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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 extended the deadline for furnishing Income Tax Return for the Assessees referred to in clause (a) of Explanation 2 to 139(1) of the Act, from 31st October 2025 to 10th December 2025. Consequently, the specified date for furnishing Tax audit Report shall stand extended to 10th November 2025.
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CBDT, w.e.f. 27th October 2025, has empowered the Commissioner of Income Tax (CPC), Bengaluru, with concurrent powers u/s 154 to rectify mistakes in cases processed through AO–CPC interface. Commissioner can also issue demand notices u/s 156 and delegate these powers to subordinate officers.
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Ministry of Finance has invited suggestions from trade and industry associations for the Union Budget 2026-27 regarding changes in Direct and Indirect Taxes data. Suggestions must be submitted by 10th November 2025.
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Goods And Services Tax |
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Assignment of Proper Officers & Monetary Limits under Sections 74A, 75(2) & 122 of CGST Act
CBIC has assigned proper officers and monetary limits under Sections 74A, 75(2), and 122 of the CGST Act, along with
Rule 142(1A)
for pre-SCN communication (DRC-01A). The circular designates
Superintendents, Deputy/Assistant Commissioners, and Additional/Joint Commissioners
as proper officers with graded monetary limits—up to ₹10 lakh, ₹1 crore, and above ₹1 crore respectively (for CGST).
It also clarifies that combined CGST+IGST values determine jurisdiction, and under Section 75(2), the same adjudicating officer shall re-determine tax where fraud is not established. Section 74A will now be used for tax determination from
FY 2024–25 onwards, streamlining adjudication and jurisdiction.
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Import ITC Control through IMS – Live from Oct 2025 tax period!
The GST portal has integrated Import of Goods into the
Invoice Management System (IMS),
enabling taxpayers to manage and verify their
Bills of Entry (BoE)
before ITC flows to GSTR-2B. Users can now accept, reject, or keep ITC pending, ensuring accurate and document-backed claims in GSTR-3B. The revamped GSTR-2B now features dedicated sheets for import and SEZ data, updated every month on the 14th. This marks a major step toward cleaner, more transparent
import ITC reconciliation and control.
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GST Rules 4th Amendment: Smarter, Faster, Simpler Registration!
A new
Rule 9A enables electronic auto-approval of GST registration within three working days using risk-based data checks, while
Rule 14A
introduces a simplified registration scheme for small taxpayers with monthly B2B liability up to ₹2.5 lakh. Taxpayers can later withdraw via REG-32, subject to compliance conditions. These changes mark a shift toward predictive, tech-driven, and low-friction registration under GST.
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