Clipped from: https://www.financialexpress.com/money/itr-filing-for-ay2025-26-begins-for-these-taxpayers-over-54k-income-tax-returns-filed-in-3-days-3865347/ This year there has been a significant delay in both notifying the ITR forms and updating online & offline utilities to support tax
Month: June 2025
*******GST ITC Reversal: Fire, Theft & Damaged Goods
Clipped from: https://taxguru.in/goods-and-service-tax/gst-itc-reversal-fire-theft-damaged-goods.html Summary: Under Section 17(5)(h) of the CGST Act, Input Tax Credit (ITC) is restricted for goods lost, stolen, destroyed, written off, or disposed
*******AIS, TIS and form 26AS in income tax
Clipped from: https://taxguru.in/income-tax/ais-tis-26as-income-tax.html “Understand the significance of Annual Information System (AIS), Taxpayer Information Summary (TIS), and Form 26AS in income tax. Learn how these tools help
‘We teach kids to crack IIT, not file an ITR’: Analyst in brutal middle class takedown – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/we-teach-kids-to-crack-iit-not-file-an-itr-analyst-in-brutal-middle-class-takedown-478545-2025-06-01 According to the National Centre for Financial Education, only 27% of Indian adults are financially literate. Less than 10% of households have retirement
***Bitcoin–Courtesy FE– https://www.financialexpress.com/market/cryptocurrency/creed-capital-crypto/why-bitcoin-surged-and-what-happens-next/3863905/?ref=hometop_hp
investors often seek refuge in assets that can preserve value amid currency debasement. Traditional hedges include gold, real estate, and equities. *However, among these, Bitcoin
*******Order passed without considering reply is liable to be quashed: Gujarat HC
Clipped from: https://taxguru.in/income-tax/order-passed-reply-liable-quashed-gujarat-hc.html Hasmukhbhai Girdharilal Chopra Vs National Faceless Assessment Centre (Gujarat High Court) Gujarat High Court held that reassessment order passed under section 148 of
*******Reopening of assessment quashed as based on change of opinion: Bombay HC
Clipped from: https://taxguru.in/income-tax/reopening-assessment-quashed-based-change-opinion-bombay-hc.html Prithvi Apartments Co-operative Housing Society Limited Vs ACIT (Bombay High Court) Bombay High Court held that since issue already examined during the course
*******Reassessment u/s. 148 quashed as all necessary information already supplied: Gujarat HC
Clipped from: https://taxguru.in/income-tax/reassessment-u-s-148-quashed-information-supplied-gujarat-hc.html Adani Wilmar Limited Vs ACIT (Gujarat High Court) Gujarat High Court held that reassessment under section 148 of the Income Tax Act is
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