taxes and secure massive profits from govt health contracts.
ITR-3 enabled for e-filing: Income tax form covers business and professional income earners, directors, and traders – key things to know before filing for AY 2025-26
The Income tax Department has enabled online filing for ITR-3 on its e-filing portal for Assessment Year 2025-26 (Financial Year 2024-25), easing return submissions for individuals with income from share trading (including F&O), business ventures, and investments in unlisted shares.
Action to be taken against CAs if they violate new tax audit limit rules: ICAI president
ICAI will initiate penal action against chartered accountants if they violate its new tax audit limit guidelines
Limit on number of Tax Audits on CA w.e.f 01.04.2026 onwards
The Institute of Chartered Accountants of India issued Notification No. F. No. 1-CA(7)/234/2025 dated 25.07.2025 prescribing limit on number of tax audit that a Chartered Accountant in a practice or a proprietary firm of a Chartered Accountants can file.
Donald Trump announces 25% tariffs on India, slaps penalty over purchase of Russian equipment & energy
US President Donald Trump on Wednesday announced 25% tariffs and an additional penalty against India ahead of the August 1 deadline.
SCN not tenable for non-filing of returns subsequent to date of cancellation of provisional registration
The Hon’ble Delhi High Court in Kamal Kindra held that once the provisional registration was cancelled, the issuance of a subsequent show cause notice for non-filing of returns was untenable. The Court directed that GST registration be deemed cancelled from the date of application for cancellation.
SC dismisses SLP against Delhi HC ruling that GST is not leviable on license fees collected by Electricity Regulatory Commissions
The Hon’ble Supreme Court in Additional Director Directorate General of GST Intelligence & Anr held that no interference was warranted against the Delhi High Court’s decision quashing GST demand on license fees collected by Central and Delhi Electricity Regulatory Commissions.
Guidance Note on Tax Audit u/s 44AB of the Income tax Act, 1961 (Revised 2025)
The Institute of Chartered Accountants of India published 10th Edition of Guidance Note on Tax Audit u/s 44AB of the Income tax Act, 1961 (Revised 2025)