The Income Tax Department has released the Excel Utilities for filing updated returns (ITR-U) using ITR-1 and ITR-2 forms for Assessment Years (AY) 2021-22 and 2022-23. These updates are aligned with the amendments introduced in the Finance Act, 2025
The Government of India has issued 5,892 AEO certificates as of June 30, 2025, to fast-track exports and imports. Key initiatives include trade facilitation for MSMEs, relaxed norms, and global recognition through Mutual Recognition Arrangements (MRAs).
Finance Minister Nirmala Sitharaman clarifies that GST applies only to apartment associations with turnover above Rs 20 lakh and monthly maintenance charges over Rs 7,500 per member. Residents are not liable for GST compliance.
A special CBI court in Bengaluru has sentenced former ED officer M. Lalit Bazad to 3 years in prison with a Rs 5.5 lakh fine for accepting a Rs 5 lakh bribe in a 2021 corruption case linked to a China loan scam.
CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.
The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.
The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.
India introduces a Digital Credit Assessment Model for MSMEs, enabling faster, fully digital loan approvals by leveraging real-time data and reducing paperwork. Over 98,000 MSME loans sanctioned under the new model since April 2025.
India has recorded over 65,000 crore digital transactions worth more than Rs 12,000 lakh crore in the last 6 financial years, driven by UPI, government initiatives, and RBI-backed infrastructure
The DGGI Bhubaneswar has uncovered a Rs 100 crore GST fraud involving 27 fake firms operated by a Rourkela businesswoman. She was arrested after fake input tax credit claims and bogus transactions across states were exposed.
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