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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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Government of India announced the implementation of four Labour Codes - Wages, Industrial Relations, Social Security, and OSHWC (Occupational Safety, Health and Working Conditions Code) w.e.f. 21st November 2025, consolidating and simplifying 29 existing labour laws. The move strengthens a future-ready workforce and supports the vision of Aatmanirbhar Bharat.
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CBDT issued the Capital Gains Accounts (Second Amendment) Scheme, 2025, w.e.f. 19th November 2025, amending the old Capital Gains Accounts Scheme, 1988. The amendment incorporates section 54GA across various paragraphs and expands definition of “Deposit Offices”. Key reform includes “electronic methods” as valid method for deposits and w.e.f. 1st April 2027, closure of accounts must be done electronically using DSC/EVC.
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CBDT has expanded the list of authorised banks permitted to accept deposits and maintain accounts under the Capital Gains Account Scheme (CGAS), 1988.
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CBDT Chairman Shri Ravi Agrawal inaugurated the Taxpayers’ Lounge at IITF 2025, showcasing initiatives to enhance taxpayer awareness, services, and facilitation.
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CBDT provides recognition to “M/s Hari Shankar Sighania Elastomer & Tyre Research Institute, (PAN: AAACH8878G),” as a recognized institution for ‘scientific research’ u/s 35(1)(iia) of the Act, from A.Y. 2022-23 to A.Y. 2026-27.
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The Protocol between India-Belgium w.r.t. DTAA came into force and become effective from 26th June 2025, being the date on which both countries completed their respective legal and procedural formalities.
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CBDT provides recognition to “Haryana Building and Other Construction Workers Welfare Board (PAN: AAATH6995H)”, for tax exemption u/s 10(46) of the Income tax Act.
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CBDT provides recognition to “Ayodhya Vikas Pradhikaran (Ayodhya Development Authority) (PAN: AAALA0206C)”, for tax exemption u/s 10(46) of the Income tax Act.
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