# taxreform
12 posts in `taxreform` tag
.jpg)
New Income Tax Bill 2025: Big Changes Coming!
India is embarking on a major tax reform, replacing its outdated Income Tax Act, 1961, with the New Income Tax Bill 2025. A parliamentary committee has proposed 285 changes to this draft legislation, aiming to simplify language, modernize provisions (including for digital assets), reduce litigation, and enhance taxpayer experience. This blog post breaks down the reasons behind this overhaul, the committee's role in suggesting extensive "corrective" changes, and the key implications for taxpayers as India moves towards a new tax regime from April 1, 2026.
-
By Krishna
Income Tax in India: Are You Prepared for July 2025?
This blog post provides a comprehensive overview of the significant income tax changes coming into effect in India from July 1, 2025. It details the more attractive new tax regime with revised slabs and increased deductions, the extended ITR filing deadline, the mandate for Aadhaar in PAN applications, and the real-time PAN-bank linking system. Furthermore, it touches upon the updated ITR forms and the broader proposals of the Income Tax Bill 2025, offering taxpayers crucial insights for compliance and effective tax planning.
-
By Krishna
Easier Reporting: GSTR-7 and GSTR-8 Forms Get Updated!
This blog explains the significant updates to GSTR-7 (TDS) and GSTR-8 (TCS) forms, effective February 11, 2025, aimed at enhancing transaction data detail. It covers the 'why' behind these changes, the expected new reporting requirements (with a crucial note on the GSTR-7 invoice-wise reporting deferment), who is affected, and actionable steps for businesses to prepare for smoother GST compliance and reconciliation.
-
By Krishna
Major Update: You Can Now File ITR-U for the Past Four Years!
The Income Tax Department has announced a monumental extension for ITR-U (Updated Income Tax Return) filing, allowing taxpayers to rectify errors or omissions for up to four previous years instead of the prior two. This blog delves into what ITR-U is, the new extended deadlines, who is eligible to file, situations where it cannot be filed, the associated additional tax liability, and the myriad benefits this flexibility offers for enhanced tax compliance and reduced legal complications.
-
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.
-
By Krishna
Updated 18% GST Regulation for Hotel Dining (Room Tariff Exceeding 7,500): Comprehensive Guide for 2025
An in-depth examination of the new 18% GST regulation for restaurant services within hotels where room rates surpass 7,500 per day, set to take effect in April 2025. This includes an overview of classification guidelines, effects on consumers, implications for the industry, and the reasoning behind the government's decision.
-
By Krishna
.png)
Big Tax Change: No TCS Collection Under Section 206C(1H) from April 2025
Significant updates in TCS regulations: From April 1, 2025, Section 206C(1H) will be repealed. A comprehensive guide outlining the effects on sellers and buyers, necessary compliance actions, and required system modifications for businesses.
-
By Krishna
.jpg)
CGST Act 2017 Update: What’s New in Section 128A and Its Impact?
The CBIC's Notification 11/2025 brings significant modifications to Section 128A of the CGST Act, easing tax procedures for enterprises encountering extraordinary situations. This examination addresses the broader applicability, streamlined processes, and compliance implications.
-
By Krishna
.jpg)
Finance Bill 2025 Update: Big Relief for Taxpayers on Income Tax Search Rules
The Indian government has updated the Finance Bill 2025, substituting "total income" with "total undisclosed income" in important sections of the Income Tax Act. This amendment lowers the liabilities for taxpayers, encourages compliance, and simplifies assessments in instances of search and requisition.
-
By Krishna
.jpg)
New E-Invoice Rules: 30-Day Reporting Obligation for 10 Crore AATO - Important Details for Companies
This document details India's upcoming e-invoice reporting requirement that will take effect in April 2025 for companies with a turnover exceeding ₹10 crore over a 30-day period. It outlines the compliance obligations, necessary system modifications, and potential penalties for failing to comply.
-
By Krishna
.jpg)
In order to draft new rules and forms for the 2025 income tax bill, CBDT is seeking input from stakeholders.
The CBDT is seeking stakeholder input as it drafts new Income Tax Rules and Forms for the Income Tax Bill, 2025. This blog discusses the relevance of the consultation, main emphasis areas, and how stakeholders may help build a more efficient tax system.
-
By Krishna
.jpg)
Tax Reforms for LLPs & Partnership Firms: What’s Changing in April 2025?
With effect from April 1, 2025, the Finance Act implements major income tax reforms for partnership enterprises and limited liability companies in India. This article examines the changes that are expected, their possible effects, and practical measures that companies may take to ensure a seamless transition.
-
By Krishna