# taxcomplianc
12 posts in `taxcomplianc` tag
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CBDT Instruction No. 01/2025 – Black Money Act Update for Minor Foreign Assets
The CBDT has issued Instruction No. 01/2025 on 18 August 2025, aligning its policy with the Finance (No. 2) Act, 2024. This update ensures that prosecution under Sections 49 and 50 of the Black Money Act will not be initiated for undisclosed non-immovable foreign assets valued up to ₹20 lakh. The move offers relief to genuine taxpayers, prevents harsh action for minor errors, and focuses enforcement on serious non-compliance cases.
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By Krishna
CBDT Simplifies Tax Rules for IFSC Funds: A Major Win for Investors
This blog post breaks down the recent significant amendment made by the CBDT to Rule 21AIA of the Income Tax Rules. It details the removal of sub-rule (4), which previously imposed additional compliance burdens on "specified funds" like retail schemes and ETFs in the IFSC. The post explains how this change aligns tax laws with IFSCA regulations, effectively eliminating dual regulation. The primary impact is simplified compliance, reduced regulatory overlap, and a more attractive investment environment in India's IFSC, ultimately fostering growth in financial hubs like GIFT City.
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By Krishna
Complete Guide to ITR-7 Form (AY 2025-26): Utility, Schema & Validation
The Income Tax Department has released the ITR-7 Form for AY 2025-26, applicable to persons and institutions required to file returns under sections 139(4A), 139(4B), 139(4C), and 139(4D). This blog covers the newly released Excel-based utility, JSON schema, and validation guidelines to simplify your tax filing process.
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By Krishna
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AY 2025-26 ITR Filings Cross 3.29 Crore; Over 1.13 Crore Already Processed
Despite the ITR filing deadline for AY 2025-26 being extended to September 15, over 3.29 crore returns have already been filed by mid-August, with 1.13 crore processed. This highlights growing tax compliance and the Income Tax Department's processing efficiency.
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By Krishna
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CBDT Updates Form No. 7: Assessment Year and Block Period Now Included, Effective September 1, 2025
The Central Board of Direct Taxes (CBDT) has amended Form No. 7 to include both "Assessment Year" and "Block Period," effective September 1, 2025. This blog details the changes, explains the concept of a "Block Period" in tax assessments, and discusses the implications for taxpayers, particularly in cases of search and seizure operations.
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By Krishna
4 Major Income Tax Changes for FY 2025-26 You Need to Know
This blog provides a detailed overview of four significant amendments to the Income Tax Act effective from Financial Year 2025-26. It covers the establishment of the new tax regime as the default option for taxpayers, the mandatory timely payments to MSMEs under the new Section 43B(h), the extension of tax benefits for startups, and the revised rules and thresholds for Tax Collected at Source (TCS) on foreign remittances and luxury goods.
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By Krishna
ITR-6 Excel Utility for AY 2025-26 is Live: What Corporate Filers Need to Know
This blog announces the release of the ITR-6 Excel Utility for the Assessment Year 2025-26 by the Income Tax Department. It details which companies are required to file this form, highlights key updates and changes for this year (such as LEI and capital gains reporting), provides a step-by-step guide on how to use the offline utility, and clarifies the important filing deadlines to help corporate filers ensure timely and accurate compliance.
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By Krishna
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Lost Your Form 16? Don't Panic! Here's How to File Your ITR Successfully Without It.
This comprehensive guide addresses the common concern of a missing Form 16. It empowers salaried individuals to confidently file their Income Tax Return by detailing essential alternative documents (pay slips, Form 26AS, AIS) and providing a clear, step-by-step process for successful and compliant ITR filing, ensuring no one misses the deadline due to a lost document.
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By Krishna
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Oops! Did You Make an ITR Mistake? Here's How to Easily File a Revised Return
Made an error on your Income Tax Return? Don't stress! This comprehensive guide walks you through the process of filing a Revised Return under Section 139(5) for Assessment Year 2025-26. Learn common reasons for revision, key deadlines, and a simple step-by-step online process to ensure your tax records are accurate and penalty-free.
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By Krishna
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Don't Miss These! India's Statutory Compliance Calendar for August 2025
This blog provides a comprehensive guide to the statutory compliance deadlines for August 2025 in India. It covers key due dates for Goods and Services Tax (GST) returns like GSTR-1 and GSTR-3B, Income Tax requirements including TDS/TCS deposits and return filings, and other important statutory payments like PF & ESI. The post is designed to help businesses and individuals track their obligations, avoid penalties, and maintain financial discipline by presenting all critical dates in a clear, easy-to-understand format.
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By Krishna
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Tax Audit under 44AB: Revised 2025 Essentials
This guide explains the updated Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961, for the Assessment Year 2025-26 (Financial Year 2024-25). It clarifies who needs a tax audit, points out key changes in Form 3CD, including new clauses for digital transactions, MSME reporting, and buybacks. It also outlines the audit process, lists important due dates, and details the penalties for non-compliance. The guide offers best practices for taxpayers to help ensure smooth audits and strong tax compliance in India.
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By Krishna
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Kind Attention Taxpayers! ITR-3 Now Enabled for Online Filing!
The Income Tax Department has enabled online filing for ITR-3 for Assessment Year 2025-26, simplifying tax compliance for individuals and HUFs with business or professional income. This blog post details who needs to file ITR-3, highlights key updates for the current assessment year (including changes in AL reporting and VDA schedules), explains the benefits of online filing, and provides a step-by-step guide to assist taxpayers. It also subtly promotes MyITROnline for expert assistance.
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By Krishna