Recent Updates

BlogApril 15, 2026

TRACES – TDS Upgraded Version by ITD

BlogApril 9, 2026

Income Tax Department has clarified that existing appeal forms (Form 35 and Form 36) will continue to apply for appeals relating to Assessment Year (AY) 2026-27 or earlier, even if filed after April 1, 2026. The transition is based on the Relevant Assessment Year (AY), not the date of filing

BlogMarch 11, 2026

₹669 Crore Gift to Family Trust Taxed Because of One Sentence in the Trust Deed

UpdateMarch 11, 2026

Jammu and Kashmir High Court ruled that pension is protected from attachment only until they are paid out; once the funds hit a pensioner's bank account, they can be recovered for guarantor liabilities. This judgement came about in a case involving a retired forest department officer who acted as a guarantor for Rs 15 lakh home loan taken by two borrowers. When the borrowers defaulted on the home loan repayment, the bank deducted Rs 4.64 lakh from his pension account. He had retired in 2018 and got Rs 35,350 monthly pension in the Rajouri, J&K branch of the bank. On October 9, 2019, two persons Smt Kumari and Mr Kumar had taken a home loan from this bank for Rs 15 lakh and he stood as guarantor for this loan. The loan was secured via a registered mortgage of leasehold rights of the land and the house constructed on this land.

BlogMarch 7, 2026

Non-Banking Financial Companies (NBFCs) granting fresh loans to borrowers who have already defaulted on earlier loans – RBI Concern

UpdateMarch 5, 2026

SEBI is set to change how mutual funds value gold and silver. Starting April 1, 2026, mutual funds, including gold and silver exchange traded funds (ETFs) will rely on polled spot prices published by recognised Indian stock exchanges. This marks a shift from the current practice where these mutual funds base their valuations on the London Bullion Market Association (LBMA) morning price.

BlogMarch 5, 2026

Launch of Authorised Economic Operator (AEO) Programme : CBIC

UpdateMarch 5, 2026

Delhi High Court has ruled that individuals forced to stay in India can't be automatically treated as residents under the Black Money Act. This landmark decision came in the case of Rajiv Saxena, who was extradited to India in connection with the AgustaWestland scam and was asked to disclose his foreign assets after staying over 181 days.

BlogMarch 5, 2026

Apply LUT for FY 2026-27 before Export Sales

BlogMarch 2, 2026

Madras High Court ruled that teaching or promoting the Bhagavad Gita, Vedanta, and Yoga does not constitute "religious activity" under Indian law

UpdateFebruary 23, 2026

The assessee (HUF) claimed exemption u/s 10(38) on long-term capital gains of ₹19.41 lakh arising from sale of shares of Radford Global Ltd. The AO, relying on investigation reports alleging penny stock manipulation, rejected the exemption and treated entire sale proceeds of ₹19.97 lakh as unexplained cash credit u/s 68. CIT(A) upheld the addition

UpdateFebruary 23, 2026

ITAT Mumbai in the matter of Dilip Bhanverlal Dangi (HUF) Vs ITO deleted Penny Stock Long Term Capital Gain Addition U/s 68 and Documentary Evidence Accepted; Suspicion Cannot Replace Proof

BlogFebruary 23, 2026

GSTN has enabled a new online facility for eligible taxpayers to apply for withdrawal from the option availed under Rule 14A of the CGST Rules by filing Form GST REG-32 on the GST Portal.

BlogFebruary 23, 2026

Foreign Trade has issued Trade Notice No. 28/2025-26 dated 20 February 2026 (FLOW)

BlogDecember 2, 2025

Latest Rent Agreement 2025 Rules

UpdateDecember 2, 2025

J&K And Ladakh High Court has ruled that trade between J&K and PoK (Pakistan occupied Kashmir) is 'Intra-State supply' under GST Act, since PoK Is part of J&K Territory. Hence, CGST & SGST shall be applicable and not IGST

BlogAugust 6, 2025

Relief to Category III Alternative Investment Funds (AIFs) by Delhi High Court

BlogAugust 6, 2025

INCOME TAX RETURN FILING ITR -3 AY 2025-26 FY 2024-25

BlogAugust 6, 2025

ICAI GUIDELINES ON TAX AUDIT AND AUDIT LIMIT

BlogAugust 6, 2025

Appointment of Goods and Services Tax Appellate Tribunal (GSTAT) Members Delhi

UpdateJune 25, 2025

The Ministry has planned a system migration. During this period, 13 specific e-forms (listed in the annexure) will not be available for filing from the period between June 18, 2025, and July 13, 2025 (both days are also included).

BlogJune 25, 2025

Ten Year Zero Coupon Bond of Indian Railway Finance Corporation Ltd

UpdateJune 25, 2025

Ministry of Corporate Affairs via a recent circular dated June 16, 2025, is informing about the upgrade in its online MCA21 portal from Version 2 (V2) to Version 3 (V3). This change has been implemented to ensure a smooth rollout of annual filings and related e-forms on the new system (V3)

UpdateJune 25, 2025

Jharkhand High Court has ruled that government contractors are entitled to reimbursement for Goods and Services Tax (GST) incurred on projects awarded prior to the GST regime's implementation on July 1, 2017. This decision, delivered in the case of Ashoka Buildcon Limited vs. State of Jharkhand, aligns with previous pronouncements by the court, emphasizing principles of fairness and equality in state contractual dealings.

