Updated: June 2025 | Reading Time: 8 minutes Are you facing GST penalty notices under Section 74? A recent High Court judgment has completely transformed how tax authorities can impose the dreaded 100% penalty on GST non-compliance. This landmark ruling affects thousands of businesses struggling with GST return filing and payment delays. What is the…
Introduction 🔴 Attention all partnership firms and LLPs! A major tax compliance change is coming your way! Starting April 1, 2025, Section 194T will make TDS deduction mandatory on payments like salary, remuneration, commission, bonus, and interest paid to partners. This means firms can no longer make these payments without deducting TDS if the total…
The Updated Income Tax Return (ITR-U) is a crucial provision under Section 139(8A) of the Income Tax Act, 1961. It allows taxpayers to correct errors, omissions, or missed income in their previously filed returns, even after the prescribed deadline. Introduced in the 2022 Union Budget and later extended in the 2025 Budget, this provision grants…
The government has announced new income tax slabs for the financial year 2025-26 (assessment year 2026-27). The biggest relief is that individuals with annual incomes up to ₹12 lakh will pay no tax, thanks to the increased rebate under the new tax regime. Key Highlights of New Tax Regime 2025-26 Updated Income Tax Slabs for…
The Ministry of Finance has introduced notable changes to the Goods and Services Tax (GST) framework for the hospitality sector. With the issuance of Notification No. 05/2025-Central Tax (Rate), significant amendments have been implemented, effective from April 1, 2025. Here’s everything you need to know about the updated GST rates for hotel accommodation and restaurant…
