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.

For AY 2024–2025, the Income Tax Department has released revised tools for ITR Forms 2 and 3. Now, taxpayers have the option to file their taxes online or offline and collect the Section 87A reimbursement. Find more about the changes, difficulties, and actions taxpayers should take to ensure smooth compliance.

Digital India is using big data, blockchain, and artificial intelligence to transform the taxes system. This change promotes inclusion for both people and enterprises, streamlines tax compliance, and improves transparency. The blog addresses issues including cybersecurity and the digital divide while examining important breakthroughs like faceless assessments, GST changes, and AI-powered technologies. It illustrates how Digital India is creating a more intelligent and effective tax environment by highlighting the future of taxes with unified systems, customized taxpayer support, and incentives for compliance.

In an effort to save expenses and tax uncertainties, the government announced that the sale of leasehold rights for industrial plots would be free from GST. The goals of this action are to encourage business-friendly conditions, reduce regulatory costs, and advance industrial expansion.

can be difficult to manage income tax as an NRI, and even small mistakes could result in tax notifications. The top 5 tax notifications that non-resident Indians (NRIs) frequently receive are highlighted in this blog. These notices include non-filing of returns, income mismatches, unreported income, suspected tax evasion, and faulty returns. It offers helpful advice on how to prevent these letters, including timely filing, correct income declaration, making use of DTAA advantages, and speaking with tax experts. NRIs may guarantee hassle-free tax compliance and steer clear of fines by being proactive and knowledgeable.

With effect from January 2025, the revised Form 24Q for TDS returns provides salaried employees with more clarity and accuracy in their tax deductions. Pre-filled tax calculations, a thorough income breakdown, and adherence to the new tax regime are some of the major adjustments. This improvement simplifies compliance for employers and guarantees employees faster refunds and easier tax filing.

Important modifications to the Input Tax Credit (ITC) regulations were introduced during the 55th GST Council Meeting, which had a big effect on the auto and construction sectors. Clarifications of eligibility, limitations on ITC for personal use, sector-specific actions, and improved compliance procedures are some of the most important revisions. The purpose of these modifications is to promote transparency in GST compliance and expedite ITC applications.

The deduction of TDS on payments for technical and professional services, royalties, non-compete agreements, and directors' compensation is governed by Section 194J of the Income Tax Act. This blog discusses the dates, thresholds, appropriate rates, and who must deduct TDS. Penalties, interest, and the disallowance of expenses may follow noncompliance. To guarantee compliance and prevent fines, be informed.

The RBI's new standards require non-compliant bank accounts to be closed as of January 1, 2025. To prevent interruptions, account holders must maintain account activity, update their KYC information, and reply to compliance notices. Financial interruptions, limited banking services, and permanent account closure are possible outcomes of non-compliance. These steps are intended to improve financial system security, lower fraud, and increase transparency.

In January 2025, be ahead of your tax and GST responsibilities. In order to ensure timely filings and prevent penalties, this thorough guide assists taxpayers and businesses in keeping track of the important deadlines for income tax and GST compliance. Find out when TDS deposits, ITR filings, GST returns, and other important dates are due.

For transactions using IFSC units, the Ministry of Finance's notification S.O. 21(E), issued January 2, 2025, offers TDS exemption under Section 194Q. Businesses operating in these global financial zones can find it easier to comply with tax laws thanks to this program. Reduced administrative constraints for sellers and simpler procedures for buyers promote improved cooperation and help India realize its goal of becoming a major international financial center.

The CBIC has clarified ITC eligibility for e-commerce operators (ECOs) under Section 9(5) of the CGST Act, 2017. ECOs can claim ITC for inputs and services directly linked to taxable supplies, excluding items restricted under Section 17(5), with proper documentation and compliance. This guidance aims to reduce disputes, simplify compliance, and enhance transparency, though challenges like input segregation persist, promoting a more compliant e-commerce ecosystem.