Taxation_Update

Taxation_Update

5/21/2025, 4:22:39 PM

🚨*FSSAI Order* Mandatory Submission of Closure Report on expiry of FSSAI License/Registration

Taxation_Update

5/21/2025, 4:23:39 PM

📢 *Income Tax Update – ITR-U Amended!* 🗓️ *Notification No. 49/2025 dated 19.05.2025* 🧾 Issued by *CBDT* under Rule `12AC` of the Income-tax Rules, 1962 🚀 *Major Highlights of the New ITR-U Framework (via Finance Act, 2025):* 🖋️ *Time Limit Extended:* Updated returns can now be filed within *48 months* from the end of the relevant A.Y. Hence, Now the ITR-U can be Filed for Last 4 Years. 🖋️ *Additional Tax Payable:* * Filing in 3rd year ➜ Additional income tax of `60%` * Filing in 4th year ➜ Additional income tax of `70%` 🖋️ *Section 139(8A) Amended:* * No ITR-U allowed if notice u/s `148A` issued *after 36 months* from end of relevant A.Y. * However, if `148A(3)` order says _“not a valid case”_ for reopening u/s 148 ➜ ITR-U *can* still be filed within 48 months. 🖋️ *Section 140B Amended:* Prescribes *higher additional tax* for extended filing periods. 🖋️ *Rule 12AC Amended:* To align with the new provisions & extended timelines. 📜 *Purpose of Filing Updated Return (ITR-U):* > To rectify omissions like unreported income, incorrect heads, or incorrect rates of tax — ensuring voluntary compliance. > _Stay Compliant. Update Smartly._ > *Regards* , > *Team* *TAXATION_UPDATE*

Taxation_Update

5/16/2025, 9:57:36 AM

Advisory on reporting value in Table 3.2 of GSTR-3B

Taxation_Update

5/27/2025, 11:40:25 AM

Notify by the CBDT

Taxation_Update

5/30/2025, 3:07:18 PM

New change in section 24(b) interest on borrowed capital Following details required to claim deduction for Interest on borrowed capital u/s 24(b) New Schedule "Schedule 24(b) inserted in ITR forms

Taxation_Update

6/3/2025, 5:51:07 AM

📢 *BIG ITR UPDATE for A.Y. 2025-26!* ☀️ New *Annexures* introduced for claiming deductions in Income Tax Returns (ITR) To improve *transparency & verification*, the Income Tax Dept. has rolled out *additional disclosure requirements* for key deductions. Here's what you MUST fill in: 🏛️ *Annexures Introduced — Quick Summary* 👇🏻 1. *Interest on Borrowed Capital – Sec 24(b)* ➤ Loan Source (`Bank` / `Other than Bank`) ➤ Name of Lender ➤ Loan A/c Number ➤ Sanction Date ➤ Total Loan Amount ➤ Outstanding as on 31st March ➤ Eligible Interest (Sec 24(b)) 2. *Deduction under Sec 80C* ➤ *Policy Number* or *Document ID* is now *mandatory* 3. *Deductions under Sec 80CCC / 80CCD(1) / 80CCD(1B)* ➤ *PRAN Number* (for NPS & pension-related deductions) 4. *Medical Insurance – Sec 80D* ➤ *Name of Insurance Company* ➤ *Policy Number* 5. *Dependent with Disability – Sec 80DD* ➤ Details of dependent with disability (*format/details may vary*) 6. *Specified Disease – Sec 80DDB* ➤ *Disease* must be selected from dropdown list 7. *Education Loan Interest – Sec 80E* ➤ Loan Source ➤ Name of Bank ➤ Loan A/c Number ➤ Sanction Date ➤ Total Loan Amount ➤ Outstanding as on 31st March ➤ Interest Paid (Sec 80E) 8. *Residential House Loan – Sec 80EE* ➤ Loan details similar to Sec 80E ➤ Interest Paid under Sec 80EE 9. *Affordable Housing Loan – Sec 80EEA* ➤ Same disclosure as 80EE ➤ For certain residential properties 10. *EV Loan – Sec 80EEB* ➤ Same as above ➤ For *Electric Vehicle Loan Interest* 11. *Person with Disability – Sec 80U* ➤ Personal details related to disability (*format/details may vary*) 🎯 *Key Takeaway:* These annexures ensure *detailed documentation* for deduction claims — so be ready with your loan, insurance, and policy details while filing ITR! ✅ Start preparing documents early to avoid last-minute rush.

Taxation_Update

5/28/2025, 5:16:19 PM

New table interested by GSTIN effective from may return period B2C HSN Summary table inserted in GSTR 1