The Income Tax Department has issued a reminder that the final installment of advance tax for the financial year 2024-25 must be settled by March 15, 2025. This means that only three days, including today, remain until the payment is completed. It is mandatory to settle all outstanding advance tax obligations by the specified date. … Read more
GST rules: The Goods and Services Tax Network (GSTN) has announced an update to the e-invoicing process for businesses. Effective April 1, 2025, taxpayers with an annual aggregate turnover (AATO) of Rs 10 crore and above will now be mandated to upload e-invoices to the Invoice Registration Portal (IRP) within 30 days from the date … Read more
Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax payment form 3B before initiating recovery action for short payment or non-payment of taxes. Apex indirect tax body CBIC has issued guidelines on recovery proceedings and said that taxmen would give a … Read more
Further adding to the recovery signals, advance tax payment by companies has shown a massive 49 per cent growth to Rs 1,09,506 crore in the third quarter this fiscal, a CBDT source has said. The increase can primarily be attributed to the low-base last fiscal when the government had slashed corporation tax rates to a … Read more