Key Income Tax Changes applicable from 1st April 2025
Key Income Tax Changes applicable from 1st April 2025 The Finance Bill – 2025 has officially received the President’s assent on 29th March 2025. With a focus on simplifying tax compliance, reducing administrative burdens, and enhancing ease of doing business in India, the Finance Act – 2025 introduces several exciting amendments. Most of these provisions will come into effect on 1st April… […]
New Compliance for companies purchasing good/service from MSME
New Compliance for companies purchasing good/service from MSME MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION New Delhi, the 25th March, 2025 S.O. 1376(E).—In exercise of powers conferred by section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) and read with section 15 of the said Act, the Central Government hereby… […]
Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25):
Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25): 1. Additional reporting for MSME payments in Clause (22): • Total amount required to be paid to MSMEs under Section 15 of the MSMED Act. • Amount breakdown: paid vs. unpaid till the due date. 2. Omission of… […]
Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s case: ITAT
Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s case: ITAT Income Tax Appellate Tribunal ( ITAT) Chennai Bench in the case of *GOLD AIK vs ITO* has held that estimated rate of Gross Profit should be arrived at taking into due consideration… […]
Bombay High court writ petition as petitioner has already availed an alternate remedy – imposed costs of Rs. 1 Lakh.
Bombay High court writ petition as petitioner has already availed an alternate remedy – imposed costs of Rs. 1 Lakh. Recently Bombay High court in a writ petition in Sawai Fragrances (WP No 240/ 2025) has dismissed the writ petition as petitioner has already availed an alternate remedy and has also imposed exemplary costs…. […]
Additional Deduction of 90% of an Employee’s Salary as an additional Deduction!
Additional Deduction of 90% of an Employee’s Salary as an additional Deduction! If any employer is hiring new employees, the government rewards with an EXTRA 30% tax deduction on their salary for three consecutive years on top of the 100% salary expense deduction! That’s a total deduction of 190% over three years. Yet, many… […]
Madras High Court: Voluntary Payment in Form GST DRC-03 to be Treated as Pre-Deposit for Appeals!
Madras High Court: Voluntary Payment in Form GST DRC-03 to be Treated as Pre-Deposit for Appeals! In a landmark ruling, the Madras High Court has provided relief to taxpayers by holding that voluntary payments made through Form GST DRC-03 will be treated as pre-deposit for appeals under Section 107 or Section 112 of the… […]
Notice u/s. 143(2) issued by non-jurisdictional AO is bad-in-law: ITAT Kolkata
Notice u/s. 143(2) issued by non-jurisdictional AO is bad-in-law: ITAT Kolkata Facts: 1. A notice u/s 143(2) of the Income Tax Act was issued by ld. ACIT, Circle-24(1), Hooghly, however, the assessment in question has been framed by ITO, Ward-24(1), Hooghly. 2. As per provisions of section 120 of the Income Tax Act r.w…. […]
Making March Meaningful: CSR Compliances before 31st March Ends
Making March Meaningful: CSR Compliances before 31st March Ends Before the Financial Year ends 2025, CSR heads of the corporate must ensure that all CSR compliance, reporting, budgeting, and regulatory requirements are met. Here is a short checklist for reference. · 100% Fund Utilization · For on-going projects transfer unspent CSR funds to a… […]
35 Amendment proposed while moving the Finance Bill 2025 in the Lok Sabha: An overview of key amendment
35 Amendment proposed while moving the Finance Bill 2025 in the Lok Sabha: An overview of key amendment Continuing the legacy of introducing new amendments at the enactment stage, the Hon’ble Finance Minister, while moving the Finance Bill 2025, for approval by the Lok Sabha on 24 March 2025, introduced about 35 amendments. Some of the… […]
