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Filing an Income Tax Return (ITR) is a legal responsibility and often a practical necessity. For the FY2024–25 (AY2025–26), you are required to file an ITR in the following situations: 1. If Your Total Income Exceeds the Basic Exemption Limit You must file a return if your total income before claiming any deductions exceeds: 2. … Read more
The GSTN has introduced important changes in GSTR-1 and GSTR-3B filing that will be applicable from April, 2025. Here’s a quick summary of what’s changing: 🔹 Table 12 (HSN summary) in GSTR-1 Now Mandatory Even for B2C businesses with turnover below ₹5 crore, Table 12 (HSN summary) is now compulsory. 🔹 Table 3.2 (Details of … Read more
Section Nature of Payment Threshold Limit TDS Rate 192 Salaries Applicable Slab Rates Applicable Slab Rates 192A Premature withdrawal from EPF ₹50,000 10% 193 Interest on securities ₹10,000 10% 194 Dividends ₹10,000 10% 194A Interest other than interest on securities Senior Citizens: ₹1,00,000Others: ₹50,000 10% 194B Winnings from lotteries, crossword puzzles ₹10,000 per transaction 30% … Read more
TDS (Tax Deducted at Source) Changes: TCS (Tax Collected at Source) Changes: These amendments aim to simplify tax compliance and reduce the burden on taxpayers. Summary: Section New Threshold & Rate (Effective April 1, 2025) Old Threshold & Rate (Before April 1, 2025) 194A (Interest Income) ₹1,00,000 (Senior Citizens) / ₹50,000 (Others) | 10% ₹50,000 … Read more
Today is the deadline for the last advance tax installment for FY24-25. Taxpayers are required to adhere to the following schedule based on their estimated annual tax liability: Timely payment of advance tax is crucial to avoid additional interest and penalties. Adhering to these schedules and ensuring full compliance not only helps in managing financial … Read more
The Finance Budget for FY2024-25 introduced several key updates to India’s income tax framework. These changes affect tax slabs, deductions, capital gains, and compliance measures. Whether you’re a salaried employee, an investor, or a business owner, understanding these limits and updates is crucial for effective tax planning. With the advance tax due date approaching on … Read more
Facing errors while filing GST DRC 03A? You’re not alone! Many taxpayers are encountering challenges navigating this process. Here’s a quick guide to understanding the form and avoiding common mistakes. Why DRC 03A Matters? The DRC 03A form was introduced to adjust payments mistakenly made through DRC 03 for DRC 07 liabilities. Filing DRC 03 … Read more
Taxpayers are facing a critical issue with GSTR-2B for October 2024, generated on November 14, 2024. Incorrect data is leading to excess Input Tax Credit (ITC) being reflected in taxpayer records. If unchecked, this could result in erroneous GSTR-3B filings and hefty penalties. Key Issues 1️⃣ Outdated Data Reflected: Old data from previous months is … Read more
Have you received a notice demanding late fees for delayed GSTR-1 filing, especially from FY 2020-2021? Here’s what you need to know before paying anything! Legal Grounds Explained Section 47 of the CGST Act mentions late fees for GSTR-1 delays, but only as a provision—it doesn’t automatically enforce collection. Under Rule 59, the GSTR-1 form … Read more
In a landmark decision, the Allahabad High Court has granted significant relief for GST taxpayers, especially those with multiple registrations under the same PAN. Here’s what you need to know: 🔑 Key Highlights: ⚖️ What the Court Decided:Referencing Circular 183, the High Court ruled that ITC adjustments between multiple GST registrations are permissible, directing tax … Read more