Why was the ITR deadline extended?
The CBDT press release dated May 27, 2025, highlights the following key reasons for the extension: Major updates to ITR forms: The new ITR forms introduced for AY 2025–26 include expanded disclosure requirements, particularly around capital gains. The tax treatment varies based on whether the asset was sold before or after July 23, 2024, adding […]
Reversal of ITC CLAIM
Introduction The Finance Act, 2022 substituted Section 41 of the Central Goods and Services Tax Act, 2017 (‘CGST Act’), with effect from 1 October 2022[1].Thus, from 1 October 2022, a taxpayer is allowed to self-assess and claim ITC for goods or services in their returns, with the credited amount going directly to the Electronic Credit […]
Tax Trial
Competent courts Which courts have jurisdiction to hear tax disputes? Typically, the tax dispute first arises before the tax authority, which acts in a quasi-judicial manner. It acts as both investigator and adjudicator. The powers of the first appellate body are co-extensive and coterminous to the primary tax authority. The second appellate forum is also […]
