The GST Network (GSTN) has announced that starting from April 2025, GST taxpayers will not be allowed to make any changes to the table that shows inter-state supplies to unregistered persons and small taxpayers (those under the composition scheme) in the GSTR-3B form. From that tax period onwards, Table 3.2 in GSTR-3B will be auto-filled … Read more
With the beginning of the new financial year (FY2025-26) on April 1, the budget announcements made by Finance Minister Nirmala Sitharaman on February 1, 2025, have taken effect. Among the various provisions, one key change is the increase in the TDS exemption on interest income for senior citizens. This new benefit is designed to help … Read more
Finance Minister Nirmala Sitharaman introduced the New Income Tax Bill in Parliament today, redefining tax residency rules. These changes will significantly impact Non-Resident Indians (NRIs), especially those earning Rs 15 lakh or more in India but not paying taxes. Stricter Rules for NRI Status Under the new law, individuals earning more than Rs 15 lakh … Read more
On February 7, 2025, the Union Cabinet approved the new Income Tax Bill, which will replace the existing Income Tax Act that has been in place for over six decades. The new bill aims to simplify the tax process by removing outdated amendments and sections. Additionally, the language used in the bill will be more … Read more
The 2025 Budget has introduced important changes to the tax rules for Unit-Linked Insurance Policies (ULIPs) where the total premium paid in a year exceeds Rs 2.5 lakh. In simple terms, ULIP plans that don’t qualify for tax exemption under Section 10 (10D) of the Income Tax Act will now be treated like equity-based mutual … Read more
The GST Council, in its 55th meeting held on Saturday, decided to delay reducing the tax rate on premiums for life and health insurance policies. Officials stated that more technical aspects need to be resolved before a decision can be made. The task has been assigned to a Group of Ministers (GoM) for further discussions. … Read more
The GST Council announced on December 21 that an 18% GST will now be applied to the sale of all old vehicles, including electric ones. Earlier, this rate was only applicable to petrol vehicles with engines of 1200 cc or more and length 4000 mm or more, diesel vehicles with engines of 500 cc or … Read more
Big news has arrived for GST traders, especially those with higher turnovers. Starting from 2025, Multi-Factor Authentication (MFA) will be mandatory for businesses with a turnover exceeding ₹20 crore. Here’s everything you need to know about the upcoming changes. Key Changes Effective from 2025 MFA for E-Way Bills and E-Invoicing Beginning January 1, 2025, MFA … Read more
On July 23, 2024, Finance Minister Nirmala Sitharaman announced a significant relief for the middle class in the budget for the financial year 2024-25. The government increased the standard deduction limit from Rs 50,000 to Rs 75,000, providing tax relief in the New Tax Regime. However, many salaried individuals have been requesting relief under the … Read more
How to File GSTR-1 for Free: GSTR-1 is the first number in the process of filing GST returns. It is not only the first, it is also the foundation of all the forms that come forward. Once you know the method of filling it, then you will not face much problem in filling any GST … Read more