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# compliance

12 posts in `compliance` tag

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Income tax

TCS on Sale of Goods Removed from April 1, 2025: A Big Relief for Businesses

With effect from April 1, 2025, the Indian government has stated that the Tax Collected at Source (TCS) on the sale of goods would no longer be applied. The goal of this action is to lessen the burden on sellers and streamline tax compliance. Discover the history, ramifications, and advantages of this important shift.
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GST

Understanding the Impact of GSTR-2A on Input Tax Credit (ITC) Claims

In order to claim the Input Tax Credit (ITC) under GST, GSTR-2A is essential. This blog discusses optimal procedures to guarantee compliance and optimize ITC advantages, the significance of reconciliation, and how GSTR-2A affects ITC claims.
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Income tax

CBDT Extends Form 56F Filing Deadline for AY 2024-2025

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 56F for Assessment Year 2024-2025 to March 31, 2025. This extension provides relief to businesses operating in Special Economic Zones (SEZs) who face challenges in obtaining the required accountant's report. Learn about the reasons behind the extension, its implications, and how it benefits taxpayers.
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Income tax

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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Income tax

Clause 123: New Rules for Tax Deductions in 2025

The Income Tax Bill 2025 introduces Clause 123, replacing Section 80C, to streamline tax-saving deductions. This blog explores the implications of this change, how it affects taxpayers, and what it means for future tax planning. Learn about the unchanged deduction limits, eligible investments, and the simplified tax structure under Clause 123.
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Income tax

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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Income tax

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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Income tax

e-Way Bill Compliance Made Simple: ENR-03 Advisory for Unregistered Dealers in India

This blog post describes Advisory ENR-03, which makes it easier for unregistered dealers in India to join in e-Way Bills. In order to guarantee the smooth and lawful transportation of products under GST, it covers the enrollment procedure, advantages, and important points.
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GST

A Complete Guide to GST Registration in India for 2024–2025

With an emphasis on Rule 8 of the CGST Rules, 2017 and the significance of Aadhaar identification, this blog offers a comprehensive reference to GST registration in India for 2024–2025. It goes over important commercial factors, the registration procedure, and the most recent upgrades.
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Income tax

CBDT Updates Form 49C: What Non-Residents Need to Know

Form 49C has received important revisions by the CBDT, and for non-residents whose income is derived from India, electronic filing is now compulsory. This blog delves into the main alterations, their effects on foreign taxpayers, and provides a step-by-step manual for online submission of Form 49C.
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Income tax

Section 80C Removed in 2025: New Rules and How to Stay Tax-Efficient

To make tax compliance easier, the government has eliminated Section 80C from the Income Tax Bill 2025 and merged it with Section 123. This blog examines the ramifications of this change, its effect on taxpayers, and how to adapt financial planning strategies in response.
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Income tax

Income Tax Bill 2025 vs. Income Tax Act 1961: New Utility Tool for Simplified Comparison

To make it easier to compare the Income Tax Bill 2025 with the Income Tax Act 1961, as amended by the Finance (No. 2) Act 2024, the Income Tax Department has released a Utility Tool. This application ensures improved compliance and lowers mistakes by assisting businesses, professionals, and taxpayers in understanding legal changes. Discover how to utilize this tool and the advantages it offers to different stakeholders.