CBIC’s Revised Instructions Issued on Streamlining GST Registration & Reducing Harassment: CBIC’Instruction No. 03/2025-GST : here is quick summary and practical interpretation of the CBIC Instruction No. 03/2025-GST, issued on 17 April 2025, In this CBIC’s Revised Instructions Key Issues Addressed : Taxpayers have been harassed for irrelevant or excessive documents Officers were raising presumptive …
Official Fact Check: No 18% GST on UPI Transactions Above INR 2,000 Official statement from the Ministry of Finance, Government of India, clarifying that the government is NOT considering levying GST on UPI transactions over INR 2k . This clarification firmly debunks any misinformation regarding the imposition of GST on UPI transactions and reinforces the …
Lesser-Known Facts About VPF (Voluntary Provident Fund) Key Features of VPF: Extension of EPF, Not a Separate Scheme : Voluntary Provident Fund is not a separate fund — it is an extension of the Employee Provident Fund (EPF). Only salaried employees contributing to EPF can opt for Voluntary Provident Fund. Contributing to a VPF account is not …
What are Forms 15G and 15H? These are self-declaration forms submitted by individuals to prevent TDS on interest income and other eligible incomes if their total taxable income is below the basic exemption limit. Form 15G and Form 15H are self-declaration forms used to request non-deduction of TDS (Tax Deducted at Source) on certain incomes (usually …
RP required to Disclosure of Information Relating to Carry Forward of Losses in Information Memorandum IPs shall include a dedicated section in the Information Memorandum, explicitly detailing the carryforward of losses under the Income Tax Act, 1961. IBBI had earlier amended Regulation 36 of the IBC (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP …
Overview MSME Form 1 Due Dates and filling Procedure MCA throght MCA notification No S.O. 5622(E), 2.11.2018 has directed that Every Company, whether private/ public / OPC who gets supplies of goods or services from micro and small enterprises and whose payments to MSEs Suppliers more than 45 days from the Date of Acceptance* or the Date of Deemed …
How Futures and Options Can Help You Trade Smarter In today’s fast-moving financial landscape, many investors are exploring advanced instruments like futures and options to diversify their trading strategies. These derivatives offer an opportunity to hedge risks, take speculative positions, or manage portfolio exposure. For those looking to go beyond traditional equity investments, understanding how …
Big Update from Income Tax Portal! As per Finance Act 2025 Taxpayers can now file an updated ITR (ITR-U) for up to 4 assessment years! Taxpayers can now revise their returns for up to 4 assessment years—a significant extension from the earlier 2-year limit under Section 139(8A). Who should consider filing ITR-U? Missed reporting income …
Overview Audit responsibilities & Mgt expectations in Audit Trail Audit trail features in accounting software, as per amendments to the Companies (Accounts) Rules, 2014 and Companies (Audit and Auditors) Rules, 2014. Auditors’ responsibilities and management’s obligations under the revised Rule 3(1) of the Companies (Accounts) Rules, 2014, and Rule 11(g) of the Companies (Audit and …
INSURANCE POLICY & REGULATORY UPDATES GST on Insurance Premiums : GST Council is considering reducing GST on health and life insurance premiums from 18% to 5% while retaining input tax credit – aiming to improve affordability. Disclosure of Existing Policies – SC Ruling : Supreme Court says non-disclosure of existing life insurance policies when buying …