P S S P & Associates

💼🧾 Happy Chartered Accountant Day! 🎉
Today we celebrate the superheroes in suits 🦸‍♂️📊 —
The only people who can turn coffee ☕ into balance sheets and
make sense of numbers that scare the rest of us! 😱➕➖📈

May your spreadsheets never crash,
your clients never panic,
and your calculators never run out of battery! 😂🔢

🎂🎉

🚨 MCA Update 🚨

📢 Attention Stakeholders!

✅ You can now easily merge your MCA V2 ID with your V3 Business user account in just a few simple steps:

🖥️ Log in to your V3 Business user account.

👤 Click on Hello, [Your Username] and go to the Profile Update section.

📄 Scroll down to the Profile section and select Merge V2 ID.

🔐 Enter your V2 account username and password.

✅ Once the credentials are validated, a confirmation popup will appear stating that the merge request has been successfully submitted.

⏳ The merging process usually takes 12 to 24 hours to complete.

🔄 Ensure a smooth transition and access all your filings in one place.

Fathers shape our values, shield us from life's storms, and stand strong as our lifelong guides and protectors.
Happy Fathers Day!

𝕭𝖚𝖗𝖌𝖊𝖔𝖓 𝕮𝖆𝖕𝖎𝖙𝖆𝖑
𝐏𝐥𝐚𝐧-𝐏𝐫𝐨𝐭𝐞𝐜𝐭-𝐏𝐫𝐨𝐬𝐩𝐞𝐫
"Guiding you to a Brighter Financial Future"

𝐌𝐮𝐭𝐮𝐚𝐥 𝐅𝐮𝐧𝐝𝐬 | 𝐋𝐨𝐚𝐧𝐬 | 𝐏𝐌𝐒 | 𝐅𝐢𝐱𝐞𝐝 𝐈𝐧𝐜𝐨𝐦𝐞 |
𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 | 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠

🚨Income Tax Update 🚨

*🔍 7 Additional Information & Disclosures Required in ITR-1 & ITR-4 for A.Y. 2025–26 (Old Tax Regime)*
As per the latest updates by the Income Tax Department

The Income Tax Return (ITR) Forms ITR-1 and ITR-4 for Assessment Year 2025–26 have been revised. Taxpayers opting for the Old Tax Regime are now required to furnish more detailed information, especially while claiming exemptions and deductions. Here are the key additional disclosures:

*1. 🏠 House Rent Allowance (HRA) – Enhanced Disclosure under Section 10(13A)*

Taxpayers claiming HRA exemption must now provide:

Place of Work

Actual HRA Received

Actual Rent Paid

Basic Salary + Dearness Allowance

50% or 40% of Basic Salary (based on metro/non-metro city classification)

Purpose: Ensures accurate HRA exemption computation.

*2. 📘 Section 80C Deductions – Additional Documentation*

While claiming deductions under Section 80C (e.g., PPF, LIC, ELSS), taxpayers must report:

Document/Receipt Number

PPF Account Number

Insurance Policy Number

Purpose: Increased traceability and verification of claims.

*3. 🏥 Section 80D – Health Insurance Premium*

To claim deductions under Section 80D, the following must be disclosed:

Name of the Insurance Company

Policy/Document Number

*4. 🎓 Section 80E – Education Loan Interest*

For interest on education loans, taxpayers must now mention:

Name of the Lender

Bank Name

Loan Account Number

Date of Loan Sanction

Total Loan Amount

Loan Outstanding as on 31st March

*5. 🏡 Section 80EE / 80EEA – Home Loan Interest*

For interest on loans for residential property:

Name of the Lender

Bank Name

Loan Account Number

Date of Loan Sanction

Total Loan Amount

Loan Outstanding as on 31st March

*6. 🚗 Section 80EEB – Electric Vehicle Loan Interest*

For loans taken for electric vehicles, the following must be declared:

Name of the Lender

Bank Name

Loan Account Number

Date of Loan Sanction

Total Loan Amount

Loan Outstanding as on 31st March

*7. 🧬 Section 80DDB – Medical Treatment for Specified Diseases*

Taxpayers claiming deductions under Section 80DDB must specify:

Name of the Specified Disease

*Utilities of ITR-1 and ITR-4 for AY 2025-26/FY 2024-25 are live now*

🚨 GSTN Update 🚨
HSN Table – Phase 3 Begins from May GSTR-1 - All you need to know!!

