Income Tax 26 October 2026
GST Refunds, SEZ Returns, and Tax Regime Shifts Impact Indian Taxpayers
Recent tax tribunal rulings let airlines reclaim GST on cancelled tickets when fares are refunded, and the GST authority must process refunds within two weeks. New SEZ rules grant customs duty refunds on returned goods but set a tight filing deadline. Taxpayers returning to the old income‑tax regime must file Form 10 to claim deductions. Guidance clarifies tax treatment of ex‑gratia payments, and an ITAT decision offers relief to a taxpayer who missed filing deadlines. Celebrities are buying agricultural land for tax benefits, and Edelweiss Mutual Fund reopened one offshore scheme while closing others.
- *GST on cancelled tickets*: The GST tribunal ordered airlines to claim refunds when fare + GST are returned to passengers; the revenue department must settle within two weeks. (Times of India, Economic Times, Economic Times Infra)
- *SEZ goods return*: New customs rules allow duty refunds on goods returned after failed deliveries, but the claim period is short. (Business Standard)
- *Old tax regime*: Taxpayers opting out of the new regime must file Form 10 to receive eligible deductions. (Times of India – Mumbai)
- *Ex‑gratia compensation*: CBDT clarified tax treatment for ex‑gratia under BSNL/MTNL VRS. (Staff News)
- *ITAT late‑filers*: An ITAT ruling gave a chance to a taxpayer who missed filing and notice deadlines. (Upstox)
- *Celebrity agricultural land*: Stars buy farm land for tax relief, prompting scrutiny. (LiveMint)
- *Edelweiss fund update*: One overseas scheme reopened; six paused schemes permanently closed. (Upstox)
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