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Monthly Tax Bulletin: July 2025

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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.
Contents

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

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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