Latest update 20.03.2025
A. Updates
Committee on Commercial Law, Economic Advisory & NPO Cooperative of The Institute of Chartered Accountants of India published its First Edition in February 2025.
CBDT has launched a utility on e-filing portal for stakeholders to submit inputs through an OTP-based validation process
Circular No. 04/2025 dated 17.03.2025
CBDT issued Circular No. 04/2025 dated 17.03.2025 providing FAQs on Guidelines for Compounding of Offences under the Income tax Act, 1961 dated 17.10.2024
B. Tax in Media
India, New Zealand announce resumption of FTA talks
After a gap of about ten years, India and New Zealand on Sunday announced resumption of negotiations for a proposed free trade agreement to boost economic ties. India and New Zealand began negotiating the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to boost trade in goods, services, and investment. However, after nine rounds of discussions, the talks stalled in 2015.
Why the taxman will now pause before making customs or GST arrests
The Supreme Court’s recent ruling on the powers of arrest under the Customs Act, 1962, and the Central Goods and Services Tax (CGST) Act, 2017, unfolds as both a procedural recalibration and a stark reckoning for the Indian tax enforcement apparatus. In a judgment that slices through the bureaucratic muscle memory of unchecked authority, the Court has woven a new set of constraints, binding the hands of tax officers with the same procedural rigour that governs police action.
ONGC receives ₹22 crore GST demand order, plans to appeal
State-owned Oil and Natural Gas Corporation Ltd (ONGC) on Monday (March 17) said it has received a Goods and Services Tax (GST) demand order amounting to ₹22 crore from the Joint Commissioner, State Tax, Circle C, Jodhpur, for the period between April 1, 2020, and May 14, 2020.
AP Chambers requests CBIC to extend GST amnesty scheme
Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) has written to the chairman of the Central Board of Indirect Taxes & Customs (CBIC), urging an extension of the GST amnesty scheme and the due date for filing Form 9 (Annual Return) and Form 9C (reconciliation statement).
New GST rule: Input Service Distributor mechanism takes effect from April 1; details here
The Input Service Distribution (ISD) mechanism will enable businesses with branches in multiple states to consolidate invoices for common input services (domestically sourced or imported) at a central branch or the head office. The input tax credit pertaining to these common input services can then be distributed among the branches that utilize them.
According to CM Adityanath, the boatman and his family possessed 130 boats and each of the boats generated an average profit of Rs 23 lakh from January 23 to February 26. Following that social media was abuzz that the boatman had received a tax notice from the Income Tax Department, demanding Rs 12.8 crore in taxes under Sections 4 & 68 of the Income Tax Act, 1961.
FAQs on revised guidelines for compounding of offences under I-Tax act
The Central Board of Direct Taxes (CBDT) has issued a circular containing frequently asked questions (FAQs) regarding the revised guidelines for Compounding of Offences under the Income-Tax Act, 1961, dated October 17, 2024.
Amitabh Bachchan beats SRK as highest taxpaying actor at ₹120 cr for FY25
Amitabh Bachchan has emerged as the highest tax-paying actor in India for the financial year 2024-25 (FY25), with a reported tax payment of ₹120 crore on earnings of ₹350 crore, Pinkvilla reported on Monday, citing sources. The veteran actor, known for his financial discipline, paid his final advance tax instalment of ₹52.5 crore on March 15, 2025.
Over 4.68 lakh taxpayers filed ITR for income over ₹1 crore till Feb 28, shows latest data
The latest data released by the income tax department shows that over 9.11 crore registered users have filed their income tax returns (ITR) for FY 2024-25 until Feb 28, 2025. This figure is quite significant given that the total number of registered users stand at 13.96 crore, which means over 65 percent of registered users have filed their income tax returns for the current year.
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