Tax audit deadline not extended for these taxpayers; Karnataka CA body highlights anomalies in CBDT's due date extension circular

The CBDT extended tax audit and ITR filing deadlines to November 10 and December 10, 2025, respectively. However, taxpayers with international or specified domestic transactions under Section 92E were excluded from this extension. The Karnataka State Chartered Accountants Association highlighted this omission, pointing out an unintended anomaly that mandates earlier filing for those with higher compliance burdens.

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Tax audit and audit ITR deadlines for FY 24-25 extended by Income Tax Department

<i>ITR deadlines extended: The Central Board of Direct Taxes has extended the income tax return filing deadline for certain assessees to December 10, 2025. The deadline for furnishing audit reports for the previous year 2024-25 is now November 10, 2025. High Courts in Punjab & Haryana, and Himachal Pradesh had previously directed the extension for tax audit cases deadline.</i>

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Tax audit extension update: High Courts in Punjab & Haryana, Himachal Pradesh grant more time; CBDT’s next move awaited

The Punjab & Haryana High Court and the Himachal Pradesh High Court have extended the income tax return filing deadline for tax audit cases. The new deadline is November 30, 2025. This follows a similar order from the Gujarat High Court. Tax professionals are urging the CBDT to issue a nationwide circular.

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Can I gift mutual funds without attracting capital gains tax?

Are mutual funds considered capital assets? Can these be gifted without attracting any capital gains tax? My mutual funds are held in a statement of account, not demat account.

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Major changes in GST invoice management system (IMS) from October 2025 tax period

The Goods and Services Tax Network has updated its Invoice Management System. Taxpayers can now mark credit notes as pending for one tax period. This new feature offers flexibility in modifying Input Tax Credit reversals. These changes aim to streamline business processes and resolve disputes. The updates are effective from the October 2025 tax period onwards.

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Pay zero income tax on capital gains: CA explains how you can save tax by re-investing up to Rs 10 crore LTCG

Selling capital assets can lead to taxable gains, but strategic reinvestment can eliminate tax liability. Individuals and HUFs can offset long-term capital gains from property or other assets by investing in new residential properties or specific government bonds, significantly reducing tax burdens.

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GSTR-9 table 8A update: New invoice management system will form part of 8A from this year; Important things to watch out for

Taxpayers must prepare for significant changes in GSTR-9 annual returns for FY 2024-25. The new Invoice Management System (IMS) will now be integrated into Table 8A. This update impacts how invoices and ITC are reported. Professionals and taxpayers should review these crucial changes before the December 31, 2025 deadline to ensure accurate filing.

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Silver taxation explained: How your earnings from physical silver, silver ETFs and mutual funds are taxed

Silver has seen an impressive 87% price surge in the past year, with many silver ETFs delivering over 80% returns. Investors cashing in on these gains must be aware of income tax implications, which vary based on the investment type and holding period for physical silver, ETFs, and digital silver.

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Good news: GSTR-3B due date extended to October 25, 2025

The Ministry of Finance has extended the deadline for filing GSTR-3B returns for September 2025. The new due date is October 25, 2025. This extension also applies to the July-September 2025 quarter. The decision provides relief to taxpayers and professionals during the Diwali festive season. This move aims to ease compliance burdens and allow for peaceful celebrations.

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ITR portal update: Now view if and when an I-T official saw or reviewed your tax notice submissions, know how it benefits taxpayers

The Income Tax Department now shows when officials view your tax notice submissions online. This new feature confirms your documents have been seen. It helps taxpayers monitor progress and prevents claims of non-consideration. This move enhances transparency and accountability in the faceless tax system. It also aids in tracking officer performance and improving efficiency.

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GST return due date clash with Diwali: BCAS urges extension of GSTR-3B filing date

The Bombay Chartered Accountant Society has urged the finance minister to extend the GSTR-3B filing deadline. This request stems from the upcoming Diwali festival and its associated holidays. The extended period will allow taxpayers and professionals sufficient time to complete compliance procedures accurately after the festivities conclude. This administrative relief aims to facilitate ease of doing business.

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GSTR-9 annual return FY 2024-25: Key change in reporting Table 6 explained

A significant change has been introduced in the GSTR-9 annual return form. This update, effective for FY 2024-25 with a December 31, 2025 deadline, introduces a new table for reporting input tax credit from the previous year. This aims to enhance clarity and reduce notices. The article also addresses frequently asked questions regarding GST rates applicable from September 22, 2025.

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Income tax disputes stuck in endless loop: Faceless CIT (A)s are issuing repeated notices but no final judgement, preventing taxpayers from taking further action

Launched to boost transparency, India's Faceless Appeal Scheme now faces challenges with significant pendency and the repetitive issuance of identical notices. This practice is eroding taxpayer confidence despite the scheme's digital intent. Fine-tuning execution through technological checks and clear guidelines is crucial to restore faith in the system. Read more.

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GST annual return using form GSTR-9 has been enabled for filing for FY 2024-25 on the GST portal

The GST portal has enabled filing of the GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2024-25, with a deadline of December 31, 2025. Taxpayers can now access online and offline filing options for these forms. GSTR-9 is mandatory for turnovers exceeding Rs 2 crore, while GSTR-9C is required for turnovers above Rs 5 crore.

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Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatory

Traders declaring business or F&O income below 6% of their turnover may face a mandatory tax audit. This rule applies even if turnover is below certain thresholds. If total income exceeds the basic exemption limit, a tax audit becomes compulsory. Not obtaining a required audit carries risks for the taxpayer. This measure aims to ensure accurate income declaration.

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Many property sellers have to pay 3.5 times more TDS and TCS due to issues with Income Tax TDS, TCS rules; Five such I-T rules need overhaul

Income Tax on property: There is a problem with the Income Tax law due to which in immovable property sale cases, Taxpayers especially NRIs may face both TDS and TCS depending on how the sale proceeds are handled. The solution to this problem is lower/nil TDS and TCS certificates. However, these procedures increase compliance cost and complexity.

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53% interest to be paid by Income Tax dept to an individual’s tax refund of Rs 6.42 lakh; Delhi High Court order

The Delhi High Court has ordered the Income Tax Department to pay Mr. Goel Rs 3.55 lakh in interest on a Rs 6.42 lakh tax refund. This significant interest, amounting to 53% of the refund, is for multiple assessment years and must be disbursed within eight weeks. The court's directive follows Mr.

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Gold is on a roll: How your gains from gold investment are taxed be it jewellery, SGBs, gold ETFs or mutual funds

New gold investment tax rules took effect from July 23, 2024. As per the new rules, long term capital gains on physical gold, ETFs, and mutual funds incur a 12.5% flat tax. Unlike before the rule changes, indexation benefits will cease for these holdings. Sovereign Gold Bonds sold before maturity will also face a 12.5% long term capital gains tax.

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I am an NRI, how will my foreign income be taxed when I become a resident again?

I am an NRI and am planning to return to India next year. How will my foreign income and Indian investments be taxed once I become a resident again?

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