India's net direct tax collections surged 6.3% to Rs 11.89 lakh crore as of October 12, 2025, driven by steady corporate earnings and lower refunds. Gross collections reached Rs 13.92 lakh crore, per CBDT data.
Government reviews Black Money Act; committee to assess harsh penalties, legal overlaps with the Income Tax Act, and challenges in enforcement.
Income tax refunds drop 16% as the government tightens fraud detection checks; taxpayers face longer verification for high-value claims.
Uttar Pradesh State Tax Department has uncovered a fake firm, M/s Kumar Service, in Lucknow that fraudulently claimed Rs 2.11 crore Input Tax Credit using forged documents.
The recent GST exemption on life insurance premiums may limit insurers' Q2 profits despite a 14.8% rise in new business premiums in September 2025.
The Bombay High Court has granted an interim stay on the 18% GST rate for restaurants inside premium hotels, challenging the tax disparity with standalone eateries taxed at 5%.
Gujarat High Court directs CBDT to extend ITR filing deadline for audit cases by one month, offering relief to taxpayers and professionals.
Income Tax Dept updates e-filing portal: Track exactly when AO/CIT(A) views your submissions, enhancing transparency in faceless assessments & appeals.
An NRI taxpayer successfully challenged the Income Tax Department after being wrongly assessed Rs 2.28 crore as unexplained income. ITAT Ahmedabad reduced the amount to just Rs 63,133.
ICAI releases a comprehensive Handbook for Chartered Accountants, featuring standard certificate formats, compliance checklists and practical guidance to strengthen audit and reporting practices.
Online GST Course - Master the Fundamentals of GST with Practical Insights
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