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In direct tax updates, the CBDT notified the new ITR Form 5 for FY 2024–25 with important revisions for LLPs and partnership firms. Additional updates included expanded safe harbour provisions, specification of the IRFC ten-year zero-coupon bond, and the notification of the deadline for opting out of the new tax regime.
Judicial developments featured a Tribunal ruling supporting carry forward of capital losses under the India–Mauritius tax treaty, and a Supreme Court verdict clarifying the scope of the Commissioner’s powers under Section 263 of the Income Tax Act.
Under indirect tax, key changes included new HSN code validations in Table 12 of GSTR-1, effective May 2025, the CBIC’s introduction of a grievance redressal mechanism for GST registration applicants, and an advisory on appeal withdrawal processes under the GST waiver scheme.
Courts also weighed in, with the Himachal Pradesh High Court barring departmental interference at the preliminary show cause stage, and another High Court directing a fresh hearing in a GST dispute owing to procedural lapses.
In audit developments, the ICAI released an exposure draft of forensic accounting and investigation standards, marking a step forward in formalizing this growing practice area.
Regulatory updates included RBI’s circulars on reporting via the FIRMS portal for issuance of partly paid units, relaxation in investment norms for FPIs in corporate debt, and SEBI’s mandate for stronger internal audits and governance standards across Market Infrastructure Institutions (MIIs).
A detailed Compliance Calendar for May 2025 is also provided to help businesses meet key regulatory deadlines on time.