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Excel Utility of ITR-7 for AY 2025-26 Released by Income Tax Department
22 August 2025 at 08:52The Income Tax Department has released the Excel Utility of ITR-7 for Assessment Year (AY) 2025-26, enabling taxpayers falling under this category to file their income tax returns seamlessly.
ICAI Releases Updated Handbook on Inspection, Search, Seizure and Arrest under GST
22 August 2025 at 08:40ICAI releases the revised Handbook on Inspection, Search, Seizure, and Arrest under GST (July 2025), offering detailed guidance, case laws and updated procedures to help professionals and taxpayers navigate GST enforcement and compliance.
GST Reform 2025: Two-Slab Structure Likely as GoM Clears Proposal
22 August 2025 at 08:35States back Centre's GST reform; four tax slabs to be reduced to two - 5% and 18%, with 40% on sin goods. Final decision awaits GST Council.
CBDT Raises Exemption Limit from Rs 5 Lakh to Rs 20 Lakh for Undisclosed Foreign Assets
22 August 2025 at 08:35CBDT has directed that prosecution under sections 49 and 50 of BMA, 2015, will not be initiated in cases where penalties under sections 42 and 43 are not attracted in respect of assets (excluding immovable property) valued up to Rs 20 lakh.
CBDT Notifies Revised Form 10CCF for IFSC Insurance Businesses
21 August 2025 at 09:21CBDT notifies the Income-tax (23rd Amendment) Rules, 2025, revising Form 10CCF to clarify income reporting for IFSC Insurance Offices under Section 80LA.
CBDT Seeks Industry Feedback on Crypto Tax Rules, Signals Possible New VDA Law
21 August 2025 at 09:12CBDT has sought feedback from crypto stakeholders on India's tax regime, 1% TDS, and the need for a new VDA law. The move signals possible regulatory reforms as investors migrate offshore due to high taxes and uncertainty.
Centre Plans Shift of Goods from 12% to 5% GST Slab, Revenue Loss Pegged at Rs 80,000 Crore
21 August 2025 at 09:07The Centre plans to shift most goods from the 12% to 5% GST slab, impacting items like food products, mobiles, and tractors. The move may cost Rs 80,000 crore in revenue, partly offset by retaining a 40% rate on sin and luxury goods.
Online Gaming Bill 2025 Tabled in Lok Sabha: Ban on Money Games, Push for E-Sports & Social Gaming
21 August 2025 at 09:02The Online Gaming Bill 2025, tabled in Lok Sabha, proposes a ban on online money games while promoting e-sports, social and educational gaming. It also seeks to set up a national authority for regulation, innovation and player safety.
Smartphone Industry Seeks GST Cut to 5% for Boosting Demand and Affordability
21 August 2025 at 08:54Smartphone makers, led by ICEA, have urged the government to cut GST on mobile phones from 18% to 5% to boost demand, reduce prices, and strengthen India’s manufacturing competitiveness.
CBIC Extends GSTR-3B Due Date Filing for July 2025 in Select Maharashtra Districts
21 August 2025 at 08:48CBIC has extended the due date for filing GSTR-3B of July 2025 till August 27, 2025 for taxpayers in Mumbai, Thane, Raigad, and Palghar districts. Know the details of GST compliance relief.
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