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 …
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 …
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 …
Enhanced Biometric Authentication process for applicants The Goods and Services Tax Network has recently enhanced the biometric authentication process for new GST registration applicants. Previously, applicants identified for biometric-based Aadhaar authentication were required to visit their designated jurisdictional GST Suvidha Kendra for verification. Now promoters and directors of certain businesses can complete this mandatory biometric …
GST refund process for exports with payment of IGST GST refund process for exports with payment of IGST under the present return filing system. Key Steps in the GST Refund Process for Exports with IGST Payment (a) Filing of Shipping Bill on ICEGATE The shipping bill serves as a key document for processing refunds. Export-related …
Credit Note Disclosure in GSTR-9 Annual Return Filing Under GST, suppliers of goods or services must issue a tax invoice for every taxable supply. However, when the taxable value of the supply decreases due to specific circumstances, the supplier is required to issue a credit note. This ensures proper adjustment of tax liability and helps …
Overview on Benami Transactions (Prohibition) Act, 1988 The Indian government has taken several measures to combat black money, such as the Black Money Act, Income Disclosure Scheme, and demonetization. Among these measures, the term Benami—meaning “no name” or “without name” in Hindi—has gained significant attention. Legislative Background of Benami Transactions (Prohibition) Act, 1988 : The …
TURNAROUND OF WHOLESALE & RETAIL SECTOR UNDER IBC 2016 Legal environment of a country plays a pivotal role in its economic development, and a robust and effectively implemented legal system strengthens the country’s global standing. Following the implementation of the Goods and Services Tax, the IBC has become the second most significant reform in India’s …