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ITR Filing AY 2025-26: 7 Key Changes in Excel Utility Taxpayers Must Know
June 2025 | New Delhi The Income Tax Department has introduced significant updates in the ITR Excel utility for Assessment Year 2025-26 (Financial Year 2024-25), aimed at enhancing transparency and speeding up processing. These changes are particularly relevant for...
ITR Filing for FY 2024-25 Begins: Excel Utilities for ITR-1 and ITR-4 Released
The Income Tax Department has officially commenced the Income Tax Return (ITR) filing process for the Financial Year 2024-25 (Assessment Year 2025-26). As part of the initial rollout, the department has made the Excel-based utilities for ITR-1 and ITR-4 available for...
Tata Sons chief praises UP govt for industry- friendly policies
Lucknow: Chief Minister Yogi Adityanath on Wednesday met Tata Sons Chairperson N Chandrasekaran in Lucknow and discussed industrial development, investment promotion, and future strategies for the state, aimed at positioning Uttar Pradesh as a hub for both domestic...
Supreme Court Permits 10% GST Appeal Pre-Deposit Through Credit Ledger, Offering Major Relief to Businesses.
In a major relief for businesses, the Supreme Court upholds the use of the Electronic Credit Ledger for the mandatory 10% GST appeal pre-deposit, easing cash flow challenges during litigation. In a landmark judgment offering major relief to businesses across India,...
GST Appellate Tribunal Now Operational: 10 Key Insights Every Taxpayer Must Know in 2025
The long-anticipated Goods and Services Tax Appellate Tribunal (GSTAT) is now functional, providing taxpayers, consultants, and businesses with a formal platform for resolving GST disputes. Here are 10 important takeaways to help you navigate the new appellate process...
GST E-Way Bill & E-Invoice Updates for 2025: Key Changes You Must Know
Stay compliant and avoid penalties by understanding these critical GST updates effective in 2025: Mandatory Multi-Factor Authentication (MFA) – Effective April 1, 2025 Starting April 1, 2025, all GST-registered taxpayers must use Multi-Factor Authentication (MFA) to...
MCA Updates Ind AS 21 for Non-Exchangeable Foreign Currencies
MCA amends Ind AS 21 to guide firms on using estimated exchange rates when currency exchangeability is lacking. Effective April 2025. The Ministry of Corporate Affairs (MCA) has amended Ind AS 21, effective April 2025, to help companies handle foreign currency...
Budget 2025: Small Charitable Trusts to Get 10-Year Registration – Major Compliance Relief Announced
In a welcome move for the nonprofit sector, the Union Budget 2025 has proposed a significant amendment to the Income Tax Act, providing 10-year registration validity for small charitable trusts and institutions. This change aims to ease the compliance burden on...
CVD levied on Textured tempered toughened glass imports from Vietnam
In the case concerning the import of Textured Toughened (Tempered) Glass, whether Coated or Uncoated (referred to as the subject goods), falling under tariff headings 7003, 7005, 7007, 7016, 7020, and 8541 of the First Schedule to the Customs Tariff Act, 1975, the...
CBDT Notifies Revised ITR-7 Form for AY 2025–26
The Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2025, dated 9th May 2025, officially releasing the updated ITR-7 Form for the Assessment Year 2025–26. This new form replaces the previous version outlined in Appendix II of the Income-tax Rules,...