A. Amendment
Notification no. 7/2025 dated 14.01.2025- Income tax
CBDT issued notification no. 7/2025 dated 14.01.2025 whereby the Central Government approves Central Power Research Institute (CPRI) (PAN: AAAAC0268P), Bengaluru under the category of ‘Research Association’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5D of the Income-tax Rules, 1962.
An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961
An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment year (herein referred to as the relevant assessment year), of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment year, in the prescribed form 61 at any time within twenty-four months from the end of the relevant assessment year.
Due date for filing belated returns u/s 139(4)
The due date for filing belated returns u/s 139(4) and revised returns u/s 139(5) of the Income Tax Act, 1961 for AY 2024-25 in the case of resident individuals has been extended from from 31st December, 2024 to 15th January, 2025. Please refer to CBDT Circular No. 21/2024 dated 31st December, 2024 for details.
B. Article
GST registration to be cancelled retrospectively? What to reply?
The issue regarding Input Tax Credit which is claimed on invoices received from the suppliers whose GST registration was retrospectively cancelled is a important matter which is in question in GST compliance, as indirectly it is attracting double taxation along with interest or penal consequences. GST department label them as “fake suppliers” or “fake ITC” making buyers face hardships..
How to file schedule FSI, schedule TR, and FA schedules in income tax return
As we know, the income tax Returns in India require detailed reporting of income, tax relief, and foreign assets (if applicable), else due to information exchange agreements department is sending notices. In this article we will discuss how to file the Schedule FSI, Schedule TR, and Schedule FA in your ITR along with its meaning, ensuring compliance and accuracy.
See Webinar
Videos Watch here
Follow us at Twitter
Support us contribute
Subscribe Newsletter
Share this content: