HSN Code Requirements Based on Annual Turnover Below Summary table showing the requirement of HSN code reporting under GST based on a taxpayer’s annual turnover Annual Turnover of Taxpayer HSN Code Requirement Up to INR 1.50 crore Optional—HSN code reporting not mandatory INR 1.50 crore to INR 5.00 crore 2-digit HSN code must be mentioned …
Key Due Dates to Note Compliance Calendar For FY 2025–26 (by Compliance Type) TAX COMPLIANCE CALENDAR – FY 2025-26 (1st Apr 2025 – 31st Mar 2026) – For Individuals | Professionals | SME Businesses Tax Compliance Calendar for FY 2025–26 (AY 2026–27) covering Income Tax Filing, GST, TDS, ROC, and Accounting compliances with a primary …
Key Changes implemented for taxpayers filing under the old tax regime Significant changes the Income Tax Department in India has implemented for taxpayers filing under the Old Tax Regime. The IT Department has started auto-verifying claims using an integrated backend system mapped with PAN and Aadhaar. Sources for Cross-Verification: Taxpayer must maintain data will now …
Summary of Grievance Redressal Mechanism for processing of application for GST registration GSTN Dept is issue Trade Notice No. 01/2025 Date of Issue is 2nd May 2025 issued by the Office of the Principal Chief Commissioner, CGST and CEX, Delhi Zone, regarding the Grievance Redressal Mechanism for processing GST registration applications and Applicability on All …
Overview on TDS on Purchase of TDS on Real Estate Transactions What is TDS on Property Purchases? TDS (Tax Deducted at Source) is a tax mechanism under Section 194-IA of the Income Tax Act, applicable when purchasing immovable property (excluding agricultural land). Applicable if the consideration value or stamp duty value (whichever is higher) is …
Digital Transformation in Tax Administration Faceless Assessment Introduction The Income Tax Act, 1961, has been subject to continual reforms aimed at Increasing clarity and efficiency, Promoting voluntary compliance and Minimizing malpractices such as Wrongful deductions Underreporting of income Non-disclosure of taxable income To address these concerns and usher in modernization, the Faceless E-Assessment Scheme was …
BREAKING NEW : Excel Utilities for ITR-1 & ITR-4 Now Available for AY 2026-27! Tax Filing Season Officially Begins : The early release of Excel Utilities for ITR-1 and ITR-4 for AY 2025-26 is a welcome step, allowing taxpayers to prepare and file their returns well ahead of time. Don’t wait for the deadline …
Resident but Not Ordinarily Resident (RNOR) tax status in India Who is a Resident but Not Ordinarily Resident (RNOR)? RNOR Status: The Hidden Tax Advantage for Returning NRIs. RNOR is a special tax classification under Indian income tax law. It applies to returning NRIs and provides a bridge between full non-resident and resident status—offering limited-time …
Comprehensive Guidance by Peer Review Board for Peer Reviewers The list you’ve shared outlines comprehensive advisories issued by the Peer Review Board for Peer Reviewers. This framework ensures you conduct peer reviews with integrity, quality assurance, and adherence to standards, while fulfilling all requirements of the ICAI Peer Review Board. Here’s a structured summary and …
Economic Curse of Terrorism & Strengthening Middle Class in current situation A. The Economic Curse of Terrorism: A Growing Risk to Investment, Valuation & Global Stability Terrorism is often seen through a geopolitical or security lens—but its economic consequences are equally severe & far-reaching. It undermines investor confidence, disrupts markets, & weakens the fundamental structures …