Latest Income Tax Return (ITR) Forms update for the financial Year 2025-26 These updates in the ITR forms for FY 2025-26 aim to simplify the tax filing process, enhance transparency, and ensure compliance with evolving tax regulations. Make sure to incorporate these changes while preparing your ITR to avoid any discrepancies and ensure accurate reporting. …
What is the process of Adjustment of income tax refund against Income tax demand? Adjusting an income tax refund against a Income tax demand occurs when the tax authorities set off any tax refund due to a taxpayer against the Income tax liabilities or Income demands that the taxpayer owes. Section 245(1) of the Income-tax …
IBBI Form E- Compliance (Annual Statement of Professional Fee of IP) for the FY 2023-24 As per Regulation 7(2)(ca) of the IBBI (Insolvency Professionals) Regulations, 2016, insolvency professionals (IPs) must submit an annual statement of professional fees to the Insolvency and Bankruptcy Board of India (IBBI). This is done through Form E. Below is a …
All about How to Download Form Certificate ? What is Form 16? Form 16 is a certificate issued by an employer to their salaried employees. It details the salary paid to the employee during the financial year and the amount of tax deducted at source (TDS). This document is essential for employees when filing their …
GST Collections reached a historic peak of INR 2.10 lakh Cr in April 2024 In April 2024, India’s Goods and Services Tax (GST) collections reached a historic peak of ₹2.10 lakh crore, marking a significant milestone in the country’s fiscal landscape. This represents a substantial year-on-year increase of 12.4%, driven primarily by robust growth in …
What are the basic prudent Steps: Actions You Should Take Prior to Investing? Investing money is indeed a significant step towards financial growth and security. To maximize your returns and minimize risks, it’s crucial to approach investments with thorough preparation and strategic planning. Investing wisely involves careful consideration and preparation. By defining your financial goals, …
Key Changes Introduced by CBDT in Tax Audit Report Forms Clause 11 of Form 3CD Reporting on the books of accounts maintained Clause 11 of Form 3CD requires comprehensive reporting on the books of accounts maintained by the assessee, including their locations and the details of the books at each location. Here’s a detailed approach …
A Legal Perspective under Personal Insolvency under the IBC Code The Insolvency and Bankruptcy Code, 2016 (IBC) marked a significant advancement in India’s approach to insolvency by establishing a comprehensive mechanism for resolving corporate insolvency. However, the IBC also addresses personal insolvency, a critical but often overlooked aspect of economic jurisprudence. This legal perspective explores …
NCLT Kolkata – Arbitral award cannot be set aside by NCLT under IBC Moratorium In the case of Mahavir Industrial Corporation vs. Hindustan Controls and Equipment Private Limited, the National Company Law Tribunal (NCLT) Kolkata ruled that it lacks the jurisdiction to set aside an arbitral award during an Insolvency and Bankruptcy Code (IBC) moratorium. …
FAQ related to ITR and E-verifying ITRs in India What is Timelines for E-verifying ITRs in India ? The CBDT Corrigendum to Notification No. 02 of 2024 dated 31.03.2024 clarifies the procedures and timelines for e-verifying ITRs in India. This notification emphasizes the importance of timely e-verification of Income Tax Returns to ensure that they …