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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,...
GST Refund Update for Recipients of Deemed Exports – May 2025
GSTN has introduced key updates to the refund filing process under the category “On account of Refund by Recipient of Deemed Export.” What’s New: No Tax Period Selection: Taxpayers no longer need to file refund claims in tax period order or select "From" and "To"...
Updates in GST Refund Filing Process – May 2025
GSTN has simplified the refund process for the following categories: Export of Services (with tax payment) SEZ Supplies (with tax payment) Deemed Exports (by supplier) Key Changes: No Tax Period Selection Needed: Taxpayers can now file without selecting a 'From' and...
CBDT notifies ITR-Form 6 for AY 2025-26 vide Notification No. 44/2025 dated 06.05.2025.
Key updates:1. Schedule-Capital Gain split for gains before/ after 23.07.2024 (post changes in Finance Act, 2024)2. Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)3. Reference of sec 44BBC...
UP Govt To Build 12 Modern E-Way Hubs On Purvanchal And Bundelkhand Expressways Featuring EV Stations, Hotels And More | Details
The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) is set to develop 12 expressway hubs along the Purvanchal and Bundelkhand Expressways to boost passenger convenience and infrastructure. Of these, eight hubs will be built along the Purvanchal...
New ITR-2 form notified for income tax return filing AY 2025-26: What’s new for taxpayers? Check top points
CBDT has notified the new ITR-2 Form for AY 2025–26, introducing key updates. These include separate disclosure of capital gains, permission to claim capital loss on share buybacks effective from October 1, 2024, and an increased threshold of ₹1 crore for reporting...
Income Tax Department Notifies ITR-5 Form For AY 2025-26: Know Key Changes And Who Can File It
The Central Board of Direct Taxes (CBDT), on May 1, 2025, officially announced the release of the updated Income Tax Return Form ITR-5 for the Assessment Year 2025–26. This latest version of the form includes several important modifications that align with the changes...