Budget 2025: Amendment in carry forward of losses 72A & 72AA This amendment is a significant move by the government to curb the misuse of loss carry-forward provisions under Section 72A and 72AA.Β This amendment aligns Sections 72A and 72AA with Section 72, ensuring that accumulated losses cannot be carried forward indefinitely through successive amalgamations. …
Post Budget 2025: Applicability of Sec 87A on old & New regimes In this blog explain the impact of Budget 2025 on the applicability of Section 87A concerning capital gains under both tax regimes. The changes to Section 87A in the Union Budget 2025-26 bring both opportunities and challenges, particularly regarding its applicability to capital …
Page Contents
In January 2025, businesses in India must adhere to several statutory compliance deadlines across various domains, including Income Tax, Goods and Services Tax, Provident Fund, and Employees’ State Insurance. Below is a comprehensive calendar outlining these key due dates:
Cabinet approved New Income Tax Bill to replace Old tax Law The Union Cabinet has approved a new Income Tax Union Budget Bill to replace the Income Tax Act of 1961, aiming to simplify and modernize India’s tax system. It will also simplify legal language so that taxpayers can easily understand the provisions Β The bill …
Practical Aspects of Financial Statements & Audit Reports, including IFC Practical Aspects of Financial Statements & Audit Reports, including CARO & IFC. This covers key areas such as classification of assets and liabilities, disclosures, ICFR reporting, financial statement components, and audit procedures. IFC (Internal Financial Controls), or any other aspect covered in the document. Guidance …
πππππ¬π ππ©πππππ¬ π’π§ ππ & ππππ, & HR related Judgement and update π¨ Staying updated on the latest developments in Provident Fund (PF), Employees’ State Insurance Corporation (ESIC), and HR-related judgments is essential for both employers and employees to ensure compliance and informed decision-making. Here are some recent updates and significant judgments in these areas: …
Retrospective Amendment on ITC for Construction Costs Whatβs Changing : A retrospective amendment, effective from July 1, 2017, prevents entitiesβlike commercial real estate companiesβfrom claiming Input Tax Credit (ITC) on goods and services used in the construction of immovable property on their own account (e.g., buildings, warehouses). The government proposes a retrospective amendment (effective from …
NPS: Extending Your Tax-Exempt Limit Beyond INR 12,00,000/-. In Budget 2025, Finance Minister Nirmala Sitharaman announced a no-tax limit for salaried individuals earning up to INR 12,00,000/-. However, by combining the standard deduction with National Pension System investments, this exemption can effectively extend to INR 13,70,000/-.Β per annum. How It Works under National Pension System ?Β …
Liberalized Remittance Scheme (LRS) & TCS Changes in Budget 2025 The Union Budget 2025 has introduced key adjustments that affect how Indian residents remit money abroad, particularly benefiting travellers, students, and medical tourists. Hereβs what you need to know: What is the Liberalized Remittance Scheme? Liberalized Remittance Scheme: A framework that allows resident individuals to …
Which Regime is More beneficial New/ Old: Budget 2025 The Most Asked Question after Budget 2025 i.e Question: Which Regime is More Beneficial, New or Old ? Answer: If you have deductions u/s 80C, 80D and Interest on Home Loan u/s 24 and Your Income was taxable at NORMAL rate of tax then Old Regime …