Latest Announcements

Income Tax Return Filing Deadline Extended

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns for FY 2023-24 (AY 2024-25) from December 31, 2024 to January 15, 2025. This extension applies to all taxpayers including individuals, businesses, and corporates.

Action Required: Taxpayers who haven't filed their ITR yet should complete the filing before the extended deadline to avoid penalties and interest charges. Our team is available to assist with last-minute filings.

New GST Portal Features Launched

The GST portal has introduced several new features to simplify compliance:

• SMS-based return filing for small taxpayers
• Automated ITC reconciliation with GSTR-2B
• Enhanced dashboard for better compliance tracking
• Instant refund processing for eligible taxpayers

These features aim to reduce compliance burden and processing time. Contact us for assistance in utilizing these new features for your business.

Budget 2025: Key Expectations for Businesses

As Union Budget 2025 approaches, businesses anticipate several key changes:

• Potential changes in corporate tax rates for MSMEs
• Enhanced Section 80C limit for individual taxpayers
• Simplified GST structure with fewer tax slabs
• Increased benefits for startups and digital businesses

Stay tuned for detailed analysis and impact assessment once the budget is announced.

TDS Rate Changes Effective January 2025

Important changes in TDS rates will be effective from January 1, 2025:

• Section 194J (Professional Services): Increased from 10% to 11%
• Section 194H (Commission): Reduced from 5% to 4%
• Section 194C (Contractor Payments): No change (1% for individuals, 2% for companies)

Ensure your accounting systems are updated to reflect these changes to avoid compliance issues.

Annual GST Return (GSTR-9) Filing for FY 2023-24

Businesses with aggregate turnover exceeding Rs. 2 crore must file their Annual GST Return (GSTR-9) by December 31, 2024. Additionally, businesses with turnover above Rs. 5 crore need to file GSTR-9C (GST Audit Report) along with their annual return.

Documents Required: All monthly/quarterly GSTR-1 and GSTR-3B returns, Purchase registers, Input Tax Credit ledger, and reconciliation statements.

MCA Introduces Enhanced Due Diligence for Company Registrations

The Ministry of Corporate Affairs (MCA) has implemented stricter verification procedures for new company incorporations. The new system includes AI-based name similarity checks, mandatory video verification of directors, and enhanced KYC requirements.

Processing time for company registrations may increase by 2-3 days. Plan accordingly if you're planning to incorporate a new company.