GST Registration Cancellation Revoked on Payment of Dues: Delay in Revocation Application Condoned Summary in Key Points: Issue: Should the delay in filing the application for revocation of GST registration cancellation be condoned? Facts: The assessee’s GST registration was cancelled. The assessee filed a revocation application, but there was a delay. The assessee was willing… Read More »
Bid Cancellation Upheld: Non-Compliance with GST and Payment Requirements Summary in Key Points: Issue: Was the cancellation of the petitioner’s bid for a shop allotment justified due to their non-compliance with GST and payment requirements? Facts: The petitioner participated in an e-tender for shop allotment and was declared the highest bidder. However, they failed to… Read More »
ITC Availed Under CGST/SGST Instead of IGST: Orders Set Aside, Matter Remanded Summary in Key Points: Issue: Was the denial of Input Tax Credit (ITC) justified because it was availed under CGST and SGST instead of IGST? Facts: The assessee faced an order under Section 73, determining excess ITC and demanding payment with interest and… Read More »
CBDT amends Rule 114DA Income Tax Rules ; prescribe due date for furnishing of statement by NR having Liaison Office in India Key Points: Notification No. 14/2025, dated 07-02-2025 The Central Board of Direct Taxes (CBDT) has amended Rule 114DA to prescribe the due date for furnishing Form 49C by non-resident entities with liaison offices… Read More »
diting and Assurance Standards Board The Institute of Chartered Accountants of India 18th February, 2025 Guidance Note on Audit of Banks (2025 Edition) The Auditing and Assurance Standards Board (AASB) of ICAI under the authority of the Council of ICAI brings out the revised edition of “Guidance Note on Audit of Banks” every year to… Read More »
New Change for Income Tax on Self Occupied House Property from AY 2025-26 Income Tax on Self Occupied House Property has been changed from Assessment Year (AY) 2025-26, Here’s a summary: Key Changes: Broader Definition: The definition of “self-occupied” has been expanded. Now, a property can be considered self-occupied not only when the owner resides… Read More »
Annual value of the self-occupied property simplified As per Fianance Bill 2025 as introduced on 1st Feb 2025. Section 23 of the Act relates to determination of annual value. Sub-section (2) of the said section provides that where house property is in the occupation of the owner for the purposes of his residence or owner… Read More »
List of Deductions Allowed in New Tax Regime in Section 115BAC of Income Tax Act There are certain Deductions Allowed in New Tax Regime in FY 2024-25 (AY 2025-26) and FY 2025-26 (AY 2026-27) Refer Also List of Deductions Allowed in New Tax Regime in AY 2026-27 Comparison of exemption/deductions available under the old tax… Read More »
Senior Citizens ITR filing not Mandatory in 2025 | Senior Citizens Tax Benefits Senior Citizens ITR filing not Mandatory in 2025 but there are certain conditions for this Senior Citizens Tax Benefit. Did you know that filing your Income Tax Return (ITR) might not be mandatory for you? This video breaks down Section 194P of… Read More »
Dear Member, Notification of “ICAI (Merger and Demerger of CA Firms) Guidelines, 2024” In order to keep pace with the operating environment, the Committee for Aggregation of CA Firms (CACAF) of ICAI has revised “ICAI (Merger and Demerger of CA Firms) Guidelines, 2024” and the same were approved by the Council at its 432nd meeting held during 2nd-3rd July 2024. The… Read More »