Goods and Services Tax
Important GST Update for Restaurants (Effective from 1st April 2025):
RJA 05 Apr, 2025
GST Rates for Different Types of Restaurants (Effective 1st April 2025): GST Rates for Restaurants post the changes effective from 1st April 2025, including the latest Notification No. 05/2025–CTR: Key Update: Scrapping of Declared Tariff : From 1st April 2025, declared tariff will no longer be used to determine GST applicability. Instead, ...
INCOME TAX
Legitimate political donations are not wrongly denied tax benefits u/s 80GGC
RJA 24 Mar, 2025
Legitimate political donations are not wrongly denied tax benefits u/s 80GGC Background of the Case Armee Infotech donated ₹55 lakhs to Rashtriya Komi Ekta Party (a Registered Unrecognized Political Party – RUPP) in AY 2012-13 and ₹3 crore in AY 2014-15. The AO added the ₹55 lakh donation to Armee Infotech's ...
Chartered Accountants
How to Online Download ICAI firm Constitution Certificate?
RJA 19 Mar, 2025
Online Steps to Download ICAI Firm Constitution Certificate from ICAI SSP Portal It looks like you're referring to an older process for downloading the ICAI Firm Constitution Certificate. ICAI has now shifted most of its services to the Self Service Portal (SSP) for members' convenience. Updated Process to Download ...
Goods and Services Tax
New GST registration applicants with Biometric Aadhaar Authentication
RJA 05 Mar, 2025
New GST registration applicants with Biometric Aadhaar Authentication Biometric-Based Aadhaar Authentication & document verification for GST registration applicants GSTN has implemented Biometric-Based Aadhaar Authentication and document verification for GST registration applicants in Jharkhand and the Andaman & Nicobar Islands Effective February 15, 2025. This initiative aims to enhance security, transparency, and fraud ...
INCOME TAX
Amended Section 115BBE for Unaccounted Income
RJA 04 Mar, 2025
Amended Section 115BBE for Unaccounted Income Introduction: Section 115BBE was introduced to curb tax evasion by imposing a higher tax rate on unexplained income covered under Sections 68, 69, 69A, 69B, 69C, and 69D. This provision gained significant relevance post-demonetization(2016), as the government intensified its crackdown on black money and unaccounted transactions. ...
TDS
Time Limit for Revising TDS Returns is 31st March 2025
RJA 01 Mar, 2025
Effect of Amendment on Time Limit for revising TDS Returns The July Budget 2024 introduced a six-year time limit for revising TDS returns. Budget 2024 amendment introduced a six-year time limit for revising TDS returns, which was added under Section 200(3) of the Income Tax Act, Previously, no time limit existed for filing ...
Business Setup in India
Highlighting the advantages of GIFT City & Services
RJA 27 Feb, 2025
Highlighting the advantages of GIFT City & Services GIFT City stands as a revolutionary model of urban development, blending innovation, sustainability, and economic opportunities. While there are challenges in its early stages, the city's long-term vision and ongoing enhancements make it an attractive destination for professionals, businesses, and ...
INCOME TAX
What happen if Taxpayer falsely claimed deductions u/s 80GGC & 80GGB
RJA 13 Feb, 2025
What happens if Taxpayer falsely claims deductions u/s 80GGC & 80GGB This move by the Income Tax Department is part of its intensified scrutiny of political donations claimed under Section 80GGC (for individuals) and Section 80GGB (for companies). If a taxpayer falsely claimed deductions under these sections, they are ...
INCOME TAX
Budget Finance Bill, 2025 (Union Budget 2025-26) Proposals By
RJA 01 Feb, 2025
Budget Finance Bill, 2025 (Union Budget 2025-26) Proposals on Indirect & Direct Taxes By FM The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is available for download on the official Union Budget website. You can access the PDF directly using the following link: Finance Bill 2025 ...
COMPANY LAW
Tax & Compliance Due Dates – January 2025
RJA 31 Jan, 2025
Tax & Compliance Due Dates – January 2025 Description Due Date TDS/TCS Payments 07-Jan-2025 Monthly GSTR-7 & GSTR-8 10-Jan-2025 Monthly GSTR-1 11-Jan-2025 Quarterly GSTR-1IFF (QRMP) 13-Jan-2025 Monthly GSTR-6 & GSTR-5 13-Jan-2025 GSTR-2B Download (for Reconciliation with GSTR-3B) 14-Jan-2025 TCS Return (Q3: Oct - Dec 2024) 15-Jan-2025 Belated/Revised ...
Chartered Accountants
ICAI Announces May 2025 Exam Dates & Centers schedule:
RJA 17 Jan, 2025
ICAI Announces Exam Dates & Centers for CA Foundation, Intermediate & Finals The Institute of Chartered Accountants of India has officially announced the schedule for the May 2025 Chartered Accountants examinations. The schedule covers the CA Foundation, CA Intermediate, and CA Final courses, as well as the CA Post Qualification Course ...
IBC
Landmark Supreme Court judgments concerning homebuyers' rights are safeguarded
RJA 14 Jan, 2025
Landmark Supreme Court judgments concerning homebuyers' rights are safeguarded Chitra Sharma v. Union of India: discusses the inclusion of homebuyers as financial creditors under the Insolvency and Bankruptcy Code following the June 2018 Ordinance. Covers the challenges faced by homebuyers in stalled real estate projects, the initiation of corporate insolvency resolution ...
