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Reassessment Quashed: Income Below ₹50 Lakh Threshold Bars Extended Limitation

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Hyderabad ITAT Rules on Jurisdictional Limit under Section 149(1)(b) Post-Lapse of Three Years. A crucial ruling from the Hyderabad Income Tax Appellate Tribunal (ITAT) has reinforced the importance of the monetary threshold for issuing reopening notices under Section 148 after the standard three-year period has lapsed. The Tribunal held that if the income that has escaped assessment is substantially less than the ₹50 lakh limit, the Assessing Officer (AO) is divested of jurisdiction to invoke the extended time limit 180 taxmann.com 709 (Hyderabad - Trib.)]. The Facts of the ₹19.31 Lakh Dispute The case pertains to Assessment Year (AY) 2016-17. The assessee had: Traded in shares and claimed Long Term Capital Gains (LTCG) as exempt under Section 10(38) . The AO subsequently issued a reopening notice on July 30, 2022, alleging that the assessee was a beneficiary...
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Auto Suspension of GST Registration for Non-Compliance with Rule 10A

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GST Portal Implements Automatic System for Bank Account Details (Dec 5th, 2025). The GST Network has implemented crucial updates to the GST Portal to enforce compliance with Rule 10A , which governs the furnishing of bank account details. Taxpayers must be aware that failure to comply will now trigger an automatic suspension of their GST Registration, effective immediately following the specified deadline. Mandatory Deadline and Automatic Suspension As per the statutory requirement, taxpayers (excluding those under TCS, TDS, or Suo-moto registrations) must furnish their bank account details by the earliest of the following dates: 30 days of grant of registration , OR Before filing details of outward supplies in GSTR-1 or IFF (Invoice Furnishing Facility) . System Enforcement Update: I...
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Mandatory Change: Table 3.2 of GSTR-3B is Now Non-Editable

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Advisory on Filing GSTR-3B with Auto-Populated Inter-State Supply Values (Dec 5th, 2025). This advisory from the GST Network announces a critical change to the filing procedure of Form GSTR-3B. To enhance data consistency and compliance, the values declared in Table 3.2—which captures inter-state supplies—will now be mandatory and non-editable, starting from the November 2025 tax period onwards. What is Captured in Table 3.2 of GSTR-3B? Table 3.2 of Form GSTR-3B captures the inter-state supplies made to three specific categories of recipients, taken out of the total supplies declared in Table 3.1 & 3.1.1 of GSTR-3B: Unregistered persons. Composition taxpayers. UIN (Unique Identification Number) holders. This data is auto-populated from corresponding supplies declared in GSTR-1, GSTR-1A, and IFF (Invoice Furnishing Facility) ...
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Definition of a Small Company Under Companies Act, 2013

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Current Statutory Limits and Mandatory Exclusions Under Section 2(85). The definition of a "small company" is crucial under the Companies Act, 2013, as it grants several exemptions and reduced compliance requirements. The Central Government recently revised the thresholds, significantly expanding the scope of companies that qualify as "small." Statutory Definition and Amended Limits As per Section 2(85) of the Companies Act, 2013 , a small company is any company, other than a public company , that meets the specified limits for paid-up share capital and turnover. Current Financial Thresholds (As Amended w.e.f. 1st December 2025): The Central Government, through Notification G.S.R. 880(E) dated 1st December 2025, substituted the limits for the purposes of the Act: Paid-up Share Capital [Sec. 2(85)(i)...
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Employee Cannot Be Penalized: TDS Credit Allowed Despite Employer's Default

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Delhi ITAT Upholds Tax Credit Based on Salary Slips, Overruling Form 26AS/Form 16 Denial. A recent ruling by the Delhi Income Tax Appellate Tribunal (ITAT) delivers crucial relief to employees facing denial of Tax Deducted at Source (TDS) credit due to non-compliance by their former employer. The Tribunal confirmed that the Revenue cannot deny tax credit to an employee if the employee can provide substantive evidence (like salary slips) showing that tax was actually deducted from their salary, regardless of the employer's failure to remit the tax or issue Form 16 . Background of the Dispute The Facts: The assessee (an ex-employee of TLPL) received gross salary and had TDS deducted under Section 192 . However, the employer neither provided Form 16 nor remitted the TDS amount to the government account. Disallowance: The assessee...
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Urgent Advisory: Mandatory Bank Account Details Under GST Rule 10A

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Act Now to Avoid Suspension of Your GST Registration. Team GSTN has issued a crucial advisory (November 20th, 2025) reminding taxpayers of the mandatory requirement to furnish bank account details as stipulated under Rule 10A of the CGST Rules. Compliance with this rule is essential to prevent disruption to your business and potential suspension of your GST registration. The Mandatory Requirement of Rule 10A As per Rule 10A , all taxpayers must submit their bank account details within a strict timeframe after obtaining GST registration: Compliance Deadline: Deadline: Bank details must be furnished within 30 days of grant of registration , OR before filing details of outward supplies in GSTR-1 or IFF (Invoice Furnishing Facility) , whichever is earlier . Exclusions: This rule does not apply to taxpayers registered under TCS (Tax Collec...
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Simplified ITR Forms and Rules Expected by January 2026

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CBDT Simplifies Tax: New Income Tax Act, 2025, to Halve Complexity The Central Board of Direct Taxes (CBDT) has announced significant steps toward modernizing India’s tax framework with the upcoming Income Tax Act, 2025. This new legislation, set to replace the archaic 1961 Act, aims to make tax processes more taxpayer-friendly and transparent . The Act will become effective from April 1, 2026 . Structural Changes: Cutting Down Complexity The new Act represents a massive overhaul, focusing solely on simplifying language and structure without introducing new tax rates . The reduction in complexity is dramatic: Key Reductions: Sections: Cut from 819 to 536 . Chapters: Reduced from 47 to 23 . Word Count: Halved from 5.12 lakh to 2.6 lakh . To achieve better clarity, dense text has been replaced w...
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