To guarantee a seamless tax season, the 2025 Compliance Calendar gives people and companies important dates for filing taxes, submitting GST returns, and paying TDS. Businesses may stay out of trouble and maintain smooth operations by complying on schedule.

An amendment from the Income Tax Department permits taxpayers to file amended or late ITRs in order to receive the 87A tax refund for FY 2023–2024. This action, which complies with an order from the Bombay High Court, provides relief to qualifying taxpayers who make ₹5,00,000 or less a year. The distinctions between the rebate limitations under the previous and current tax regimes are also highlighted in the update. Discover how to make your rebate claim and make sure you're in compliance with this updated framework.

In an effort to assist resident taxpayers, the CBDT has extended the deadline for submitting amended or late income tax returns for AY 2024–2025 to January 15, 2025. Those who need to correct problems in their returns or who missed the original December 31 deadline are eligible for this extension. To avoid fines and interest, timely filing is crucial.

According to Circular No. 20/2024, the Central Board of Direct Taxes (CBDT) has extended the deadline for computation and payment under the Vivad Se Vishwas Scheme, 2024, from December 31, 2024, to January 31, 2025. This program gives taxpayers a hassle-free option to settle outstanding cases while attempting to swiftly address direct tax disputes. The extension gives taxpayers more time to figure out their obligations, collect the required paperwork, and finish payments without worrying about the final minute. This action demonstrates the government's dedication to creating an environment that is favorable to taxpayers while increasing tax collection and compliance. To guarantee seamless compliance, taxpayers are urged to utilize this extension.

By eliminating or lowering late fines and penalties for GST reporting delays, the GST Waiver Scheme under Section 128A helps taxpayers. This guidance assists MSMEs, fosters voluntary compliance, and pushes companies to regularize their files. Find out how to take advantage of this limited-time offer, including qualifying requirements and advantages.

To improve transparency and expedite compliance, the government is thinking about changing the taxability of sponsoring services. Redefining sponsoring services, updating exemption standards, and moving GST obligation to service providers are some of the main suggested changes. Sponsors, receivers, and tax authorities may be impacted by these developments, which might also provide difficulties including higher compliance expenses and cash flow problems. Companies need to be aware, evaluate the effects, and proactively adjust to the new rules.

To lessen the financial burden on middle-class and upper-middle-class income groups, the government is looking into tax breaks for those making up to Rs 15 lakh a year. Reduced tax rates, higher standard deductions, and updated tax slabs are some of the suggested changes. These adjustments may simplify compliance, boost economic growth, and raise disposable income. This proposed change is a positive start toward promoting economic resilience and resolving taxpayer concerns, even though obstacles like revenue impact and structural overhaul still exist.

Both citizens and non-resident individuals will be impacted by the substantial changes to the capital gains tax structure brought about by the Indian Union Budget 2024. The changes, including uniform tax rates, TDS adjustments, and investment ramifications, are covered in detail in this blog. Learn how to modify tactics to conform to the most recent rules.

Slump sales and the new CBDT valuation criteria are explained in depth in this tutorial. The definition of slump sales, the legal structure under Section 50B, the ramifications of the new valuation regulations, and the actions firms must take to assure compliance are just a few of the crucial topics it addresses. The blog is essential reading for companies and tax experts since it also discusses the advantages and difficulties presented by these regulations.

Significant adjustments to the Goods and Services Tax (GST) rates for popcorn have been recommended by the GST Council. By establishing consistent prices for packaged and unbranded popcorn, this amendment seeks to streamline compliance and guarantee equity. The adjustments may have an effect on government income, corporate profit margins, and consumer prices. Find out how the food and beverage sector may be impacted by this change and how companies may maintain compliance.

Form 12BAA was created by the Income Tax Department to simplify salary tax deductions. In order to ensure correct TDS deductions and improved tax planning, this handbook assists salaried staff in understanding its goal, essential components, and use.

Salary taxpayers who receive advance payments or arrears in one lump amount are eligible for relief under Section 89 of the Income Tax Act, which lessens the tax burden associated with switching to a higher tax band. However, interest income and other financial gains are not covered by this relief. This blog helps taxpayers with efficient compliance and tax planning by outlining the goals, restrictions, and application of Section 89.