Harsh*t Goyal & CO

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

📢 Budget 2025-26 Highlights (Presented by Hon’ble FM on 1st Feb 2025)

📌 Direct Taxes
✅ Trust First, Scrutinise Later in Income Tax
✅ New Income Tax Bill to be tabled next week – aims for simpler laws & reduced litigation
✅ Updated Return – 90 lakh taxpayers filed; time limit increased from 2 years to 4 years
✅ Charitable Trusts – Compliance period extended from 5 years to 10 years
✅ House Property – 2 self-occupied properties allowed without limitation
✅ TP Provisions to align with global practices
✅ Safe Harbour Rules expanded for international taxation
✅ Senior Citizens (NSS Accounts) – Withdrawals not taxed
✅ Presumptive Tax Regime for Non-Residents providing services to Electronic Manufacturing Companies
✅ Tonnage Tax Scheme extended to inland vessels
✅ Start-ups – Tax benefits extended for 5 years

📌 Personal Income Tax – Middle Class Focus
🔹 No Income Tax up to ₹12 Lakh
🔹 New Tax Slabs (New Regime):
🟢 ₹0 – ₹4 Lakh ➝ Nil
🟢 ₹4 – ₹8 Lakh ➝ 5%
🟢 ₹8 – ₹12 Lakh ➝ 10%
🟢 ₹12 – ₹16 Lakh ➝ 15%
🟢 ₹16 – ₹20 Lakh ➝ 20%
🟢 ₹20 – ₹24 Lakh ➝ 25%
🟢 ₹24 Lakh+ ➝ 30%

📌 TDS & TCS Rationalisation

✅ TDS – Fewer rates & simplification
✅ Senior citizen exemption limit increased to ₹1 Lakh (from ₹50,000)
✅ Rental TDS limit increased from ₹2.4 Lakh to ₹6 Lakh
✅ LRS TCS threshold increased from ₹7 Lakh to ₹10 Lakh
✅ No TCS on education remittances if loan taken from specified financial institutions
✅ TCS on purchase/sale of goods removed
✅ Higher TCS only for non-PAN cases
✅ TCS provisions decriminalised

Government extends deadlines to file GSTR-3B & GSTR-1 by 2 days.

“Wishing you a New Year filled with happiness and achievements. We’re excited to continue serving you in 2025!”

Happy CA day❤️

Fake companies and eway bills to spin Rs 10,000-crore GST fraud | Noida News - Times of India
Police on Thursday busted a gang believed to be behind a Rs 10,000-crore GST fraud, which it allegedly orchestrated by registering more than 2,000 companies
One of biggest GST fraud
635000 PAN cards forged and 2660 shell firms made. GST liability estimated to be over Rs 10,000 crores.
8 people arrested including 2 CAs.
Ignoring the facts for short-term gain will almost always bring long-term pain.

Notification No. 10/2023 – Central Tax

E-Invoice Applicability limit reduced to Rs.5 Crore from 1st August 2023