# businesstax
12 posts in `businesstax` tag
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GST Compliance Checklist: 9 Key Tasks to Finish Before March 31, 2025
This blog lists the nine essential GST compliances that companies need to finish by March 31, 2025, in order to stay out of trouble and maintain seamless operations. Learn how to stay in compliance and keep correct financial records, from LUT reporting and GSTR-9 filing to e-invoicing and ITC reversal.
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By Krishna
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Key Updates on Presumptive Taxation in the Income Tax Bill 2025
Small enterprises, professionals, and independent contractors would all be impacted by the substantial changes to presumptive taxation brought about by the Income Tax Bill 2025, especially under Section 58. Important adjustments include clarifications on deductible costs, conformity with tax simplification objectives, and limitations on loss set-offs. This blog examines the ramifications of these modifications, how they affect taxpayers, and practical measures for financial planning and compliance.
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By Krishna
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How Section 44AD Helps Small Businesses Save Time and Money on Taxes
Section 44AD of the revenue Tax Act provides a presumptive taxation structure for small enterprises in India, enabling them to report revenue based on a specified proportion of sales. This blog discusses eligibility, benefits, income computation, and how it makes tax compliance easier by eliminating the need for comprehensive recordkeeping and tax audits.
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By Krishna
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GST Amnesty Scheme: Essential Elements & Due Dates
The GST Amnesty Scheme is a relief initiative by the government for taxpayers who have missed GST return filings or face compliance issues. This blog explains its key features, eligibility, advantages, and deadlines to help businesses take advantage of the scheme and avoid penalties.
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By Krishna
Due Date Calendar for February 2025: Key Tax & Compliance Deadlines
There are several tax filing and compliance dates in February 2025 that businesses, professionals, and individuals must meet. There could be fines, interest, and legal repercussions for missing deadlines. To help taxpayers stay in compliance with regulatory requirements, this blog offers a thorough due date calendar that covers GST, TDS, PF, ESI, MSME, and ROC filings.
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By Krishna
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Budget 2025's TDS & TCS Big Relief: A Revolution for Taxpayers
Significant TDS & TCS reforms are introduced in the Union Budget 2025 with the goals of easing tax compliance, lowering financial burdens, and fostering economic expansion. Lower TDS rates, lower TCS on foreign transactions, and more exemptions for small taxpayers are some of the main attractions.
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By Krishna
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Big Relief for Taxpayers: CBIC Waives Late Fees for GSTR-9C Filing
Late costs for GSTR-9C files that were postponed from FY 2017–18 to FY 2022–23 have been forgiven by the Central Board of Indirect Taxes and Customs (CBIC). The 55th meeting of the GST Council accepted this plan, which permits taxpayers to file outstanding taxes by March 31, 2025, without incurring penalties. Businesses gain from the waiver because it promotes compliance, lessens financial strains, and streamlines the GST system. Discover its significance, qualifying requirements, and detailed application procedure in this extensive blog.
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By Krishna
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GSTR-1 Updates: Mandatory HSN Code Reporting Explained for Taxpayers
With effect from February 2025, the GSTN has implemented Phase-3 modifications for HSN code reporting in GSTR-1 and GSTR-1A. These modifications are intended to improve compliance, guarantee standardization, and increase data accuracy. Businesses may face initial difficulties, but there are substantial long-term advantages. To guarantee a seamless transfer, get ready today.
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By Krishna
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Taxpayer Relief: GSTR-3B Filing Deadline for December 2024 Extended
The deadline for submitting GSTR-3B has been extended to December 2024 by the Central Board of Indirect Taxes and Customs (CBIC). On January 10, 2025, the notification was released with the intention of giving taxpayers compliance relief. Depending on the taxpayer's primary location of business, the updated deadlines are separated into two groups. Businesses gain from this extension, which guarantees easier GST compliance and lessens system load.
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By Krishna
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Simplified GST Compliance: Relief Offered Under Section 128A Advisory
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.
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By Krishna
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New Regulation: Sponsorship Service Taxability Will Be Modified
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.
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By Krishna
GST Simplified: Sponsorship Services Move to Forward Charge Mechanism
The taxability of sponsorship services underwent significant revisions during the 55th GST Council Meeting. In order to improve revenue collection and streamline compliance, body corporates and partnership businesses are switching from the Reverse Charge Mechanism (RCM) to the Forward Charge Mechanism (FCM). This blog explores the situations before and after the meeting, the updated tax structure, and the ramifications for companies and service providers.
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By Krishna