# taxcomplianc
12 posts in `taxcomplianc` tag
Attention Firms & LLPs: CBDT Releases ITR-5 Form for AY 2025-26 Filing.
The CBDT has released the updated ITR-Form 5 for Assessment Year 2025-26 (applicable to FY 2024-25) via Notification No. 42/2025 dated May 3, 2025. This blog post details who needs to file ITR-5, discusses anticipated key changes aligning with recent amendments and enhanced disclosure norms, outlines implications for taxpayers like Firms and LLPs, and provides actionable steps for compliance.
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By Krishna
Form 16B Overview: Important Deadlines and Fines for Property TDS Certificates
This blog explains Form 16B, the TDS certificate mandatory for property sales over ₹50 lakh in India under Section 194-IA. It details the buyer's responsibility, the process involving Form 26QB, critical deadlines for certificate issuance (15 days from Form 26QB due date), and the penalties (₹100/day under Sec 272A(2)(g)) for non-compliance, emphasizing its importance for both buyers and sellers.
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By Krishna
CBDT Guidelines on Section 37(1): What Business Expenses Are Now Disallowed?
This blog post examines the clarified disallowances under Section 37(1) of the Income Tax Act following the Finance Act 2022 amendment to Explanation 1. It details how expenses related to illegal activities, penalties, compounding fees, prohibited benefits/perks (like certain freebies), and violations of foreign laws are now more explicitly non-deductible, emphasizing the need for businesses to ensure compliance and maintain thorough documentation.
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By Krishna
India's New 1% TCS Rule: What Buyers & Sellers of Luxury Goods Over 10 Lakh Must Know
This post details India's new 1% Tax Collected at Source (TCS) regulation, effective April 22, 2025, under Section 206C(1F). It applies to specific luxury goods (watches, art, yachts, etc.) when the sale value exceeds ₹10 lakh. The article explains the TCS mechanism, lists affected items, clarifies calculation, outlines buyer and seller responsibilities, differentiates it from Section 206C(1H), and highlights that the TCS paid is adjustable against the buyer's income tax liability.
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By Krishna
India TDS Rate Chart FY 2025-26 (AY 2026-27): A Preliminary Overview
An initial guide to Tax Deducted at Source (TDS) rates and thresholds for India's Financial Year 2025-26 (Assessment Year 2026-27), based on current provisions as of April 2025. Details include a comprehensive rate chart covering common sections, key considerations like PAN non-furnishing, recent threshold changes (e.g., for interest, rent, commissions), potential policy updates (like the status of Section 206AB), and essential compliance deadlines. The guide strongly emphasizes that final rates are contingent upon the Full Union Budget 2025.
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By Krishna
CBDT Notification 23/2025: Impact on Your Form 3CD Tax Audit
This blog outlines the key changes to Form 3CD (Tax Audit Report) implemented by CBDT Notification 23/2025, which takes effect from Assessment Year 2025-26. It discusses possible updates in reporting related to MSME payments, Virtual Digital Assets (VDAs), concessional tax regimes, and depreciation, as well as the necessary steps for both taxpayers and auditors.
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By Krishna
What's New in GST Registration? Breakdown of the April 2025 CBIC Circular
This blog post details the updated GST registration guidelines issued by the CBIC on April 17, 2025. It explains the challenges faced by businesses, outlines the typical solutions introduced (like risk-based approaches, standardized procedures, and clearer rules for verification), discusses the anticipated benefits such as faster processing and reduced compliance burden, and advises businesses on navigating the new regulations effectively. The goal is to clarify how these changes aim to simplify the process and reduce harassment, thereby improving the ease of doing business in India.
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By Krishna
India Income Tax: Section 194LBA and TDS for Business Trusts
This blog post explains Section 194LBA of India's Income Tax Act, detailing the Tax Deducted at Source (TDS) rules for income distributions (interest, dividend, rent) from Business Trusts (REITs and InvITs) to resident and non-resident unitholders, including rates, compliance, and consequences.
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By Krishna
Advance Tax Guide for Presumptive Taxation Users (Sec 44AD/44ADA)
This blog explains how opting for presumptive taxation under Sections 44AD (businesses) and 44ADA (professionals) simplifies Advance Tax obligations, requiring only a single payment by March 15th instead of quarterly installments. It covers eligibility, calculation, and non-compliance consequences.
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By Krishna
How India's Income Tax Dept Uses AI to Monitor High-Value Transactions
India's Income Tax Department leverages AI and data analytics, including Project Insight and the Annual Information Statement (AIS), to monitor financial transactions, especially high-value ones. This blog explains how the system works, which transactions are watched, the implications for taxpayers, and how to ensure compliance in this new technological era.
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By Krishna
Avoid Penalties: The Advance Tax Guide for Indian Influencers (2025)
This guide explains the concept of Advance Tax and its applicability to Indian content creators (YouTubers, bloggers, influencers) for the Financial Year 2025-26. It details how to calculate the liability, discusses the Presumptive Taxation scheme (Sec 44AD/44ADA), outlines payment due dates and methods (Challan 280), explains penalties for non-compliance (Sec 234B/234C), and provides practical tips for creators to manage their tax obligations effectively.
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By Krishna
Comprehending Income Tax Notifications for Employed Persons in India (Financial Year 2024-25): An All-Inclusive Guide
A detailed guide detailing the reasons salaried individuals get income tax notices in India (FY 2024-25), the different kinds of notices, strategies for responding step-by-step, and measures to take in order to prevent receiving notices.
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By Krishna