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 …
For Senior Citizens, India is best country, better developed countries India’s senior care economy is becoming an urgent policy priority as the country moves toward an ageing society within the Viksit Bharat 2047 vision. The claim that India is the best country for senior citizens compared to developed nations like the U.S., Canada, or Australia …
Taxation of Gains from Equity Shares Short-Term Capital Gains (STCG) : Gains from selling equity shares listed on a stock exchange within 12 months of purchase. Tax Rate on STCG is @ 15% Long-Term Capital Gains : Long-Term Investor is holding shares for over a year before selling. Capital Gains. LTCG taxed at 10% on …
IBBI Circular: IPs explicitly disclose carry forward losses in IM This IBBI circular reinforces the importance of transparency in the insolvency resolution process by mandating that insolvency professionals explicitly disclose carry-forward losses in the information memorandum. On March 12, 2025, the Insolvency and Bankruptcy Board of India issued a circular mandating that all insolvency professionals …
Tax Benefits on Formation of Employee Provident Fund & Gratuity Trust Tax Exemption on Income of the Gratuity Trust: Income received from the gratuity trust is exempt under Section 10(25)(iv) of the Income Tax Act, 1961. A tax-free return of 10% p.a. is equivalent to a pre-tax return of 13-14% p.a., making it a highly …