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June 17, 2025 / Direct Tax

Cash Deposits under Presumptive Taxation-Attract Sec 68/69A?

Cash Deposits under Presumptive Taxation—Whether Attract Section 68 or 69A? Cash deposits under presumptive taxation schemes (Sections 44AD, 44ADA, & 44AE) and their implications u/s68 of the Income Tax Act. Section 44AD/ADA/AE allows eligible businesses and professionals to declare profits on a presumptive basis, thereby exempting them from maintaining books of accounts u/s44AA, provided they …

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June 18, 2025 / IBC

New IBBI Forms LIQ 1–4 in Liquidation Reporting

New IBBI Forms LIQ 1–4 Introduced to Streamline Liquidation Reporting In the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, if No resolution plan is received, or The maximum time period expires, and the Adjudicating Authority (AA) may order liquidation of the Corporate Debtor. To strengthen oversight and improve compliance, the Insolvency and Bankruptcy …

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June 17, 2025 / Business Consultancy

Overview on Social Engineering- Cyber Jaagrookta Diwas

Cyber Jaagrookta Diwas: Stay Alert, Stay Secure – Beware of Social Engineering! On this Cyber Jaagrookta Diwas, let us raise awareness about the growing threat of social engineering attacks. Cybercriminals often exploit human emotions—such as fear, curiosity, sympathy, or pride—to manipulate individuals into revealing confidential information or performing harmful actions. This Cyber Jaagrookta Diwas, we …

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June 16, 2025 / GST Compliance

GSTN: Non-editability of Auto-Populated Liability in GSTR-3B

Implementation of Non-Editable Auto-Populated Tax Liability in GSTR-3B from July 2025 Tax Period The GST Portal currently auto-populates tax liabilities in GSTR-3B based on outward supplies declared in GSTR-1, GSTR-1A, and IFF. Until now, taxpayers could edit these auto-populated values directly in GSTR-3B. Upcoming Change: Effective from the July 2025 tax period (to be filed …

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June 15, 2025 / GST Compliance

HSN Code Requirements Based on Annual Turnover

HSN Code Requirements Based on Annual Turnover Below Summary table showing the requirement of HSN code reporting under GST based on a taxpayer’s annual turnover Annual Turnover of Taxpayer HSN Code Requirement Up to INR 1.50 crore Optional—HSN code reporting not mandatory INR 1.50 crore to INR 5.00 crore 2-digit HSN code must be mentioned …

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June 15, 2025 / Company Law Compliances

Key deadlines of Compliance Calendar For FY 2025–26

Key Due Dates to Note Compliance Calendar For FY 2025–26 (by Compliance Type) TAX COMPLIANCE CALENDAR – FY 2025-26 (1st Apr 2025 – 31st Mar 2026) – For Individuals | Professionals | SME Businesses Tax Compliance Calendar for FY 2025–26 (AY 2026–27) covering Income Tax Filing, GST, TDS, ROC, and Accounting compliances with a primary …

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June 15, 2025 / Chartered Accountant

Key Changes for taxpayers filing under Old Tax Regime

Key Changes implemented for taxpayers filing under Old Tax Regime Significant changes the Income Tax Department in India has implemented for taxpayers filing under the Old Tax Regime. The IT Department has started auto-verifying claims using an integrated backend system mapped with PAN and Aadhaar. Sources for Cross-Verification: Taxpayer must maintain data will now be …

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June 3, 2025 / GST Registration

Grievance hand Mechanism for Processing of GST Registration

Summary of Grievance Redressal Mechanism for processing of application for GST registration GSTN Dept is issue Trade Notice No. 01/2025 Date of Issue is 2nd May 2025 issued by the Office of the Principal Chief Commissioner, CGST and CEX, Delhi Zone, regarding the Grievance Redressal Mechanism for processing GST registration applications and Applicability on All …

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June 3, 2025 / TDS

TDS on Purchase of TDS on Real Estate Transactions

Overview on TDS on Purchase of TDS on Real Estate Transactions What is TDS on Property Purchases? TDS (Tax Deducted at Source) is a tax mechanism under Section 194-IA of the Income Tax Act, applicable when purchasing immovable property (excluding agricultural land). Applicable if the consideration value or stamp duty value (whichever is higher) is …

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June 1, 2025 / Direct Tax

Introduction Framework of Faceless Assessment

Digital Transformation in Tax Administration Faceless Assessment Introduction The Income Tax Act, 1961, has been subject to continual reforms aimed at Increasing clarity and efficiency, Promoting voluntary compliance and Minimizing malpractices such as Wrongful deductions Underreporting of income Non-disclosure of taxable income To address these concerns and usher in modernization, the Faceless E-Assessment Scheme was …

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    India Financial Consultancy Corporation Pvt. Ltd. is one of the leading providers of financial and business advisory, internal audit, statutory audit, corporate governance, and tax and regulatory services. With a global approach to service delivery, we are responds to clients' complex business challenges with a broad range of services across industry sectors and national boundaries. The Company has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting companies and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Assurance, Risk, Taxation, & Business advisory services to various clients and their stakeholders...
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    RCS Recent Posts

    • Cash Deposits under Presumptive Taxation-Attract Sec 68/69A? June 17, 2025
    • New IBBI Forms LIQ 1–4 in Liquidation Reporting June 17, 2025
    • Overview on Social Engineering- Cyber Jaagrookta Diwas June 17, 2025
    • GSTN: Non-editability of Auto-Populated Liability in GSTR-3B June 16, 2025
    • HSN Code Requirements Based on Annual Turnover June 15, 2025
    • Key deadlines of Compliance Calendar For FY 2025–26 June 15, 2025
    • Key Changes for taxpayers filing under Old Tax Regime June 14, 2025
    • Grievance hand Mechanism for Processing of GST Registration June 3, 2025

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