Declaration of Foreign Assets and Income. Any resident of India who has foreign income or assets must disclose them, even if their total income is below the taxable limit. Who is a Resident Indian? Individuals: An individual is considered a resident if they have stayed in India for 182 days or more in a previous… Read More »
How to Apply for Correction in TDS Payment. It is possible to correct errors made while depositing TDS payments. Common errors include mentioning the wrong TAN, PAN, assessment year, or nature of payment. These mistakes can lead to a TDS/TCS demand against the deductor. Modes of Challan Correction There are several ways to correct a… Read More »
TDS Provisions for Government Deductors. For government offices, Tax Deducted at Source (TDS) can be remitted to the Central Government without an income-tax challan (ITNS 281). This process is handled through a book entry system involving various officers and specific forms. Key Roles and Numbers Drawing and Disbursing Officer (DDO): Each DDO responsible for TDS… Read More »
A Taxpayer’s Guide to Claiming Exemptions and Deductions. Key Tax Regimes There are two tax regimes available to taxpayers: the old tax regime and the new tax regime. The new tax regime is the default for all assessees from FY 2023-24 onwards. 2However, individuals and HUFs can still opt for the old tax regime. New… Read More »
Advisory for GSTR 9/9C for FY 2024-25 Oct 15th, 2025 Dear Taxpayer GSTR-9/9C for FY 2024-25 has been enabled on the GST portal from 12th October 2025. Please ensure that all returns (GSTR 1 and GSTR 3B) for FY 2024-25 are filed to enable Tile of GSTR-9/9C. Further, detailed FAQ will be published shortly for… Read More »
ITR REFUND PROCESSING रिफंड लेनेवालों का बनवास खत्म ! INCOME TAX RETURN LATEST UPDATE ITR 2
FAQs on GSTR -9/9C for FY 2024-25 Oct 16th, 2025 GSTR- 9/9C is now available to taxpayers for filing. A list of Frequently Asked Question along with the response has been compiled and is intended to assist the Taxpayer in better understanding of various Tables of GSTR-9/9C and their key aspects – such as reporting… Read More »
GST 2.0: Tax Cut Benefits Reach 75% of Vehicle Buyers, Lagging in Appliances A survey tracking the early impact of the Goods and Services Tax (GST) 2.0 rate rationalization found a high degree of benefit transmission to consumers in the vehicle and appliance sectors, though the transmission was notably higher for automobiles. Key Findings on… Read More »
BCAS Urges Extension of GSTR-3B Filing Deadline Due to Diwali Clash The Bombay Chartered Accountants’ Society (BCAS) has urgently requested that the government extend the due date for filing the monthly GSTR-3B return for the relevant period, citing a direct clash with the Diwali festival. Key Reason for the Demand Diwali Clash: The normal due… Read More »
FHRAI Demands Major GST Relief for Hospitality Sector The Federation of Hotel and Restaurant Associations of India (FHRAI) has called on the Finance Minister for urgent and extensive Goods and Services Tax (GST) reforms to provide significant financial relief to the hospitality sector. Key Demands for GST Relief Regularization of Past Dues: FHRAI urged the… Read More »