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July 2025

Regulatory Referencer

By Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 5 mins

I. DIRECT TAX : SPOTLIGHT

1. Valid returns of income filed electronically on or before 31 March 2024 pursuant to condonation of delay u/s 119(2)(b) of the Act by the competent authority, for which date of sending intimation under sub-section (1) of section 143 of the Act has lapsed, shall be processed by 31 March 2026 - Circular No. 7/2025 dated 25 June 2025

2. Form ITR-U amended - Income-tax (Nineteenth Amendment) Rules, 2025 - Notification No. 49/2025 dated 19 May 2025

3. Protocol amending the Agreement between the Republic of India and the Sultanate of Oman for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, was signed at Muscat on 27 January, 2025. Central Government notifies that all the provisions of said Agreement and Protocol, as annexed hereto, shall be given effect to in the Union of India from 25 June 2025 - Notification No. 69/2025 dated 25 June 2025.

II. FEMA

1. RBI grants grace period for Investment Vehicles to file Form InVI for partly paid units without LSF

The Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 requires Investment Vehicles (IVs), which have

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