📌 Separate HSN reporting for B2B & B2C is now available and mandatory
📌 No Manual HSN entry – dropdown only
📌 Description as per HSN Code (New Field) Auto-Populated from HSN master-Un-editable

➡️Description (already existing field) can be entered Manually

🔖New Validation- B2B values will be validated against B2B HSN & B2C values against B2C HSN-System will issue a warning in case of Mismatch
🔖If value is entered in any B2B Table , then B2B Tab of Table 12 cannot be left empty

Note: Since mentioning HSN in invoices for B2C supplies is not mandatory for taxpayers with ATTO up to ₹5 Cr, reporting same in the HSN table is also not mandatory.

🚨Income Tax Update 🚨

Kind Attention Taxpayers!

CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025

This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. This ensures a smoother and more accurate filing experience for everyone.

Revised MSME Classification applicable w.e.f 1st April 2025

🚨GST Update🚨

Issue in filing applications (SPL 01/SPL 02) under waiver scheme

**GSTN Advisory: Enhanced HSN Reporting in GSTR-1 & GSTR-1A**

Following the successful implementation of Phases I & II, GSTN has introduced Phase III for reporting HSN codes in Table 12 of GSTR-1 & GSTR-1A, effective from the February 2025 return period.

**Key Changes:**

* **Mandatory Dropdown Selection:** Manual entry of HSN codes is no longer permitted. Taxpayers must now select the correct HSN code from a designated dropdown menu on the GST portal.

* **Table 12 Bifurcation:** Table 12 has been divided into two distinct tabs:
* B2B Supplies
* B2C Supplies
This separation ensures clear and organized reporting of outward supplies.

* **Value & Tax Amount Validation:** Validations have been introduced to check the consistency of supply values and corresponding tax amounts within each tab of Table 12.

* **Warning Mode:** In the initial phase, these validations will be in warning mode. Failing a validation will not prevent taxpayers from filing their GSTR-1 & GSTR-1A returns.

**Actionable Steps for Taxpayers:**

1. **Familiarize Yourself with the Advisory:** Carefully review the detailed GSTN advisory for comprehensive guidelines and instructions.
2. **Prepare Your Data:** Ensure your accounting records are up-to-date and that you have the correct HSN codes readily available.
3. **Utilize GSTN Resources:** Leverage the resources provided by GSTN, such as FAQs and tutorials, to assist you in navigating the new requirements.

🚨GST Update🚨

Enabling filing of application for rectification of such orders issued under section 73/74

The Central Government, on the recommendations of the 54th GST Council, had issued Notification No. 22/2024 – CT dated 08.10.2024 and notified that any registered person against whom any order confirming demand for wrong availment of ITC, on account of contravention of provisions of sub-section (4) of section 16 of the said Act had been issued, but where such ITC is now available as per the recently inserted sub-sections (5) and/or (6) of section 16 of the Act, would now be able to file an application for rectification of such demand orders.

A functionality has now been made available on the Portal for taxpayers to file an application for rectification of such orders issued under section 73/74. They can file it, post login, by navigating Services > User Services > My Applications, selecting "Application for rectification of order" in the Application Type field, and clicking on the NEW APPLICATION button. A hyperlink has also been provided on the Portal to download the proforma in Annexure A in word format, required to be uploaded after entering details of the demand order of the ITC wrongly availed on account of contravention of sub-section (4) of section 16 of the CGST Act, now eligible as per sub-section (5) and/or (6) of section 16 of the CGST Act, while filing the application for rectification.

🚨GST Portal Update🚨

From 1st April 2025, taxpayers with an AATO of 10 crores and above would not be allowed to report e-Invoices older than 30 days.

🚨Income Tax Update 🚨

CBDT has extended the due date of ITR in audit cases from 31/10/24 to 15/11/24.

https://incometaxindia.gov.in/communications/circular/circular-13-2024.pdf