It’s Income Tax Return (ITR) filing season for Assessment Year (AY) 2025-26 (which covers income earned in Financial Year 2024-25), and whether you’re a salaried professional, a freelancer, or a small business owner, now’s the time to tread carefully. While digital filing has made things faster, even minor missteps can lead to notices from the … Read more
It’s Saturday, June 14, 2025, and with the first advance tax instalment deadline for FY 2025-26 fast approaching tomorrow, June 15, there’s a common question buzzing: What happens if I pay on Monday, June 16, because the 15th is a Sunday? Good News: You’re Likely in the Clear! You can breathe a sigh of relief. … Read more
CBDT Cracks Down on Undisclosed Crypto Income India’s tax authorities are intensifying their efforts to ensure compliance with cryptocurrency income declarations. The Central Board of Direct Taxes (CBDT) has launched a significant crackdown on individuals and entities suspected of evading taxes and laundering money through undisclosed or underreported crypto transactions. The CBDT’s data-driven investigation has … Read more
Subject: Filing of SPL-01/ SPL-02 where payment made through GSTR 3B and other cases 1. While filing amnesty applications in Form SPL-01 or SPL-02 under Section 128A of the CGST Act, 2017, some taxpayers are facing technical issues related to auto population of payment details in Table 4 of the forms. 2. In particular, it … Read more
The Goods and Services Tax Network (GSTN) is rolling out a significant update to the GSTR-1 form, effective from the May 2025 tax period. This change aims to streamline GST data, boost transparency, and improve tax administration. What’s Changing in GSTR-1 Table 12? The biggest change is the bifurcation of Table 12 into two distinct … Read more
GSTN has released an important advisory for taxpayers experiencing technical difficulties while filing amnesty applications under Section 128A of the Central Goods and Services Tax (CGST) Act. This guidance comes as the June 30, 2025 deadline for claiming waiver benefits looms. Over 3 Lakh Amnesty Applications Filed As of June 8, 2025, over 3.02 lakh … Read more
It’s ITR filing season again! For the Financial Year 2024-25 (Assessment Year 2025-26), the deadline for individuals not requiring an audit has been extended to September 15, 2025. While many need to file, some taxpayers can skip the process. Here’s a breakdown of who can breathe a sigh of relief and who definitely needs to … Read more
You can now file missed Income Tax Returns (ITRs) for up to four years after the relevant assessment year ends! The Union Budget 2025 has extended the deadline for filing an Updated Income Tax Return (ITR-U) from two years to four years. This is a huge relief for taxpayers who need to correct past filings. … Read more
System Validation for Filing of Refund Applications on GST Portal for QRMP Taxpayers 1.In the month of May 2025, a system-level validation was deployed on the GST Portal to ensure adherence to the provisions outlined in Para 6 of Circular No. 125/44/2019-GST dated 18.11.2019. As per the said circular: “Any refund claim for a tax … Read more
Trying to dodge Indian taxes by setting up a company in Dubai? Think again, warns Ashish Singhal, co-founder of CoinSwitch. He calls this a “trap”, not a loophole, and says the Indian taxman is already on to it. Singhal took to LinkedIn to bust the myth that registering a firm in tax-free Dubai can shield … Read more