The recently introduced Income-Tax Bill 2025 simplifies the Indian tax framework but retains the exclusion of Company Secretaries (CS) from the definition of “Accountant” under Section 515(3)(b). Section 44AD ,Tax Audit, Tax Audit Report https://taxguru.in/income-tax/cs-accoun...

A detailed comparison of key provisions in the Income Tax Act, 1961, and the proposed Income Tax Bill, 2025, highlighting major changes and updates. Income Tax Bill 2025Read more at: https://taxguru.in/income-tax/comparative-analysis-income-tax-act-1961-vs-income-tax-bill-2025...

The Comptroller and Auditor General of India (CAG) invites online applications from Chartered Accountant (CA) firms and Limited Liability Partnerships (LLPs) for empanelment for 2025-26. This empanelment is for appointing auditors for companies under Sections 139(5) and 139(7)...

The week ending 29th December 2024 saw significant legal and regulatory updates. A PIL was filed in the Supreme Court challenging the constitutionality of the TDS system, claiming it imposes undue burdens on taxpayers. In another case, the SC ruled in favor of the revenue, add...

Vivad Se Vishwas II (VSV II) Scheme, 2024, aims to reduce pending tax appeals and provide taxpayers a chance to resolve disputes amicably. However, a key issue arose as the scheme only covers cases where appeals or revisions were pending as of July 23, 2023. This has created u...

The adjudication of multiple Show Cause Notices (SCNs) in GST can be complex, especially when various notices are issued to the same taxpayer or different taxpayers for the same issue. Adjudication involves the process of resolving tax-related matters, with the issuing of an S...

The Professional Development Committee (PDC) is delighted to present the Multipurpose Empanelment Form (MEF) for the year 2024-25, now accessible at www.meficai.org. This form plays a pivotal role for audit firms, especially those aiming to become Statutory Branch Auditors of...

Employee Pension Scheme, shortly and popularly known as EPS, is a social security scheme. Notably, EPS was launched in the year 1995. It provides retirement benefits to the employees who are covered under Employees’ Provident Fund Scheme (EPF).Read more at: https://taxguru.in/...

Chartered Accountants Association (CAAS) of Surat has expressed continued concern over the unscrupulous practices of SGST officials in Gujarat, which persist despite previous representations and assurances of corrective actions. In a follow-up communication, CAAS highlighted o...

The Finance (No 2) Act 2024 has been notified on 16th August 2024. The Finance Act sections 1 to 99 (Page 1 to 54) amends Income Tax Act, section 158 (Page 68 to 69) amends Prohibition of Benami Property Transactions Act and section 164 (Page 70 to 71) amends Black Money Act....

As we all are aware, the government have not extended the deadline for income tax return filing any further for the financial year 2023-24 or we can say Assessment year 2024-25. As the Individual taxpayers are not required to undergo tax audit of their accounts provided their...

SEBI is inviting public comments on a proposed update to Paragraph 15 of the Master Circular for Credit Rating Agencies (CRAs). The draft aims to amend how CRAs handle default ratings by removing the term “technical default” and incorporating more practical considerations such...

Kerala High Court held that when a property kept not for trade, but for an investment purpose is sold, the gain has to fall under head ‘capital gains’ and such transaction is only taxable under capital gain and not under adventure of trade. Facts- The challenge in these appeal...

Are you ready to demystify the complexities of GST filings and take your skills to the next level? Join CA. SACHIN JAIN, a seasoned GST practitioner, in an immersive live course designed to provide hands-on insights into Practical Filings under GST.Read more at: https://taxgur...

Navigate February 2024 seamlessly with our Statutory and Tax Compliance Calendar. Stay on top of GST, Income Tax, EPF, ESIC, LODR/SEBI, and Companies Act compliance. Understand due dates and filing requirements for a hassle-free start to the year. Please note, the list may not...

The Central Consumer Protection Authority (CCPA) has recently issued a notice to Amazon Seller Services Pvt. Ltd. regarding the sale of sweets under the name ‘Shri Ram Mandir Ayodhya Prasad.’ This action comes in response to a complaint by the Confederation of All India Trader...

In a recent adjudication before the Regional Director (Southern Region) of the Ministry of Corporate Affairs (MCA) in Chennai, M/s. Suvarnabhoomi Enterprises Private Limited faced penalties for the delay in appointing a Company Secretary (CS). The penalty was initially set at...

In every tax system, registration stands as the foundational prerequisite for identifying taxpayers, thereby ensuring tax compliance within the economy. Under the GST Law, the registration of a business entity involves obtaining a distinct number from the relevant tax authorit...

Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Andhra Pradesh Dear Taxpayers, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is...

Declaration under Section 13(1)(c) of Income Tax Act, 1961 I, ______ the Managing trustee of a trust viz., ‘______________’ with its office at located at XXXXXXXXXXXXXXXXXpincoce, hereby solemnly affirm and declare that the trust as follows:- THAT I know the facts of the follo...

The article compiles due dates for GSTR-1 Return, GSTR-3B, GSTR TRAN-02, TDS Payment, and Issue of TDS Certificate for tax deducted U/s. 194-IA /194-IB, Furnishing of Form 24G by an office of the Government, Issue of Quarterly TDS Certificate, Advance Tax, Form 3CEK, Furnishin...