Latest update 27.02.2025 – OnlineTaxUpdate

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A. Tax in Media

Shree Cement faces ₹41 crore GST demand over valuation, excess Input Tax Credit

Rajasthan-based Shree Cement Ltd on Monday (February 24) said it has received a Goods and Services Tax (GST) demand order from the Deputy Commissioner, State Tax, Special Circle, Patna, Bihar, seeking a total of ₹41.10 crore, including tax, interest, and penalties.

Premiums to fall as Govt finalises GST cut from 18% to 12 % on Term Life and Health cover with input tax credit (ITC)

On Tuesday, senior officials Ministry of Finance, Insurance Regulatory Development and Authority(IRDA) and insurers had met in Delhi to finalise the GST cut proposals before they are sent to GST Council, headed by Finance Minister Nirmala Sithraman that will take a final call on the move

Kerala GST department issues guidelines for revised GST-TDS filing

The State GST (SGST) Department has asked government departments, agencies and local self-government departments to take note of the changes in GST-TDS return filing applicable from April 1, 2025.

EXPLAINER | Cracking the code on cross-border trade

The Central Board of Indirect Taxes and Customs has notified Customs Manual 2025. This iteration incorporates all changes in Customs procedures, including automated processes, introduced till February 1, explain Saurabh Agarwal and Vimal Pruthi, making it a reference tool for trading houses.

Skoda-Volkswagen Case : Bombay High Court Asks Customs Dept To Explain How Show Cause Notice Isn’t Time-Barred

In Skoda Auto Volkswagen India’s petition challenging a tax demand of USD 1.4 billion by Indian Customs authorities, the Bombay High Court today asked the Customs Authority to file an affidavit explaining why the September 2024 show-cause notice issued to the company is not barred by limitation.

Payback the Section 87A rebate amount claimed against capital gains, says the tax demand notice; What are your options?

Many taxpayers are receiving income tax demand notice due to denial of Section 87A tax rebate on special rate income like Short Term Capital Gains (STCG) for ITRs of FY 2023-24 (AY 2024-25). This issue, which was once thought to be resolved after the Bombay High Court judgement on January 24, 2025, is once again back to haunt small taxpayers.

Taxpayers take note! Crack down against 40,000 TDS/TCS defaulters planned by Income Tax department

Taxpayers take note! The Income tax department plans to initiate a countrywide action against defaulters who have not deposited their TDS/TCS, according to officials. Based on tax deductions in FY 22-23 and FY 23-24, nearly 40,000 taxpayers are being investigated.

Prestige Estates: Income tax sleuths search real estate company’s offices

Prestige Estates Projects Ltd, a leading real estate company in the country, has informed exchanges that the Income Tax officials are conducting a search operation at its registered office and branch offices. The search operation commenced on Tuesday (February 25), the company said in a filing.

Hungary announces tax exemption for mothers with 2 or more children

Hungarian Prime Minister Viktor Orban has announced income tax exemption for mothers of two or more children during his annual State of the Nation speech in Budapest, reported Reuters.

Why NPS is better than EPF for tax saving under new tax regime

When evaluating retirement savings options under the new tax regime, the National Pension System (NPS) may present more favourable tax benefits compared to the Employees’ Provident Fund (EPF) when opting for the new tax regime.