IBBI Circular: IPs explicitly disclose carry forward losses in IM This IBBI circular reinforces the importance of transparency in the insolvency resolution process by mandating that insolvency professionals explicitly disclose carry-forward losses in the information memorandum. On March 12, 2025, the Insolvency and Bankruptcy Board of India issued a circular mandating that all insolvency professionals …
Tax Benefits on Formation of Employee Provident Fund & Gratuity Trust Tax Exemption on Income of the Gratuity Trust: Income received from the gratuity trust is exempt under Section 10(25)(iv) of the Income Tax Act, 1961. A tax-free return of 10% p.a. is equivalent to a pre-tax return of 13-14% p.a., making it a highly …
Analysis of the Admissibility of Section 54C Applications Filed After 14 Days of a Section 7 Application This article examines whether an application under Section 54C of the IBC Code can be admitted if filed after 14 days from the filing of a Section 7 application. Moreover, it explores whether 14-day period u/s 11A(3) is …
Mandatory shift to Input Service Distributor mechanism for common input services from April 1, 2025 This mandatory shift to the Input Service Distributor mechanism for common input services from April 1, 2025, will have significant compliance and operational impacts. Key Changes Under the Finance Act, 2024 & Notification 16/2024 No More Cross Charge for Common …
Income Tax Bill, 2025 empowers for tax authorities to access digital platforms The proposed Income Tax Bill, 2025, introduces expanded powers for tax authorities to access various digital platforms as social media accounts, emails, and online financial accounts during investigations into suspected tax evasion. This includes the authority to override access codes to computer systems …
CBDT extended the deadline for filing Form No. 56F for AY 2024-25 to March 31, 2025. CBDT has extended the deadline for filing Form No. 56F for the AY 2024-25 to March 31, 2025. This extension provides additional time for taxpayers to submit the required accountant’s report necessary to claim exemptions u/s 10A & 10AA …
Statutory Due Date Compliance Calendar for the Month of March 2025 A citizen must pay taxes on time while adhering to all major tax-related rules & regulations proposed by the government. Timely tax payments help in the smooth functioning of administrative tax collection and ensure economic stability. Income tax and GST Taxpayers can also avoid …
5 Important FD Facts That Will Help You Compare Bank FDs with NBFC FDs Fixed deposits (FDs) have long been one of the most preferred investment options for individuals seeking security and guaranteed returns. However, choosing between bank FDs and NBFC FDs (Non-Banking Financial Company FDs) can be confusing. While both options offer a fixed …
LTCG Exemption u/s 54EC via Investment in Capital Gain Bonds When a taxpayer sells long-term immovable property (land, building, or both), they can avail of capital gains tax exemption by reinvesting the gains in specified 54EC bonds. These are fixed-income instruments offering a tax-efficient way to reinvest capital gains. An individual can claim multiple exemptions …
Differences Between Updated Return (ITR-U) and Application for Condonation of Delay u/s 119(2)(b): Amendments in Budget 2025 for ITR-U Previously, taxpayers had 2 years from the end of the relevant assessment year to file an updated return (ITR-U). Budget 2025 extends this period to 4 years, providing more time for taxpayers to correct omissions and …