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 …
Tax Dept Sends Tax Notices for Non-Deduction of TDS on Rent >50,000 P.M. TDS Deduction Responsibility on Rent Income Tax Dept has issued notices to tenants paying INR 50,000/- or more in monthly rent who failed to deduct and deposit TDS before remitting payments to their landlords. Even salaried employees paying rent from their taxable …
SC Allowing NFRA to continue its proceedings against CAs and audit firms The Honorable Supreme Court’s decision allowing NFRA to continue its proceedings against chartered accountants and audit firms while halting the issuance and enforcement of final orders has significant regulatory and legal implications. Supreme Court (SC) decision allowing the National Financial Reporting Authority (NFRA) to …
Payment to ChatGPT for Add-on Features is covered Under GST GST implications on payments made to OpenAI (ChatGPT) for add-on features is well-structured and aligns with Indian GST laws regarding Online Information and Database Access or Retrieval (OIDAR) Services. GST Compliance Summary: ChatGPT for Add-on features is covered under GST: Classification of ChatGPT Services under …
Online portal to gather public feedback on Proposed Income Tax Bill, 2025 CBDT has introduced an online portal to gather public feedback on the proposed Income Tax Bill, 2025, which aims to simplify and modernize India’s tax framework. This initiative allows stakeholders, including taxpayers, professionals, and businesses, to suggest improvements to tax rules and related …