CAclubindia News

Facility for Filing Updated Returns for AY 2021-22 and AY 2022-23 for ITR-3 and ITR-4 Now Available

15 August 2025 at 08:46

The Income Tax Department has announced that taxpayers can now file updated returns for Assessment Years (AY) 2021-22 and AY 2022-23 using ITR-3 and ITR-4 forms.

Posted in Income Tax | 75 Views

Income Tax Department Releases Excel Utility of ITR-6 for AY 2025-26

15 August 2025 at 08:20

The Income Tax Department has released the Excel utility of ITR-6 for Assessment Year (AY) 2025-26, enabling companies to file their income tax returns for the relevant financial year.

Posted in Income Tax | 48 Views

Rajasthan Commercial Taxes Dept Tightens ITC Verification for Delayed GST Registrations

15 August 2025 at 07:59

Rajasthan GST Dept issues circular to reject ITC claims on pre-registration stock for businesses registering after 30 days; directs strict monitoring to curb revenue leakage.

Posted in GST | 51 Views

New Income Tax Bill 2025 Clears Confusion on Rental Income, Home Loan Deductions

15 August 2025 at 07:50

New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.

Posted in Income Tax | 90 Views

Govt Clarifies Rs 75,000 Standard Deduction Under New Tax Regime in Income Tax Bill 2025

15 August 2025 at 07:42

Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.

Posted in Income Tax | 885 Views

SGST Department Arrests Two Company Directors for Rs 50 Crore GST Evasion Through Fake ITC Claims

15 August 2025 at 07:29

SGST arrests two company directors in Rs 50 crore GST evasion cases involving fake invoices and fraudulent ITC claims, as authorities intensify crackdown on tax fraud

Posted in GST | 108 Views

Finance Ministry to Broaden 'Computer System' Definition in New Income Tax Bill 2025

15 August 2025 at 07:18

Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.

Posted in Income Tax | 753 Views

Ministry of Defence to Reimburse 18% GST on Defence R&D Grants for Start-Ups and MSMEs

15 August 2025 at 07:04

MoD to reimburse 18% GST to private start-ups and MSMEs on defence R&D grants under iDEX and TDF schemes, offering interim relief until GST Council decides on permanent exemption.

Posted in GST | 78 Views

GSTN Launches "Navigate to GSTR-1A" on GST Portal

15 August 2025 at 07:04

GSTN introduces the "Navigate to GSTR-1A" feature on the GSTR-3B payment page, allowing taxpayers to easily review, edit and correct sales data before filing returns, ensuring greater accuracy and compliance.

Posted in GST | 96 Views

CAG Flags Gaps in GST E-Way Bill System

15 August 2025 at 07:00

CAG’s audit of the GST E-Way Bill system reveals ₹576.86 crore in revenue loss due to tax evasion, urges tighter monitoring, alerts for misuse, and improved enforcement to protect government revenue.

Posted in GST | 66 Views