Latest News & Insights

Updates, articles, and analysis on India's latest tax and compliance changes.

Draft Income Tax Bill 2025 – Ushering in a New Tax Era

July 2025

India’s draft Income Tax Bill, 2025, promises a simpler, modern tax regime with unified 'tax year' and streamlined refunds. Here's what taxpayers need to know.

India is on the verge of a significant shift in its tax administration with the upcoming Income Tax Bill, 2025. The bill simplifies tax laws, introduces a unified 'tax year', and makes TDS refunds easier for non-filers. Exemptions and deductions are now in easy-to-read schedules.

What This Means: If passed, the bill will streamline compliance, clarify laws, and improve refund efficiency. Taxpayers should familiarize themselves with these changes and seek professional advice for a smooth transition.

Income Tax Filing Extended – What You Need to Know

July 2025

CBDT has extended the ITR filing deadline for AY 2025–26 to 15th September 2025, giving taxpayers more time amid new system updates.

The Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline for AY 2025–26. Updated Excel utilities are available for easy offline filing. Authorities encourage early filing to avoid delays.

Income Tax Compliance Push – Voluntary Corrections Surge

July 2025

Increased scrutiny has led to 40,000+ voluntary corrections and withdrawal of ₹1,000+ crore in wrongful refund claims.

The Income Tax Department’s focus on refund scrutiny led to a wave of voluntary corrections. Common errors included unsupported HRA claims and improper deduction declarations. Taxpayers are advised to review filings and correct mistakes promptly.

Sweeping GST Reforms – Non-Editable GSTR-3B and Return Filing Window

July 2025

From July 2025, GSTR-3B cannot be edited after filing, and old GST returns (over 3 years due) can no longer be filed. Immediate action is required for pending returns.

New GST rules prevent editing GSTR-3B after filing and close the window for returns due more than 3 years ago. Businesses must address pending returns before the window closes.

GST Amnesty Scheme Ends – Last Opportunity Recalled

July 2025

The GST Amnesty Scheme ended on 30 June 2025. No further extensions are planned. Missed out? Prepare for penalties.

The GST Amnesty Scheme allowed regularization of past defaults with reduced penalties. With the window now closed, future non-compliance may incur full penalties.

June 2025 GST Revenues Signal Strong Growth

July 2025

GST collections hit ₹1.84 lakh crore in June 2025, driven by growth in manufacturing, logistics, and AI-powered compliance.

GST revenues for June 2025 marked a new high, up 6% year-on-year. Improved tech adoption and strong sectoral growth are credited for the positive trend.

GST Appellate Tribunal (GSTAT) Goes Digital

July 2025

From July 2025, GSTAT e-filing and virtual hearings are available nationwide, expediting litigation and improving transparency.

The GSTAT digital platform enables e-filing, document uploads, and virtual hearings. This transition increases accessibility and speeds up dispute resolution.