BlogJune 25, 2025

Income Tax department has sent bulk emails to numerous taxpayers who either haven't paid the correct income tax on their cryptocurrency dealings or have failed to report their cryptocurrency transactions in Schedule VDA (virtual digital assets) of the Income Tax Return (ITR).

UpdateJune 25, 2025

If the turnover crosses ₹5 crore mid-year (say, in Nov 2025) or any time in this year, e-invoicing does not become applicable immediately. It will only apply from the beginning of the next financial year, i.e., 01.04.2026

UpdateJune 25, 2025

ITAT Mumbai Bench, has set aside a revisional order issued by the Principal Commissioner of Income Tax (PCIT) against A & J Associates for the Assessment Year 2015-16. The tribunal ruled that the Assessing Officer's (AO) original assessment was not erroneous or prejudicial to the interests of the revenue, a prerequisite for invoking the revisional powers under Section 263 of the Income Tax Act, 1961.

BlogJune 25, 2025

Finance minister directed income tax officers to accelerate the disposal of disputed tax demands, timely process tax refunds, and proactively resolve taxpayer grievances. She said that all departmental appeals falling below the revised monetary thresholds as notified in recent policy changes should be identified and withdrawn within a period of three months.

UpdateJune 25, 2025

Bombay High Court dismissed income tax appeals filed by the Commissioner of Income Tax (CIT) against Agastmuni Construction Pvt. Ltd. The court noted that the tax effect in all appeals fell below the Rs. 1 crore threshold set by CBDT Circular No. 17 of 2019 dated August 8, 2019. Despite efforts, Revenue counsel received no instructions to withdraw. The court clarified that the Revenue could seek recall if any appeal was genuinely outside the circular's scope.

BlogJune 25, 2025

Blocking of filing of GST Returns after expiry of three years.

UpdateJune 25, 2025

Allahabad High Court has set aside an appellate order that dismissed an appeal solely on the ground of belated submission of a certified copy of the impugned order. The court, in the case of K.C. Timber Products versus Additional Commissioner, Grade-2 (Appeal), State Tax, Ghaziabad, emphasized that the requirement to file a certified copy of an order under Rule 108 of the GST Rules is procedural and not mandatory, especially when the appeal is duly filed electronically with the relevant records.

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Blogs & Updates

TRACES – TDS Upgraded Version by ITD

Income Tax Department has clarified that existing appeal forms (Form 35 and Form 36) will continue to apply for appeals relating to Assessment Year (AY) 2026-27 or earlier, even if filed after April 1, 2026. The transition is based on the Relevant Assessment Year (AY), not the date of filing

₹669 Crore Gift to Family Trust Taxed Because of One Sentence in the Trust Deed

Non-Banking Financial Companies (NBFCs) granting fresh loans to borrowers who have already defaulted on earlier loans – RBI Concern

Launch of Authorised Economic Operator (AEO) Programme : CBIC

Apply LUT for FY 2026-27 before Export Sales

Madras High Court ruled that teaching or promoting the Bhagavad Gita, Vedanta, and Yoga does not constitute "religious activity" under Indian law

ITAT Mumbai in the matter of Dilip Bhanverlal Dangi (HUF) Vs ITO deleted Penny Stock Long Term Capital Gain Addition U/s 68 and Documentary Evidence Accepted; Suspicion Cannot Replace Proof

GSTN has enabled a new online facility for eligible taxpayers to apply for withdrawal from the option availed under Rule 14A of the CGST Rules by filing Form GST REG-32 on the GST Portal.

Foreign Trade has issued Trade Notice No. 28/2025-26 dated 20 February 2026 (FLOW)

Latest Rent Agreement 2025 Rules

J&K And Ladakh High Court has ruled that trade between J&K and PoK (Pakistan occupied Kashmir) is 'Intra-State supply' under GST Act, since PoK Is part of J&K Territory. Hence, CGST & SGST shall be applicable and not IGST

Relief to Category III Alternative Investment Funds (AIFs) by Delhi High Court

INCOME TAX RETURN FILING ITR -3 AY 2025-26 FY 2024-25

ICAI GUIDELINES ON TAX AUDIT AND AUDIT LIMIT

Appointment of Goods and Services Tax Appellate Tribunal (GSTAT) Members Delhi

The Ministry has planned a system migration. During this period, 13 specific e-forms (listed in the annexure) will not be available for filing from the period between June 18, 2025, and July 13, 2025 (both days are also included).

Ten Year Zero Coupon Bond of Indian Railway Finance Corporation Ltd

Ministry of Corporate Affairs via a recent circular dated June 16, 2025, is informing about the upgrade in its online MCA21 portal from Version 2 (V2) to Version 3 (V3). This change has been implemented to ensure a smooth rollout of annual filings and related e-forms on the new system (V3)

Income Tax department has sent bulk emails to numerous taxpayers who either haven't paid the correct income tax on their cryptocurrency dealings or have failed to report their cryptocurrency transactions in Schedule VDA (virtual digital assets) of the Income Tax Return (ITR).

If the turnover crosses ₹5 crore mid-year (say, in Nov 2025) or any time in this year, e-invoicing does not become applicable immediately. It will only apply from the beginning of the next financial year, i.e., 01.04.2026

Blocking of filing of GST Returns after expiry of three years.

A Short History of Charitable Work/ Philanthropy Work /NGOs / NPOs

SEBI Clarifies Share Gift Transfer Norms Under SAST & PIT

No Penalty u/s 273B should be imposed for cash repayment of loan

DGFT Notifies New SION A-3686 for Sodium Citrate

Analysis of Notifications and Circulars for Week ending 8th June 2025