A. Amendment
Public Notice no.35-2025 dt 05.03.25-Mumbai Customs
Customs Mumbai, issued PUBLIC NOTICE NO. 35/2025 dated 04.03.2025 on Single Unified Multi-Purpose Electronic Bond in Customs – Ekal Anuband.
List of banks for tax payments
The list of banks available for e-Pay Tax service at e-Filing portal is provided in the Income tax portal
B. Article
Deficiencies in a GST refund application should be communicated through deficiency memo
The Hon’ble Bombay High Court, in the case of Raiden Infotech India (P.) Ltd. v. State of Maharashtra [Writ Petition (L) No. 22309 of 2024 dated December 14, 2024] restored the Refund Application where the deficiency memo in Form GST RFD-03 was not issued to the Assessee, and the order rejecting the refund application was to be set aside. However, since the Assessee failed to avail the opportunity granted to raise contentions in response to the Show Cause Notice (“SCN”), the Assessee had to pay the cost.
C. Tax in media
5% Or 18% GST? Bombay High Court To Decide On Tax Rate For Donuts & Cakes
The Bombay High Court will decide whether donuts and cakes should be subject to a 5% or 18% tax under the Goods and Services Tax (GST). The case comes after a plea by Himesh Foods Pvt Ltd, the parent company of Mad Over Donuts (MOD), challenging a show-cause notice issued by the Directorate General of GST Intelligence (DGGI).
Big Relief For Shah Rukh Khan ITAT
The Income Tax Appellate Tribunal (ITAT) has given relief to actor Shah Rukh Khan by quashing a reassessment order issued for allegedly not paying tax in India on remuneration for the film ‘Ra.one’
Income tax savings via post office schemes
Post Office Savings Schemes (POSS) are one of the safest investment options in India, backed by the government. Some of these schemes provide tax benefits under Section 80C of the Income Tax Act, 1961, allowing investors to claim deductions of up to Rs 1.5 lakh per financial year. These schemes are ideal for individuals seeking low-risk investments with guaranteed returns while saving on taxes.
EPFO new rules: Rs 50,000 minimum benefit for short service tenure
The Employees’ Provident Fund Organization (EPFO) has recently introduced key updates to the Employees’ Deposit Linked Insurance (EDLI) scheme. These revisions were approved during the 237th meeting of the Central Board of Trustees (CBT), chaired by Union Labor Minister Mansukh Mandaviya. CBT has recommended an 8.25 per cent annual interest rate for EPF subscribers.
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