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When 26AS Says One Thing and AIS Says Another – Who Do You Trust!
11/08/2025

When 26AS Says One Thing and AIS Says Another – Who Do You Trust!

When 26AS Says One Thing and AIS Says Another – Who Do You Trust!   [Query 1] ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25. I have read the following content somewhere – “Deposit tax without penalty: The Central...

TRUST FOR THE BENEFIT OF PARTICULAR GROUP AND NOT GENERAL PUBLIC NOT ENTITLED FOR REGISTRATION
11/08/2025

TRUST FOR THE BENEFIT OF PARTICULAR GROUP AND NOT GENERAL PUBLIC NOT ENTITLED FOR REGISTRATION

TRUST FOR THE BENEFIT OF PARTICULAR GROUP AND NOT GENERAL PUBLIC NOT ENTITLED FOR REGISTRATION Ahmedabad ITAT holds registration under Section 12AB not permissible if charitable activities are restricted to specific society members A charitable trust claiming tax exemption cannot operate as a privat...

Decoding L1–L4 Non-Company Entity Classifications: A Practical Guide for Chartered accountants
11/08/2025

Decoding L1–L4 Non-Company Entity Classifications: A Practical Guide for Chartered accountants

Decoding L1–L4 Non-Company Entity Classifications: A Practical Guide for Chartered accountants   The Institute of Chartered Accountants of India (ICAI) has introduced a four-tier classification system—L1 to L4—under its Accounting Standards (AS) Framework for Non-Company Entities. This framew...

Changes in Online Filing of Form No. 35 (Appeal before CIT(A))
11/08/2025

Changes in Online Filing of Form No. 35 (Appeal before CIT(A))

Changes in Online Filing of Form No. 35 (Appeal before CIT(A)) If you’re filing appeals before the Commissioner of Income Tax (Appeals), do take note of the recent changes made in the online Form No. 35 interface: ITR Form & Business Nature MandatoryNow required to select the type of ITR filed and...

When Cash Talks, Taxman Listens: HC Upholds I-T Department’s Right to Retain Seized Money Under Section 132A
11/08/2025

When Cash Talks, Taxman Listens: HC Upholds I-T Department’s Right to Retain Seized Money Under Section 132A

When Cash Talks, Taxman Listens: HC Upholds I-T Department’s Right to Retain Seized Money Under Section 132A   In a significant ruling reinforcing the Income Tax Department’s powers under the Income Tax Act, the Gujarat High Court has upheld the department’s statutory right to requisition and...

Govt Withdraws Income-tax Bill, 2025: A Pause Before the Big Tax Rewrite
11/08/2025

Govt Withdraws Income-tax Bill, 2025: A Pause Before the Big Tax Rewrite

Govt Withdraws Income-tax Bill, 2025: A Pause Before the Big Tax Rewrite   In a surprising yet significant move, the Government of India has withdrawn the much-anticipated Income-tax Bill, 2025 that was intended to overhaul the existing Income-tax Act, 1961. Finance Minister Nirmala Sitharaman info...

GST Registration Cannot Be Cancelled Without Giving Reasons: Gauhati High Court Quashes Non-Speaking Order
11/08/2025

GST Registration Cannot Be Cancelled Without Giving Reasons: Gauhati High Court Quashes Non-Speaking Order

GST Registration Cannot Be Cancelled Without Giving Reasons: Gauhati High Court Quashes Non-Speaking Order In a crucial decision reinforcing procedural safeguards, the Gauhati High Court has quashed a GST registration cancellation order that lacked clear reasoning. The ruling in Juri Bhuyan vs. Unio...

CBDT Detects ₹630 Crore Undisclosed Crypto Income: A Wake-Up Call for VDA Investors
11/08/2025

CBDT Detects ₹630 Crore Undisclosed Crypto Income: A Wake-Up Call for VDA Investors

CBDT Detects ₹630 Crore Undisclosed Crypto Income: A Wake-Up Call for VDA Investors   In a significant development, the Central Board of Direct Taxes (CBDT) has detected ₹630 crore worth of undisclosed income from crypto transactions during search and seizure operations and survey actions. This...

Rejection of Books Justified When No Item-wise Stock Records Maintained in Jewellery Business: ITAT
11/08/2025

Rejection of Books Justified When No Item-wise Stock Records Maintained in Jewellery Business: ITAT

Rejection of Books Justified When No Item-wise Stock Records Maintained in Jewellery Business: ITAT   In a detailed and well-reasoned decision, the Panaji Bench of the Income Tax Appellate Tribunal (ITAT), in the case of Virupakaxappa Sidramappa Bembalgi vs. ITO [2025] 173 taxmann.com 820 (dated 08...

Special Audit Without Due Process? Entire Assessment Declared Void ab Initio: ITAT Delhi in Patanjali Case
08/08/2025

Special Audit Without Due Process? Entire Assessment Declared Void ab Initio: ITAT Delhi in Patanjali Case

Special Audit Without Due Process? Entire Assessment Declared Void ab Initio: ITAT Delhi in Patanjali Case   In a significant ruling that underscores the importance of procedural compliance in income tax assessments, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in DCIT vs. Patanjali ...

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