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The Income Tax Bill 2025 proposes notable reforms aimed at simplifying compliance and boosting economic efficiency.
The CBDT extended deadlines for SEZ and EOU entities, offering crucial relief.
New tax incentives for cruise operators are set to spur tourism and foreign investment.
The ITAT ruled that penalties under Section 271AA must be supported by identified non-compliance.
In a landmark decision, the Supreme Court confirmed the taxability of share capital reduction as a “transfer.”
On the GST front, the CBIC clarified export procedures for lab-grown diamonds and waived late fees for delayed GSTR-9C filings.
High Courts in Kerala and Andhra Pradesh addressed ITC allocation errors and wilful suppression, respectively, reinforcing accountability.
The ICAI issued an exposure draft for accounting standards tailored to LLPs.
The RBI revised FEMA rules related to payment modes for non-debt instruments, and SEBI introduced a framework for interest waivers in recovery cases.
Don’t miss the March 2025 compliance calendar to ensure timely filings.
Download the full publication below.