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Stay Active: Link PAN with Aadhaar Before It’s Too Late

Link PAN, The Permanent Account Number (PAN) and Aadhaar are mandatory identifying documents for Indian citizens, issued by the Income Tax Department and the Unique identification Authority of India, respectively.  To streamline tax administration, the Income Tax Department has enforced the linkage of PAN and Aadhaar numbers. Failure to link these documents disables the PAN, limiting its use in…

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New GST Mandates from April 2025: MFA, E-Invoicing & More

New GST compliance landscape will alter in a number of ways beginning on April 1, 2025.  This includes limiting the generation of E-Way Bills (EWBs) to prevent fraudulent activities and mandating multi-factor authentication (MFA) for access to the GST portal.  To be compliant, firms that are registered for GST should take notice of the important requirements and implementation dates. A number of…

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Top 10 Income Tax Updates You Must Know – Effective April 1, 2025

The Budget 2025 included significant amendments to the Income Tax Act 1961 in an effort to simplify India’s tax system. These modifications will go into effect on April 1, 2025, and they will apply starting in FY 2025–2026. All of the significant changes that one needs to be aware of in order to appropriately plan their finances for FY 2025–2026 will be covered in this article. Read also:…

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GST Invoice Furnishing Facility (IFF): Features, Updates & Filing Guide

The new Invoice Furnishing Facility (IFF) procedure on the Goods and Service Tax (GST) Portal is made possible by the Goods and Service Tax Network (GSTN).  The quarterly GSTR-1 taxpayers have the option to use the Invoice Furnishing Facility (IFF) to upload their monthly invoices.  A small assessee with a revenue only Rs 1.5 cr is a quarterly GSTR-1 taxpayer. According to rules 59 of the CGST…

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Year-End Compliances to be Completed Before 31st March 2025

As we approach the end of the financial year 2024-25, it is crucial for individuals, professionals, and businesses to ensure that all tax and regulatory compliances are completed before 31st March 2025. Timely compliance helps avoid penalties, interest, and unnecessary scrutiny. Here’s a comprehensive checklist of important year-end tasks: 1. Income Tax Planning and Deductions Verify total…

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TCS Rates Under Income Tax for FY 2025-26

Tax Collected at Source (TCS) is a tax that sellers collect from buyers at the time of sale of specified goods and services. Under the Income Tax Act, 1961, certain transactions attract TCS at predefined rates. With each financial year, the government may revise these rates to align with economic policies and revenue objectives. This blog provides a comprehensive overview of the TCS rates…

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TDS Rate Chart FY 2025-26: Comprehensive Guide to Tax Deduction at Source

Tax deduction at sourc (TDS), was first implemented by the Indian Income Tax.  A percentage of the tax is withheld by the payer before paying the remaining amount when you get income from sources such as interest, rent, or a salary.  On your behalf, the government receives the TDS that has been withheld.  The Government of India uses the TDS percentage chart to calculate the TDS rates for FY…

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Key Changes in Form 16, Form 24Q, and Surcharge Rates

Form 16, A new circular from the Central Board of Direct Taxes (CBDT) contains the updated guidelines for salary tax deductions under section 192 of the Income Tax Act of 1961.  The changes made to the Finance Acts of 2024 and 2023 are also included. With effect from July 1, 2023, the Income-tax (Fifth Amendment) Rules, 2023, have modified Form No. 16, which will be used for the 2024–2025…

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ITR-U: Updated Income Tax Return – Eligibility, Filing & Time Limits

The form known as ITR-U, or Updated Income Tax Return, enables you to update your previous ITR and correct any mistakes or omissions.  After the relevant evaluation year ends, it can be filed within two years.  In the Union Budget 2022, the government introduced the idea of updated returns. It is not possible to file amended or belated ITRs after the AY’s December 31st.  To fix small mistakes or…

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Key Financial and Regulatory Changes Taking Effect from March 1, 2025

Financial and Regulatory changes, Personal finances will be impacted by a number of significant changes that take effect on March 1, 2025, such as alterations to SEBI nomination rules, LPG pricing, and FD interest rates. Many major changes that will impact several aspects of daily life will occur at the beginning of March.  Among the changes that will go into effect on March 1, 2025, are updates…

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GST on Electronics & Electrical Items: Classification, Rates & Impact

GST, India’s expanding digital landscape is built on electronic devices.  Of course, one step in simplifying their taxation is to include them within the GST.  VAT, service tax, and excise duty have all been replaced by GST, which can range from 5% to 28% on electronics.  Compared to the combined taxation scheme, the GST rate on electronics is somewhat higher.  As a result, buyers now pay a…

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Depreciation Rates For Financial Year 2025-26 (AY 2026-27)

According to the Income Tax Act of 1962, which establishes separate depreciation rates for various asset types, depreciation on assets used or obtained for business or professional purposes must be calculated. What is Depreciation? The distribution of an asset’s cost over its useful life is known as depreciation.  It is a required deduction that is shown in an entity’s profit and loss statements…

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GST and the Indian Entertainment Industry: Impact, Challenges, and Future Prospects

The media and entertainment sector is one of the fastest-growing industries in India. Encompassing various segments such as films, television, radio, digital media, and gaming, this sector plays a crucial role in the economy. It is projected to grow at a Compound Annual Growth Rate (CAGR) of 12%, aiming to reach ₹4.30 trillion by 2025. The introduction of the Goods and Services Tax (GST) in India…

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GST on Hotels & Food: Rates, Impact & Analysis

This article presents the findings of an impact analysis on the restaurant and food industries, which are very close to our hearts or, more accurately, our stomachs. We assist you in comprehending the GST on food items, the GST on restaurants, and the GST-affected appearance of a restaurant bill.  We also describe how the GST rates on food at hotels and freestanding restaurants differ from one…

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India may raise GST on cigarettes and other tobacco products

India may explore increasing the goods and service tax (GST) on tobacco products, including cigarettes, after it stops levying the compensation cess on them. Tobacco products, including cigarettes and pan masala, contribute substantially to government tax collections, with revenue reaching ₹72,788 crore during 2022-23. <cs-card “=”” class=”card-outer card-full-size ” card-fill-color=”#FFFFFF”…

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New Income Tax Bill 2025 : Key Reforms and Major Changes Taxpayers must know

Income Tax Bill 2025: On February 13, 2025, the Finance Minister Madam Nirmala Sitharaman introduced the Income Tax Bill, 2025 (Bill) to the Parliament, marking a significant turning point in India’s tax system. The Income Tax Act of 1961, sometimes known as the present Act, was drafted more than 60 years ago. The legislation underwent numerous revisions throughout time. Many thought that as a…

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House Rent Allowance (HRA): Tax Benefits, Eligibility & Claim Process

One of the most important components of a person’s salary package is the House Rent Allowance (HRA). Paying for a percentage of an employee’s housing rental costs is a substantial benefit offered by businesses. What is House Rent Allowance? The House Rent Allowance (HRA), which is an element of CTC, is a benefit that your employer provides to assist you in meeting the expenses of renting a place…