Simplification and Standardization Updated SOP for GST Registration CBIC Instruction No. 03/2025-GST (Dated 17.04.2025- Simplification and Standardization of GST Registration Process The Central Board of Indirect Taxes and Customs has issued revised guidelines to ensure uniformity, transparency, and efficiency in the GST registration process. To streamline GST registration, curb harassment, and promote taxpayer facilitation, especially …
Income Tax benefits decoded comparison of the old vs new income tax regimes for FY 2025–26 “Tax benefits decoded” offers a detailed comparison of the old vs new income tax regimes for FY 2025–26, helping taxpayers evaluate which regime is more beneficial based on their deductions and exemptions. Rebate under Section 87A for the FY …
Grievance Redressal Mechanism by CBIC for GST registration The Central Board of Indirect Taxes and Customs has issued Instruction No. 04/2025-GST, aimed at assisting individuals who face challenges during the GST registration process. These guidelines seek to ensure greater transparency, consistency, and ease in addressing applicant concerns. Central Board of Indirect Taxes and Customs Instruction …
Income Disclosed under Presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Cash deposits in bank A/c Cash deposits in bank A/c in cases where income is declared under presumptive taxation scheme (Sections 44AD, 44ADA, or 44AE): Section 68 of the Income Tax Act can only be invoked when There is a credit entry in the …
Taxation on income from shares and mutual funds under various sections for FY 2024-25 Categories of Mutual Funds: Equity-Oriented Funds (EOFs) – >65% investment in equity shares of domestic companies. Specified Mutual Funds – <35% in equity (as per Finance Act 2023) / >65% in debt or debt-oriented FOFs (as per Finance (No.2) Act 2024, …
GSTN Advisory: Changes Effective from May 2025 Return Period Reporting of HSN codes in Table 12 and list of documents in table 13 of GSTR-1/1A Key Highlights of GSTN Advisory – May 1, 2025 Background: As per Notification No. 78/2020 – Central Tax, dated 15th October 2020, taxpayers must report HSN codes in Table 12 …
Capital Gains Exemptions—Financial Year 2024-25/ Assessment Year 2025-26 Here is a summary of various exemptions available under the Income Tax Act in respect of capital gains for FY 2024-25/AY 2025-26: Section Eligible Assessee Asset Transferred New Asset to be Acquired Conditions & Time Limit Max. Exemption 54 Individual / HUF Residential House (Long-Term Capital Asset) One …
Conditions to Avail Input tax credit – Section 16(2) : Input tax credit conditions under GST must comply with before claiming Input tax credit, based on Section 16 of the CGST Act, 2017, Eligibility to Claim Input tax credit – Who can claim Input tax credit : Only a registered person (not under Composition Scheme) using …
MSME Reporting in Tax Audit Report (AY 2025-26) Background: Due to amendments made by the Finance Act 2023, effective 01.04.2024, Section 43B(h) was inserted into the Income-tax Act, 1961. Now, any payment to an MSME supplier must be paid within the time limit prescribed under the MSMED Act, otherwise it will be disallowed in the …
New Income Tax, TDS, and TCS changes effective from April 1, 2025 Key Income Tax, TDS, and TCS changes effective from April 1, 2025, which affect salaried individuals, startups, crypto investors, business entities, and more: Major Income Tax Changes (From April 1, 2025) Revised New Tax Regime Slabs Income Slab (₹) Tax Rate Up to …