|
|
|
|
|
Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
|
|
Direct Tax
|
|
|
|
|
CBDT provides recognition to “Karnataka State Building & Other Construction Workers’ Welfare Board (PAN AAALK0820C)” for tax exemption u/s 10(46) of the Income tax Act, outlining specific incomes and conditions for its applicability.
|
|
|
|
|
|
|
CBDT provides recognition to “Credit Guarantee Fund Trust for Animal Husbandry and Dairying(PANAACTC8610N)” for tax exemption u/s 10(46) of the Income tax Act, outlining specific incomes and conditions for its applicability.
|
|
|
|
|
|
|
CBDT provides recognition to “M/s IIT Madras Research Park’,(PAN: AABCI5225P)” as a recognized institution for ‘scientific research’ u/s 35(1)(iia) of the Act, from 1st April 2025 to 31st March 2030.
|
|
|
|
|
| Goods And Services Tax |
|
|
|
|
GSTN System Update: Enhanced Functionality for Order-Based Refund Claims under ASSORD
Effective August 28, 2025, the GSTN has enhanced the system to allowrefunds under the category "On account ofAssessment/Enforcement/Appeal/Revision/Any Other Order"(ASSORD)even if the overall demand balance is zero or positive,provided any minor head shows a negative balance. Refunds can nowbe claimed regardless of the Demand ID status. Only negativeamountswill be auto-populated in Form RFD-01. The system will alsosuggestthe latest relevant order and provide tooltips for guidance. Adetaileduser manual and FAQs will be released soon. For assistance,taxpayersmay contact the GST helpdesk.
|
|
|
|
|
|
|
CBIC Instruction on Duties and KYC for Gifts & Personal Imports via Courier and Postal Modes
The CBIC has issued Instruction No. 28/2025-Customs to address ongoing public and trade grievances regarding duties on gifts and personal imports through courier and postal modes. Customs Zones are directed to publish FAQs on their websites covering duty calculations, KYC norms, applicable fees, grievance redressal, and related procedures. The aim is to enhance clarity and awareness. Zones must also maintain and monitor grievance records and ensure wide publicity of the FAQs.
|
|
|
|
|
|
|
GSTN Update – New “Navigate to GSTR-1A” Button
GSTN has introduced a “Navigate to GSTR-1A” button on the GSTR-3B payment page to help taxpayers make corrections before filing. The button appears when GSTR-1 is filed, GSTR-1A is pending, and GSTR-3B is not yet filed. Since GSTR-3B becomes non-editable once auto-populated, this feature ensures taxpayers can amend outward supply details in GSTR-1A before final submission, reducing mismatches and compliance issues.
|
|
|
|
|
