Introduction The Ministry of Corporate Affairs (MCA), through the Companies (Appointment and Qualification of Directors) Amendment Rules, 2025 (G.S.R. 943(E) dated 31 December 2025), has introduced one of the most significant reforms in director compliance in recent years. Effective 31… Read More
The GST compliance framework has taken another significant step towards complete automation. From the July 2026 tax period onwards, taxpayers will no longer be able to manually edit or amend the Input Tax Credit (ITC) figures in Table 4 of… Read More
Introduction The Goods and Services Tax (GST) regime has consistently evolved to strike a balance between facilitating ease of doing business and preventing tax evasion. While technology has significantly streamlined the registration process, obtaining GST registration has often involved detailed… Read More
The introduction of Form No. 105 under the Income-tax Act, 2025 marks a significant shift in how non-profit organisations (NPOs) in India obtain tax registration and approvals. Designed to simplify compliance and enhance transparency, this unified form replaces earlier procedures… Read More
The financial year 2024–25 brings several practical compliance changes for Indian companies while preparing the financial statements, annual returns, and Directors’ Report under the Companies Act, 2013.With the continuing digitalisation of the MCA21 system (V3), reporting formats and disclosure expectations… Read More
In India, non-governmental organizations (NGOs), charitable trusts, societies, and Section 8 companies can significantly benefit from registering under Sections 12A and 80G of the Income Tax Act, 1961. These registrations provide tax exemptions for NGOs and tax deductions for donors,… Read More
Effective Date: April 22, 2025 Sellers are required to collect 1% Tax Collected at Source (TCS) on the sale of specified luxury goods with a sale value exceeding ₹10 lakh per item, as per the Central Board of Direct Taxes… Read More
Budget 2024 Direct Tax Proposals – ₹0-3 lakh: Nil – ₹3-7 lakh: 5% – ₹7-10 lakh: 10% – ₹10-12 lakh: 15% – ₹12-15 lakh: 20% – Above ₹15 lakh: 30% The old slab… Read More
CBIC vide Instruction no. 01/2023-GST dated 4th May, 2023 issued guidelines for the Special All-India Drive against fake registrations under GST. The following points were specified in the above mentioned instruction; In the meeting ; The following guidelines are being… Read More
The Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 or under clause (a) of sub-section (2) of section 11 of the Income-tax… Read More