CA Final Notes

Updates: 1. Central Board of Direct Taxes (CBDT) has introduced new rules to simplify the correction of income tax return errors and issuance of refunds. The key highlights of the new rules are: 2. Empowerment of CPC: The CBDT has empowered the Commissioner of Income Tax (CPC), Bengaluru, to rectify obvious errors in tax computation, prepaid credits, and refund calculations under Section 154 of the Income Tax Act. 3. Concurrent Jurisdiction: The CPC now has concurrent jurisdiction with Assessing Officers to handle rectification cases, reducing administrative bottlenecks and ensuring timely refunds. 4. Rectification of Errors: The CPC can correct computational or accounting errors, such as non-consideration of prepaid tax credits, reliefs, or incorrect interest computation under Section 244A. 5. Issuance of Demand Notices: The CPC can issue notices of tax demand under Section 156 where necessary. 6. Benefits to Taxpayers: Faster Refunds: The new rules enable swift rectification of errors, facilitating timely release of refunds. Reduced Compliance Burden: The centralized rectification mechanism reduces administrative delays and minimizes inter-office correspondence. Improved Transparency: The automated system enhances data accuracy and audit trail, ensuring transparent processing of tax credits and reliefs. 7. Who Can Rectify Errors: Commissioner of Income Tax (CPC): The CPC, Bengaluru, has been empowered to handle rectification cases. Additional/Joint Commissioners: The Commissioner can delegate powers to Additional or Joint Commissioners. Assessing Officers: Assessing Officers can also be authorized to use these powers for specific cases. 8. Gross Direct Tax Collections and Refunds for FY 2025-26, as of November 10, 2025, reveals some interesting trends. Let's break it down: Gross Direct Tax Collections: India's gross direct tax collections have risen 2.15% to ₹15.35 lakh crore compared to the same period last year. 9. Refunds: Refunds issued have declined by 17.72% to ₹2.42 lakh crore, which is approximately ₹52,200 crore less than the previous year. This significant drop could be attributed to two possibilities: 10. Smaller refund claims: Taxpayers might be filing returns with smaller refund claims, indicating a potential shift in tax compliance or changes in tax liabilities. 11. Slower refund processing: The Income Tax Department might be slower in processing and releasing refunds this year, possibly due to the extended filing timelines. The CBDT pushed the due date for non-audit individual taxpayers to September 15, 2025, and for corporates to December 10, 2025. 12. Net Direct Tax Collections: Despite the decline in refunds, net direct tax collections have grown 7% to ₹12.92 lakh crore, driven by a 5.7% increase in net corporate tax collection and an 8.7% rise in non-corporate tax collection. 13. Supreme Court in the case of Authority for Clarification and Advance Rulings, Gandhinagar, Karnataka & Anr. v. M/s Skyline Construction and Housing Pvt. Ltd. [Civil Appeal No. 8318 of 2011, order dated October 09, 2025] held that principal contractors, under Section 15 of the Karnataka VAT Act, 2003 for the period prior to March 1, 2006, are entitled to deduct amounts paid to registered subcontractors from their total consideration for works contracts, when computing tax liability under the composition scheme, provided such subcontractors have accounted for and paid tax on those amounts. ◈◉◎┄┅══❂❣❂══┅┄◎◉◈ ┍━━━━━═░★░═━━━━┑   ✪ ➻ https://t.me/canotes                ℑoin us 🔜   ✪ ➻ t.me/canotes_ipcc                ℑoin us 🔜   ✪ ➻ t.me/canotes_final                ℑoin us 🔜   ✪➻ @canotes_foundation ┕━━━━━═░◈░═━━━━┙

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