Starting 5th December 2025, businesses registered under GST must update their bank account details within 30 days of registration or before filing GSTR-1/IFF, whichever is earlier. As per Rule 10A, failure to comply will result in automatic suspension of GST registration. The update process requires furnishing bank account number, IFSC code, and a cancelled cheque or bank statement via the GST portal. While OIDAR and NRTP taxpayers are exempt, OIDAR taxpayers with a representative in India must provide bank details. Timely compliance ensures uninterrupted GST registration and avoids cancellation proceedings.

This blog explains in simple language why taxpayers may have to pay extra interest if they delay filing their return, pay less tax during the year, or miss advance tax installments. It breaks down Sections 234A, 234B and 234C in an easy format and shares how timely payments can help avoid extra charges. If your final tax payable is less than ₹10,000, these rules normally do not apply.

There is no halt on refund processing by CBDT. Only high-risk refund claims are being held for verification, while smaller refunds are being processed normally. Most legitimate refunds are expected to be released by December.

Mumbai ITAT has ruled that late filing of Form 10IC should not prevent eligible taxpayers from availing the concessional corporate tax rate under Section 115BAA. The order states that filing Form 10IC is a procedural requirement and the intent to opt for the new tax regime is more important.

A detailed summary explaining that winning a GST case at the initial level (adjudicating authority) does not guarantee finality, as the Tax Department holds the power to file an appeal under Section 107. The post outlines the multi stage appellate process (Appellate Authority, GSTAT, High Court, Supreme Court), the financial impact on businesses due to tied-up cash (pre-deposit requirements), and practical steps for taxpayers to manage this uncertainty.

The Indian Income Tax Act is evolving rapidly. From the push for the New Tax Regime to AI-driven scrutiny and rationalized capital gains, discover the key trends and anticipated changes that could reshape your financial planning and compliance strategy in the coming years.

The Maharashtra government has extended the deadlines for filing MVAT and Professional Tax returns for October 2025. Payment due dates remain unchanged, and interest applies if taxes are paid late. Taxpayers now have additional time to file returns correctly and avoid late fees. This update helps businesses manage compliance efficiently and avoid penalties by following the revised dates.

A recent court judgment has made it clear that holding more than one PAN card is no longer just a minor issue with a 10,000 fine. In a high-profile case, two individuals were sentenced to seven years in jail for possessing duplicate PANs, one of which was forged. The ruling shows that when a second PAN is linked to fraud or forgery, it becomes a criminal offense under the IPC. Taxpayers with duplicate PANs must act quickly and surrender the extra card to avoid severe legal consequences.

The Income-Tax Department is closely reviewing high-value refund claims flagged for potential discrepancies. While smaller refunds are already being processed, CBDT Chairman Ravi Agrawal has assured taxpayers that legitimate high-value payouts will be cleared by December 2025. Refund claims worth ₹2.42 lakh crore have been filed till November 10, showing an 18% drop from last year. The department has also increased appeal disposals by 40% and remains confident of meeting its ₹25.20 lakh crore direct tax collection target for FY26, supported by 6.99% growth. Leveraging AI-powered tools, the CBDT is enhancing compliance, monitoring taxpayer behavior, and identifying potential evasion

The government is set to introduce simplified income tax return forms under the Income Tax Act, 2025 by January 2026, replacing the long-standing Income Tax Act, 1961. These new forms aim to make tax filing easier, reduce compliance burdens, and improve transparency. Refunds are being processed, with larger claims expected by December 2025. The CBDT is confident of meeting its ambitious ₹25.20 lakh crore direct tax collection target for FY26, supported by strong growth. Taxpayers should prepare for the new system, which takes effect from April 1, 2026.

The CBDT has empowered the CPC Bengaluru with concurrent jurisdiction under Section 154 to rectify obvious errors in ITRs like missed TDS/TCS credits, relief miscalculations, and interest under Section 244A—leading to faster refunds, reduced compliance burden, and greater transparency. Effective from October 27, 2025 (Notification No. 155/2025), this centralized approach streamlines rectifications and allows demand notices under Section 156 where needed.

Buying property in your wife’s name can trigger an Income Tax Notice. This guide explains the spouse exemption under the Benami Act, how Section 64 clubbing works, and the exact documents and steps to respond. Act fast, stay transparent, and keep your paperwork ready.