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Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
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Direct Tax |
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CBDT has amended Notification S.O. 5323(E), dtd 16thOct 2018, u/s 50(1) of Prohibition of Benami Property Transaction Act, 1988, updating the designated courts for Raipur and Jaipur. |
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CBDT provides recognition to “New Okhla Industrial Development Authority (PAN: AAALN0120A)” for tax exemption u/s 10(46)(A)(b) of Income tax Act.
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Using AI and data analytics, the Income Tax Department is cracking down on bogus ITR claims(e.g., u/s 80C, 80D, 80GGC 10(13A))., targeting both taxpayers and intermediaries like ITR preparers involved in claiming fake deductions. Strict action, including penalties and prosecution to follow against such ITRs.
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CBDT provides recognition to “District Legal Service Authority
(PAN: AAAGD0052Q)” for Gurgaon, “(PAN: AAAGD0111N)” for Mewat for tax exemption u/s 10(46) of the Income tax Act.
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CBDT provides recognition to “BaddiBarotiwalaNalagarh Development Authority (BBNDA) (PAN: AAALB0528J)” for tax exemption u/s 10(46) of the Income tax Act.
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CBDT has extended thedeadline for specified sovereign wealth funds to make eligible investments in India as per original notificationsissued u/s 10(23FE) of the Income-tax Act, from “31st March 2025” to “31st March 2030”.
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| Goods And Services Tax |
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Accurate GSTR-1 Filing Now Critical as Table 3.2 of GSTR-3B Becomes Auto-Filled and Non-Editable from July 2025
From July 2025 onwards, Table 3.2 of GSTR-3B (for reporting outward inter-State sales to unregistered persons, composition dealers, and UIN holders) will be auto-filled by the GST system and cannot be edited. Errors must be corrected through GSTR-1, GSTR-1A (after GSTR-1 but before GSTR-3B), or IFF in later months. Accurate GSTR-1 filing is crucial to avoid issues with auto-filled data in GSTR-3B.
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Form SPL-07: Appeals Against Waiver Rejections Now Enabled on GST Portal; No Option to Withdraw After Filing
Taxpayers can now file an appeal on the GST portal against waiver rejections (SPL-07) by selecting “Appeal to Appellate Authority” under My Application and choosing “Waiver Application Rejection Order” in the form. Once filed, the appeal cannot be withdrawn, so filing should be made carefully. If you prefer to restore a previously withdrawn appeal (filed against the original demand), you can do so by submitting an undertaking under the “Orders” section in the “Waiver Application” folder. For technical issues, contact the GST Helpdesk.
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Taxpayers to Get Alerts and Dashboard Control Over ASP Data Access via OTP-Based Consent
To improve data security and give more control to taxpayers, GSTN will soon introduce new features for monitoring access given to Application Suvidha Providers (ASPs) through GST Suvidha Providers (GSPs). Taxpayers will receive email and SMS alerts each time OTP-based consent is given to an ASP, with details like the ASP and GSP name, date, time, and validity of the consent. Additionally, the GST portal will allow taxpayers to view both current and past data access and also revoke any active consent directly from their dashboard. The exact rollout dates will be announced through future advisories.
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Gauhati HC: DRC-01 or DRC-07 are not a substitute for proper SCN; Fresh proceedings allowed without limitation loss
The Gauhati High Court quashed a GST summary notice and order for violating Sections 73(1) and 75(4) of the CGST Act, holding that a DRC-01 and DRC-07 summary cannot replace a proper show cause notice or orders. Citing Construction Catalysers Pvt. Ltd., the Court allowed fresh proceedings and excluded the interim period from the limitation timeline.
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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
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