The legal window for issuing Goods and Services Tax (GST) Show Cause Notices (SCNs) for Financial Years 2017-18 and 2018-19 is now completely closed. Taxpayers, CAs, and business owners can now consider these liabilities legally time-barred, with no new notices possible from the tax department. Summary of Final GST SCN Deadlines The deadlines for issuing … Read more
The Income Tax Department has officially enabled online filing for ITR Form 3 for Assessment Year (AY) 2025-26 (Financial Year 2024-25). This means individuals and Hindu Undivided Families (HUFs) with business or professional income, including those involved in share trading (like F&O) or investments in unlisted shares, can now easily file their returns through the … Read more
Great news for many taxpayers! The Income Tax Department has just made ITR-3 available for online filing for Assessment Year (AY) 2025-26 (which means for income earned in Financial Year 2024-25). Until now, only the offline utility was available. This update is a game-changer, especially for those who need to file by the September 15 … Read more
The ITR-3 form is now live on the Income Tax Department’s e-filing portal for the Assessment Year (AY) 2025-26. This is great news for individuals and Hindu Undivided Families (HUFs) who earn income from a business or profession, as they can now file their returns completely online. Who Should Use ITR-3? This form is specifically … Read more
Advisory on reporting values in Table 3.2 of GSTR-3B Jul 19th, 2025 Kindly refer to the advisory on table 3.2 of GSTR-3B, issued on 11th April 2025, wherein it was informed that, from April 2025 tax period, inter-State supplies auto-populated in Table 3.2 of GSTR-3B on the GST portal would be made non-editable and GSTR-3B … Read more
The Income Tax Department has rolled out the Excel utility for ITR-3 for the financial year 2024-25 (Assessment Year 2025-26), introducing several crucial updates for taxpayers, particularly stock market traders. Here’s a breakdown of the key modifications in the ITR-3 Excel utility: 1. Capital Gains Reporting Gets Granular: 2. Enhanced TDS (Tax Deducted at Source) … Read more
The Income Tax Department has announced the activation of online filing for ITR-2 forms, complete with pre-filled data, for the Assessment Year 2025-26. This development follows a recent extension of the tax return deadline to mid-September, a decision prompted by legislative changes introduced in the Finance Act 2024. ITR-2 is specifically designed for individuals and … Read more
Major Updates to ITR-3 Excel Utility for AY 2025-26: What Taxpayers Need to Know The Income Tax Department has rolled out significant changes to the ITR-3 Excel utility for Assessment Year 2025-26, impacting individuals and Hindu Undivided Families (HUFs) with income from business or profession exceeding Rs 50 lakh. These updates aim to enhance transparency … Read more
Hundreds of thousands of taxpayers are filing updated Income Tax Returns (ITR-U) in 2025. This surge is largely due to increased vigilance and enforcement by the Income Tax Department, which is cracking down on those who previously made false claims or hid income. In the last four months alone, roughly 40,000 taxpayers have voluntarily withdrawn … Read more
The Income Tax Department has rolled out significant updates to ITR forms for the Financial Year 2024-25 (Assessment Year 2025-26), aiming to simplify tax filing for many.1 These changes, particularly to ITR-1, ITR-2, and ITR-4, broaden eligibility for some and streamline reporting for others.2 ITR-1 (Sahaj) Gets a Simpler Path for Capital Gains Previously, any … Read more