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 …
GST Registration Document Requirements Summary of the GST Registration Document Requirements as per Instruction No. 03/2025-GST: (As per Instruction No. 03/2025-GST) Circumstance Documents Required Owned Premises Any ONE of the following: ✓ Property Tax Receipt ✓ Municipal Khata ✓ Electricity Bill ✓ Water Bill ✓ Similar document under State laws Rented Premises (Unregistered Rent Agreement) …
Overview of Section 194-IB – TDS on Rent Paid by Individuals or HUFs Applicability of Section 194-IB Any individual or Hindu Undivided Family (HUF) (not covered under tax audit under Section 44AB) who pays monthly rent exceeding ₹50,000 is required to deduct TDS @ 5% under Section 194-IB. Definition of “Rent” Under 194-IB : “Rent” …
Key differences between ITR-1 vs ITR-2 What is ITR-1 (Sahaj) and who can file it? ITR-1 (Sahaj) Applicable If: Individual is a Resident and Ordinarily Resident (ROR). Total income is ≤ INR 50 lakh. Income sources are limited to: Salary or pension. One house property. Other sources (excluding horse racing, gambling, lottery, etc.). Family pension. …
Quick breakdown for Choosing Old or New Tax Regime for FY 2025-26 (AY 2026-27) Choosing Old or New Tax Regime for FY 25-26: Time to declare to employer it’s a crucial time for salaried individuals to optimize TDS deductions for FY 2025-26. Choosing Old vs New Tax Regime for FY 2025-26, Employees must declare their tax regime …
Attention : CAs must follow ICAI Guidance Note on FS of Non-Corporate Entities from Starting 1.04.2025 This is a crucial update for non-corporate entities following ICAI’s Guidance Note on Financial Statements. The emphasis on proper classification, disclosure, and compliance with the prescribed format ensures better transparency and comparability. Starting April 1, 2025, the ICAI Guidance …
Major New Income Tax Rules Highlights changes from April 1 As the new financial year begins on April 1, 2025, several significant financial and tax regulations have come into effect in India, impacting income, spending, and compliance requirements. These below changes reflect the government’s efforts to simplify tax structures, enhance compliance, and provide relief to …
Main Changes in Form 3CD and other changes This is a comprehensive summary of the amendments in Income-tax (Eighth Amendment) Rules, 2025 to Form 3CD and other changes introduced by Amendments particularly affecting non-residents operating cruise ships, tax audit reporting (Form 3CD), and taxation of buybacks. The amendments to Form 3CD indicate the government’s focus …
Principal Purpose Test (PPT) under India’s DTAA The Principal Purpose Test (PPT) is an anti-abuse provision incorporated into India’s Double Taxation Avoidance Agreements (DTAAs) in line with the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan 6. The PPT aims to prevent treaty abuse by denying treaty benefits if obtaining such benefits was one …
Tax Dept intensified scrutiny on Section 80G donations & HRA exemptions The Income Tax Department’s intensified scrutiny on Section 80G donations and HRA exemptions under Section 10(13A) highlights the need for taxpayers to be extra vigilant in ensuring compliance. False House Rent Allowance (HRA) Claims (Section 10(13A)): Employees claiming HRA deductions without actually renting a …