Depreciation on goodwill claim remanded for a fresh hearing due to lack of documents. Issue What is the appropriate course of action when a taxpayer’s claim for depreciation on goodwill is dismissed by the Commissioner (Appeals) without any specific finding on the merits, primarily because the taxpayer failed to furnish the required supporting documents? Facts… Read More »
Income from hybrid seeds is agricultural if produced under the company’s supervision. Issue Can the income a company earns from selling hybrid seeds be considered “agricultural income” exempt from tax, even if the seeds are grown on land owned and tilled by third-party farmers? Facts The assessee, a company in the business of producing and… Read More »
Interest on compensation for the compulsory acquisition of exempt agricultural land is also exempt. Issue Is the interest received on delayed payment of compensation for compulsorily acquired agricultural land taxable as “Income from Other Sources” under Section 56 of the Income-tax Act, 1961, or does it take on the character of the compensation itself and… Read More »
A scrutiny assessment that allows a claim will always override a contrary adjustment made on the same issue during the initial summary processing of a tax return. Issue Can a tax demand created by a disallowance in a summary processing intimation under Section 143(1)(a) of the Income-tax Act, 1961, be sustained, even after a detailed… Read More »
Subject: FAQs regarding GST Grievance Redressal on National Consumer Helpline Frequently Asked Frequently Asked Question 5 Question 5 Q: Whom do I contact to raise queries/complaints regarding not receiving benefits of GST rate changes? Please call National Consumer Helpline (NCH) via toll free number 1915 or Whatsapp at 8800001915. Complaints/queries can also be registered on… Read More »
Circular No. 252/09/2025 -GST F. No. GST/INV/DIN-Utility/2022-23 Government of IndiaMinistry of Finance Department of Revenue (Central Board of Indirect Taxes and Customs) New Delhi, Dated – 23rd September 2025. Subject: Communication to taxpayers through eOffice – requirement of Document Identification Number (DIN) – reg. Attention is invited to Board’s Circular No. 122/41/2019- GST dated 05th… Read More »
MINISTRY OF FINANCE (Department of Economic Affairs) (FINANCIAL MARKETS DIVISION) NOTIFICATION New Delhi, the 24th September, 2025 S.O. 4358(E).— In exercise of the powers conferred by clause (c) of sub-section (1) of section 5 of International Financial Services Centres Authority Act, 2019 (No. 50 of 2019), the Central Government hereby makes the following further amendment… Read More »
Offline Utility for ITR-6 for AY 2025-26 is available for filing. For Companies other than companies claiming exemption under section 11 Date of release of first version of utility24-Sep-2025 Date of release of latest version of utility23-Sep-2025 Date of release of first version of utility14-Aug-2025 Date of first release of JSON Schema14-Aug-2025 Date of first… Read More »
Ministry of Finance Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman launches Goods and Services Tax Appellate Tribunal (GSTAT) in New Delhi, today GSTAT is result of our determination to continue improving, reforming, and adapting for the future: Union Finance Minister GSTAT must focus on jargon-free decisions in plain language; simplified formats and… Read More »
Karnataka High Court Extends Tax Audit Report Deadline to October 31, 2025 The Karnataka High Court has delivered a significant relief to taxpayers and chartered accountants by extending the deadline for filing Tax Audit Reports (TAR) to October 31, 2025. Here’s what’s happening : – Background: The Karnataka State Chartered Accountants Association (KSCAA) filed a… Read More »