5 key changes in income tax return forms for FY 2024–25 (AY 2025–26): Wider Eligibility for ITR-1 and ITR-4 What’s new: Taxpayers having Long-Term Capital Gains (LTCG) from listed equity shares or mutual funds up to ₹1.25 lakh can now file using ITR-1 or ITR-4. Earlier: Such taxpayers were forced to use ITR-2 or ITR-3. …
New CAG Policy of Empanelment of CA Firms/LLPs and Selection of Auditors for Financial Year 2023-24 Introduction In India, Chartered Accountant firms and Limited Liability Partnerships with at least one full-time Fellow Chartered Accountant partner or FCA sole proprietor are eligible to apply for empanelment with the Comptroller and Auditor General of India. The objective …
Union Budget 2025-26: Major area of points impacted on NGO section Section 12AB Reforms: Simplification of : The Budget 2025 proposal to extend the registration validity period for smaller charitable trusts and institutions u/s 12AB is a welcome relief aimed at simplifying compliance. …………………….. Change not impacted on National Institute of Public Finance Policy Current …
Main ITR Form Changes for AY 2025–26 as compared to AY 2024–25 Tax filing isn’t just about submitting figures, it’s about understanding context and reporting accurately. Each year, even small updates can significantly impact eligibility, deductions, and tax liability. Staying informed Helps avoid penalties Ensures faster processing/refunds AND demonstrates financial prudence and transparency Changes in ITR-1 (SAHAJ): For Salaried, Pensioners, and …
The Landmark High Court ruling on gratuity rules is a major progressive step in labor welfare The landmark High Court ruling on gratuity rules is a major progressive step in labor welfare and offers enhanced protection and benefits for a wider section of the workforce in India. In a groundbreaking decision, the High Court has …
SC Allows NFRA to Continue Disciplinary Proceedings Against CAs & Audit Firms Honrable Supreme Court of India has permitted the NFRA to continue regulatory and disciplinary proceedings against chartered accountants, even in cases where an AQRR was not prepared. This decision came in response to a petition by the NFRA against Snehal N. Muzoomdar & …
List of Documents required for filing your income tax return in India Commonly required documents for filing your income tax return in India, depending on your income sources and applicable deductions: Mandatory Documents (for all taxpayers) Basic Documents (For All Taxpayers) Document Purpose PAN Card Unique ID for filing ITR, mandatory for TDS deduction, refund …
CBDT Announces 1% TCS on Luxury Goods Above INR 10 Lakh CBDT has notified that a 1% Tax Collected at Source (TCS) will now apply on sale of few prescribed Luxury goods valued above INR 10,00,000/-, with effect from April 22, 2025. This move expands the scope of Section 206C(1F) of the Income-tax Act, 1961, …
Non-Deductibility of Settlement Expenses u/s 37 of the Income-tax Act, 1961 : CBDT Introduction Section 37 of the Income-tax Act, 1961, allows deduction of business or professional expenses incurred wholly and exclusively for business purposes. However, Explanation 1 disallows deduction for expenditures incurred for any purpose that is an offense or prohibited by law. Section 37 …
Summary of insights: Gross and Net GST revenue collections for March 2025 Analysis of GST Collections for March 2025 Overall Monthly Collection: The GST collection for March 2025 witnessed a notable rise, totaling INR 1,96,141 crore, reflecting a 9.9% year-on-year (YoY) growth over INR 1,78,484 crore collected in March 2024. This marks a stronger …