|
|
|
|
|
Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
|
|
Direct Tax |
|
|
|
|
CBDT provides relaxation for processing of ITRs filed electronically upto 31st March 2024,which were wrongly marked invalid by CPC due to technical errors. These returns will now be processed, and intimation u/s 143(1) shall be issued by 31st March 2026. Refunds, if any, will be issued only if PAN is linked with Aadhaar.
|
|
|
|
|
|
|
CBDTamends Rule 21AK to include over-the-counter derivatives and extend coverage to Foreign Portfolio Investors (FPIs) in IFSCs. It also adds a formal definition of FPIs and updates provisions to align with current regulatory norms.
|
|
|
|
|
|
|
The ICAI has issued new guidelines w.e.f. 1st April 2026, capping tax audits u/s 44AB to 60 per CA per year, individually and per partner in a firm, excluding audits u/s 44AD, 44ADA, and 44AE.
|
|
|
|
|
| Goods And Services Tax |
|
|
|
|
GST on Apartment Maintenance Charges - Government Clarifies
The Government has provided clarity on the applicability of GST to apartment maintenance charges in the Lok Sabha. As per the clarification, residents bear no compliance burden under GST, regardless of the amount paid as monthly maintenance. For housing societies or residents' welfare associations (RWAs), GST at the rate of 18% is applicable only if the monthly maintenance charges per member exceed ₹7,500 and the annual turnover of the association exceeds ₹20 lakhs (or ₹10 lakhs in special category states). In such cases, the association is required to obtain GST registration. Importantly, there is no requirement for residents or associations to obtain any official letter confirming their GST status. To support compliance, the government is actively conducting workshops, taxpayer samvads, and awareness programs to guide housing societies and residents.
|
|
|
|
|
|
|
No GST on UPI Transactions Over ₹2000 – Govt Reaffirms
The Government has once again clarified that no GST will be levied on UPI transactions over ₹2000. MoS Finance Shri Pankaj Chaudhary confirmed that no such recommendation has been made by the GST Council. Earlier, on 18 April 2025, the Govt had termed such reports as false and misleading. UPI remains GST-free for users, and the Govt continues to promote digital payments through incentives.
|
|
|
|
|
|
|
|
|
No Tax Evasion in Stock Transfer with E-Way Bill Generated Before Detention: Allahabad HC
In a significant ruling, the Allahabad High Court in the case of M/s T.K. Printers v. Addl. Commissioner (Writ Tax No. 1486 of 2023, dated 21.05.2025) held that no penalty is leviable when the E-Way Bill is generated after interception but before the issuance of a detention order. The case involved the transport of non-saleable fuel machines for internal use by a BPCL vendor. Although the E-Way Bill was not generated at dispatch due to a system glitch, it was duly produced before the detention order on the same day. The Court observed that the goods were meant for stock transfer, not for sale, and there was no intent to evade tax. The Court concluded that procedural lapses cured before detention cannot attract penalties under Section 129(3) of the CGST Act, 2017. Consequently, the detention and appellate orders were set aside, and a refund of any amount paid was directed.
|
|
|
|
|
| |
We
trust
you will find this Journal informative as well as useful.
For any queries, you can write to us at info@akgvg.com.
Disclaimer: This insight is meant for informational purposes only and should not be
considered as advice or opinion.
Best Regards!
Knowledge Updates Team
AKGVG & Associates (Chartered Accountants)
DELHI | GURGAON | MUMBAI | AHMEDABAD | BANGALORE | CHENNAI | CHANDIGARH | HYDERABAD
Website: https://www.akgvg.com
|
