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
Key Changes in AOC-4, MGT-7/MGT-7A and Directors’ Report for FY 2024-25, and Filing Due Dates with Penalties
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
12A and 80G Registration and Renewal (Due by 30th September, 2025) in India
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
New CBDT Notification: 1% TCS on High-End Luxury Goods
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 Highlights
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
Special All-India Drive against Fake Registrations under GST
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
Form 10 and Form 9A to be furnished before 31st May, 2023 in certain cases
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
UNION BUDGET 2023
Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2023 on 1st February, 2023. Let us discuss the proposed changes in the Income Tax and GST laws by the Union Budget, 2023. INCOME TAX AND GST UPDATES INCOME TAX UPDATES… Read More
FORM ITR-U INDIAN INCOME TAX UPDATED RETURN-AN OVERVIEW
The concept of ITR-U was introduced in the Union Budget 2022. Section 139(8A) of the Income Tax Act along with Rule 12C of Income Tax Rules is brought to help the taxpayers in tackling the mistakes made in the Income… Read More
Electric Vehicles future prospects
Electric vehicles are a much talked topic these days. The reason behind the new concept become popular is a number of benefits attached to the use of electronic vehicles. Today we will discuss a number of reasons why the electric… Read More