Year: 2024

Furnishing Belated/Revised ITR for AY 2024-25 Extended The Central Board of Direct Taxes (CBDT) has extended the deadline for furnishing belated and revised Income Tax Returns (ITRs) for the Assessment Year 2024-25 to 15th January 2025. What Does This Mean for Taxpayers? 1. Belated Returns: Taxpayers who missed the original deadline now have extra time […]

Income Tax Circular: Extension of Due Date under the Vivad Se Vishwas Scheme, 2024 The Government of India has announced an important update regarding the Direct Tax Vivad Se Vishwas Scheme, 2024. To facilitate taxpayers and ensure greater participation in the scheme, the due date for determining the amount payable under column (3) of the […]

Understanding Section 16(4) of the CGST Act: Time Limit for Claiming Input Tax Credit Section 16 of the Central Goods and Services Tax (CGST) Act is a cornerstone for businesses in India, as it governs the eligibility and conditions for availing Input Tax Credit (ITC). Among its provisions, Section 16(4) plays a critical role in […]

Understanding GST TDS on Metal Scrap Introduction Goods and Services Tax (GST) has simplified taxation in India by bringing various indirect taxes under one umbrella. Among its provisions, the mechanism of Tax Deducted at Source (TDS) under GST ensures tax compliance. This applies to various goods and services, including the sale of metal scrap. What […]

Income Tax Portal Update: File Rectification Applications Directly with the AO under Section 154 Tax compliance in India has taken a progressive step forward with a new feature introduced on the Income Tax Portal. Taxpayers can now file rectification applications under Section 154 directly with the Assessing Officer (AO) for their assessment orders. This innovation […]

Understanding Section 54 of the Income Tax Act: Tax Benefits on Capital Gains Section 54 of the Income Tax Act, 1961, provides a significant tax benefit to individuals and Hindu Undivided Families (HUFs) by allowing an exemption on long-term capital gains arising from the sale of a residential property, subject to certain conditions. Key Features […]

Key Changes in GSTR-3B Filing Effective January 2025: What Taxpayers Need to Know Starting January 2025, significant changes will be implemented in the GSTR-3B return filing process to enhance accuracy and compliance. Key updates include: 1. Hard-Locking of Auto-Populated Values: The GST Portal will restrict modifications to auto-populated values in the pre-filled GSTR-3B form. Tax […]

Filing GSTR-9 correctly is essential for businesses registered under the Goods and Services Tax (GST) in India. Here’s why accurate filing is crucial: Importance of Filing Correct GSTR-9 1. 1. Legal Compliance Filing GSTR-9 is a mandatory annual compliance for taxpayers with an aggregate turnover exceeding ₹2 crores (for FY 2022-23 onwards). Timely and correct […]

In the business world, limited liability partnerships (LLPs) have gained significant popularity for their flexibility, tax benefits, and reduced compliance burden. If you’re considering starting an LLP in Delhi or Noida, you’re taking a step towards building a legally recognized, separate business entity. Here, we’ll explore the essential aspects of LLP registration in Delhi and […]

Filing income tax returns is a key responsibility. If you missed the deadline, you can still file a belated return. Here’s what you need to know. Missed the Deadline? Here’s How to File a Belated Income Tax Return What is a Belated Income Tax Return? A belated return is filed after the original due date. […]