Month: May 2025

Advance given for purchase and subsequently written off in Profit and Loss account as bad debts allowed as business expenditure u/s 37(1) In a recent judgment, ITAT Chandigarh allowed deduction under section 37(1) as business expenditure towards advance written off as irrecoverable bad debts, following the Supreme Court …

CBDT notifies format of ITR-3 for AY 2025-26 for For individuals and HUFs having income from profits and gains of business or profession. CBDT notifies format of ITR-3 for Ay 2025-26  CBDT vide Notification No. 41/2025 dated 01.05.2025 has notified the format of Income Tax Return-3 (ITR-3). What is …

Implementation of Phase-3 reporting of HSN codes in Table 12 of GSTR-1 & 1A from May 2025 return period – GSTN Advisory CBIC vide Notification No. 78/2020 – Central Tax dated 15th October 2020, made it mandatory for the taxpayers to report minimum 4 digits or 6 digits …

Patwari certificate should be on government letter head bearing government seal, signature and designation of designated local revenue authority – ITAT  In a recent judgment, ITAT Indore has held that Patwari certificate for municipal limit of land should be on government letter head instead of plain paper leaving …