On the 79th Independence Day, PM Narendra Modi announced plans for next-generation GST reforms focusing on structural changes, rate rationalisation, and ease of living to benefit the common man, farmers, MSMEs and key economic sectors
The Income Tax Department has announced that taxpayers can now file updated returns for Assessment Years (AY) 2021-22 and AY 2022-23 using ITR-3 and ITR-4 forms.
The Income Tax Department has released the Excel utility of ITR-6 for Assessment Year (AY) 2025-26, enabling companies to file their income tax returns for the relevant financial year.
Rajasthan GST Dept issues circular to reject ITC claims on pre-registration stock for businesses registering after 30 days; directs strict monitoring to curb revenue leakage.
New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.
Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.
SGST arrests two company directors in Rs 50 crore GST evasion cases involving fake invoices and fraudulent ITC claims, as authorities intensify crackdown on tax fraud
Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.
MoD to reimburse 18% GST to private start-ups and MSMEs on defence R&D grants under iDEX and TDF schemes, offering interim relief until GST Council decides on permanent exemption.
GSTN introduces the "Navigate to GSTR-1A" feature on the GSTR-3B payment page, allowing taxpayers to easily review, edit and correct sales data before filing returns, ensuring greater accuracy and compliance.
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