The President has given assent to the Income Tax Bill 2025 and the Taxation Laws (Amendment) Bill 2025, marking a major step in India's direct tax reforms aimed at simplifying compliance and strengthening tax administration.
CBDT notifies the Income-tax (Twenty-Fourth Amendment) Rules, 2025, revising Rule 21AIA on specified funds by omitting sub-rule (4) and redefining the term in line with Section 10(4D) of the Income Tax Act.
The Centre has proposed exempting individual life and health insurance policies from 18% GST, a move expected to make insurance more affordable. The GST Council will take the final decision based on the GoM's report.
The Income Tax Department has released the Excel Utility of ITR-7 for Assessment Year (AY) 2025-26, enabling taxpayers falling under this category to file their income tax returns seamlessly.
ICAI releases the revised Handbook on Inspection, Search, Seizure, and Arrest under GST (July 2025), offering detailed guidance, case laws and updated procedures to help professionals and taxpayers navigate GST enforcement and compliance.
States back Centre's GST reform; four tax slabs to be reduced to two - 5% and 18%, with 40% on sin goods. Final decision awaits GST Council.
CBDT has directed that prosecution under sections 49 and 50 of BMA, 2015, will not be initiated in cases where penalties under sections 42 and 43 are not attracted in respect of assets (excluding immovable property) valued up to Rs 20 lakh.
CBDT notifies the Income-tax (23rd Amendment) Rules, 2025, revising Form 10CCF to clarify income reporting for IFSC Insurance Offices under Section 80LA.
CBDT has sought feedback from crypto stakeholders on India's tax regime, 1% TDS, and the need for a new VDA law. The move signals possible regulatory reforms as investors migrate offshore due to high taxes and uncertainty.
The Centre plans to shift most goods from the 12% to 5% GST slab, impacting items like food products, mobiles, and tractors. The move may cost Rs 80,000 crore in revenue, partly offset by retaining a 40% rate on sin and luxury goods.
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