New ITR Forms & Rules Under the Income Tax Act, 2025 (Effective April 1, 2026) The Govt of India is preparing to notify the new simplified Income Tax Return forms and rules under the Income Tax Act, 2025 by January 2026. These new forms will come into effect from April 1, 2026, replacing the long-standing …
TDS Not Deposited? Can You Still Claim TDS Credit? ITAT clarifies that if TDS is deducted but not deposited by the employer, the employee (deductee) cannot be penalized. Two Powerful ITAT Judgments Now Make the Answer Clear: Recent decisions from the Income Tax Appellate Tribunal have reinforced a major protection for taxpayers: TDS credit cannot be …
Reasons for Income Tax Scrutiny Triggers / Tax Notices in 2025 Every year, 1000 of taxpayers in India receive Tax Notices due to mismatches, omissions, or non-compliance in their tax filings. With the Tax Dept now deploying advanced AI-driven monitoring systems, scrutiny in 2025 is expected to be more stringent than ever. To avoid penalties, …
Udyog Aadhaar Registration Mandatory for Small Businesses Basically, Udyog Aadhaar was not legally mandatory but highly recommended. It provided official government recognition to MSMEs and enabled access to Subsidy schemes, Collateral-free credit, Government tenders, Tax and GST benefits, etc. From July 1, 2020, Udyog Aadhaar Registration is now replaced by Udyam Registration. Udyog Aadhaar was …
Due Dates & Applicability for GSTR-9 & GSTR-9C: Who Files & When? (FY 2024-25) Separate GSTIN-wise Filing : Each GST registration (per state) requires separate GSTR-9 filing, irrespective of entity-wide consolidation. Compulsory Filing Despite Cancellation : Even if registration was cancelled mid-year, taxpayers must file GSTR-9 if registered for even one day in FY 2024-25. …
Mutual Funds companies are Facing Goods and Services Tax Demand on Exit Loads Despite the GST dept issue the clarification in 2018 stipulating that Goods and Services Tax must be levied at 18 percent on exit loads, many Company have not complied with this directive, Central Board of Indirect Taxes and Customs stated in 2018 that …
How Business Loans Can Empower Women Entrepreneurs? Many women are stepping into entrepreneurship with innovative ideas and strong determination, yet access to finance remains one of their biggest challenges. Limited savings, lack of collateral, and unequal access to credit often makes it difficult for women to start or grow their ventures. This financial gap can …
Supreme Court Ruling protecting practicing CA’s on issuing form 15cb is not money laundering under PMLA The Supreme Court has delivered an important ruling protecting practicing chartered accountants from unwarranted criminal prosecution under the Prevention of Money Laundering Act (PMLA). This recent Supreme Court ruling brings significant clarity for chartered accountants. The Court has held …
Corporate Guarantees under GST (Rule 28(2)) : When 2 Fictions Collide The Madurai Bench of the Madras High Court (Order W.P.(MD) No. 2021 of 2025, decided on 06.10.2025) has reignited the debate over how Rule 28(2) and its Proviso interact when valuing corporate guarantees under GST. Background The Petitioner had extended a corporate guarantee to …
All about the Peer Review (PR) Process Preliminary Preparation : Download the complete UDIN list of all attest/signing assignments done during the last three financial years (01.04.2022 to 31.03.2025). Fill the UDIN details carefully in the Annexure format of Form 1. Complete Form 1 thoroughly : Parts A, B, and C, as applicable. Select top …