Introduction The Union Budget 2025, presented on 1st February 2025, introduces major changes in GST compliance, ITC claims, tax liability, and penalties. Here’s a complete analysis of the changes and their impact. Key GST Amendments in Budget 2025 1. Key Definition Changes Section Amendment Effective Date 2(61) ISD can distribute ITC on interstate supply, even …
💼 Union Budget 2025: Key Reforms and Implications for Taxation and Finance The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, brings several significant changes and reforms aimed at driving economic growth, improving social welfare, and modernizing India’s financial landscape. As a finance and taxation expert, it’s important to understand …
Taxpayers, here’s some great news! The Income Tax Department has introduced a significant update that makes claiming the Section 87A rebate easier and more inclusive. The rebate, which was previously not allowed for incomes like short-term capital gains (STCG) taxed at 15%, is now available under certain conditions. Let’s break it down for you: What …
Key Highlights of the Notification Extended Deadline: Taxpayers now have an additional 15 days to file their belated returns under Section 139(4) or revised returns under Section 139(5) of the Income-tax Act, 1961. Applicability: The extension applies specifically to resident individuals filing for Assessment Year (AY) 2024-25. Legal Authority: The CBDT exercised its powers under …
A credit note under the Goods and Services Tax (GST) framework is an essential document for rectifying discrepancies in the original tax invoice. The 55th GST Council meeting introduced critical amendments to the treatment of credit notes, ensuring enhanced compliance, streamlined processes, and clarity in tax adjustments. This article delves deep into the concept of …
GSTN has issued advisory on Table 8A and 8C of GSTR-9 (Annual Return) of FY 2023-24: – Table 4, 5, 6 and 7 will show the data of current FY only (except Table 6A which is auto-populated from GSTR-3B will show the figure of FY 22-23 and FY 23-24). The break-up to be provided in …
Date Compliance Details 10th Dec 2024 GSTR-7 & GSTR-8 TDS return (GSTR-7) and TCS return (GSTR-8) for November 2024. 11th Dec 2024 GSTR-1 (Monthly filing) For taxpayers with turnover > ₹5 crore or those opting for monthly return for November 2024. 13th Dec 2024 GSTR-6 (ISD return) & GSTR-1 (QRMP Monthly) Input Service Distributors (GSTR-6) …