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 …
Bank can strictly enforce of financial obligations in loan transactions on corporate guarantees This case highlights the binding nature of corporate guarantees and the strict enforcement of financial obligations in loan transactions. In the matter of SBI vs. India Power Corporation Limited case, a legal or financial case involving India Power Corporation Limited (IPCL) and …
Compliance Calendar – April 2025 This highlights the critical importance of tax compliance in India, particularly regarding GST return filing deadlines and income tax return submissions. The Indian government has been increasing scrutiny on tax compliance to curb tax evasion and corruption, making timely adherence non-negotiable for businesses and individuals alike. Compliance Calendar for April …
Significantly change in Tax Audits to Form 3CD, effective from 1.04.2025 These changes to Form 3CD, effective from 1st April 2025, significantly impact tax audits. The Income-tax (Eighth Amendment) Rules, 2025, were made to improve tax compliance, enhance MSME reporting, and increase scrutiny of financial transactions. This change in Clause 26 of Form 3CD, replacing …