Monthly Tax Bulletin: July 2025

Key highlights

• The CBDT extends the time limit for furnishing ITRs to 15 September 2025 and for processing ITRs and sending intimation to taxpayers for AY 2023-24 until 30 November 2025;
• The CBDT issues guidelines for compulsory case selection for 'Complete Scrutiny' - FY 2025-26; 
• The Supreme Court’s interpretation of Section 80-IA(9) has resolved a long-standing ambiguity, clarifying that it limits allowability, not computation of deductions under Chapter VI-A;
• The RBI allows importers to remit up to USD 50 million in advance without a bank guarantee or standby letter of credit for importing shipping vessels;
• The ITAT rules that a director’s resignation did not constitute a restructuring of business to escape deemed AE classification;
• The Sikkim HC allows the refund of unutilised input tax credit under GST upon the closure of business;
• The Bombay HC upholds Customs authorities’ power to issue a SCN despite Article 24 of AIFTA.

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Monthly Tax Bulletin: July 2025

The July 2025 edition of the Grant Thornton Bharat Monthly Tax Bulletin captures key developments under the direct taxes, transfer pricing, indirect taxes, and FEMA, for June 2025.

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