INCOME TAX
Reassessment proceedings u/s 148- Validity of notices issued u/s 148A(b) & 148A(d)
RJA 14 Jan, 2025
Reassessment proceedings u/s 148- Validity of notices issued u/s 148A(b) & 148A(d) – In the Amalgamation. Sonansh Creations Pvt Ltd. v. Assistant Commissioner of Income Tax and Anr. Case No.: W.P.(C) 12316/202 Background: A notice u/s 148A(b) of the Income ...
INCOME TAX
Highlights on Extended deadline for declaring foreign assets & ITRs
RJA 14 Jan, 2025
Highlights on Extended deadline for declaring foreign assets & ITRs Tax Dept. has officially extended the deadline for filing belated and revised Income Tax Returns (ITRs) for the fiscal year 2023-24 (AY 2024-25) from Dec 31, 2024, to Jan 15, 2025. This provides an additional window for taxpayers, particularly those with foreign assets or ...
IBC
Encouraging Restructuring Over Liquidation in the IBC Framework
RJA 09 Jan, 2025
Encouraging Restructuring Over Liquidation in the IBC Framework The IBC was conceived as a mechanism to prioritize the revival of distressed companies over liquidation, ensuring a balance between creditors’ recoveries and the economic viability of corporate debtors. However, recent amendments to the Insolvency and Bankruptcy Board of India Regulations ...
INCOME TAX
CBDT: Completing Schedule FA & Schedule FSI in their ITR
RJA 19 Nov, 2024
CBDT: Completing Schedule FA & Schedule FSI in their ITR The CBDT has launched a Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and Schedule Foreign Source Income in their Income Tax Returns. Here's an overview of Completing Schedule Foreign Assets & Schedule ...
Goods and Services Tax
GST Advisory for Handling Invoices on IMS for FY 2023-24
RJA 24 Oct, 2024
GST Advisory for Handling Invoices on IMS for FY 2023-24 GST Dept. Recommendation: Avoid rejecting any invoices from FY 2023-24 on the Invoice Management System in October 2024, as this is the last month for ensuring credit eligibility for invoices auto-populated in GSTR-2B and GSTR-3B. Doing so satisfies the ...
ROC Compliance
E-Form MGT-7 Signing Limits - for Company Secretaries in Practice
RJA 21 Oct, 2024
E-Form MGT-7 Signing Limits - for Company Secretaries in Practice The ICSI has introduced limits on the number of E-form MGT-7 filings a Company Secretary in Practice can sign per financial year, effective from April 1, 2025. Here's a quick recap of the new restrictions and guidelines: E-Form MGT-7 Signing Limits:&...
INCOME TAX
Tax Dept Sets Systematic approach to verify 'high-risk' refund claims
RJA 18 Oct, 2024
CBDT: Sets Systematic approach to verify 'high-risk' refund claims AY 2024-25 The Income Tax Department has introduced a systematic approach to verify 'high-risk' refund claims for the AY 2024-25 (Financial Year 2023-24) based on a Standard Operating Procedure (SOP) issued by the Income Tax Systems Directorate under the Ministry of ...
NRI
FAQS related to Filling of Form 67 & claiming Foreign Tax Credit
RJA 03 Oct, 2024
FAQS related to Filling of Form 67 & claiming Foreign Tax Credit How we claim the Foreign Tax Credit & Save More Tax? Ans: Effective tax planning goes beyond just avoiding double taxation. By understanding and utilizing the provisions of the Income Tax Act, such as Sections 90, 90A, and 91, and maintaining ...
AUDIT
Important Update: Tax Report Filing Deadline Extended to October 7
RJA 30 Sep, 2024
Important Update: Tax Report Filing Deadline Extended to October 7 Central Board of Direct Taxes has officially extended the deadline for filing various audit reports under the Income-tax Act, 1961. This extension applies to assessees referred to in clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. CBDT ...
Goods and Services Tax
SCN & Assessment orders validity when AO are not digitally signed: GSTN
RJA 28 Sep, 2024
SCN & Assessment orders validity when AO are not digitally signed: GSTN The GST Network clarified that show-cause notices and assessment orders issued by tax officers through the GST portal are valid despite not having digital signatures on the PDF version of the documents downloaded by taxpayers. The clarification comes ...
NRI
Who Needs a Tax Residency Certificate?
RJA 27 Sep, 2024
Who Needs a Tax Residency Certificate? Filing Form 10F and obtaining a Tax Residency Certificate ensures NRIs and foreign nationals benefit from Double Taxation Avoidance Agreement provisions, avoiding double taxation. It enables access to lower TDS rates, smooth tax processing, and compliance with both Indian and foreign tax regulations. A ...
INCOME TAX
Overview on bonds under Section 54EC & Taxation aspects
RJA 26 Sep, 2024
Overview on bonds under Section 54EC & Taxation aspects Section 54EC bonds, commonly known as capital gain bonds, are an effective way for investors to save on long-term capital gains (LTCG) tax. If you sell a capital asset like real estate, shares, or other qualifying assets and make a long-term ...
