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In a significant development, the Bombay High Court has concluded arguments and completed hearings on the case concerning the S.87A Rebate on Special Rate Income . Key Updates Arguments Concluded : Both sides have presented their cases in detail, and the court hearing is now complete. Judgment Reserved : The final order/judgment has been reserved by the court. Synopsis Submission Deadline : Both parties are required to submit a concise synopsis by January 20, 2025 . This case holds immense importance as it deals with the rebate provisions under Section 87A , specifically in the context of special rate incomes. The judgment will likely have significant implications for taxpayers and tax practitioners alike. Our Expert Insights At Taxla Services , we understand the complexities surrounding such legal cases and the impact they can have on your financial planning. Our team is closely monitoring this case and will provide comprehensive updates as soon as the judgment is announced. Whether ...

For banking companies, the quarterly return for non-deduction of tax at source on interest from time deposits for the period October - December 2024 is due on 31st January 2025 . Who Needs to File This Return? 🏦 Banking Companies that have not deducted Tax at Source (TDS) on interest from time deposits . 📌 This applies to banks that are exempt from TDS deduction in certain cases but must still file a return to report such transactions. Why is This Filing Important? ✅ Ensures compliance with income tax laws. ✅ Avoids penalties and legal issues . ✅ Maintains accurate financial records for tax authorities. How Can Taxla Services Help? At Taxla Services , we specialize in Income Tax Compliance, TDS Returns, and Business Filings . Our experts provide hassle-free tax solutions, ensuring your filings are done accurately and on time . 💼 Our Services Include: ✔ TDS Filing & Compliance ✔ Income Tax & GST Returns ✔ Business Registration & Tax Consultancy Get Expert Assista...

Sovereign Wealth Funds (SWFs) investing in India are required to submit Form II to report their investments made during the quarter October - December 2024 . The deadline for filing this intimation is 31st January 2025 . Who Needs to File Form II SWF? 🏦 Sovereign Wealth Funds that have invested in India under tax exemptions need to report their investments using Form II . 📌 This compliance requirement ensures that SWFs continue to avail of tax exemptions provided under Indian tax laws. Why is Filing Important? ✅ Ensures compliance with Indian tax regulations. ✅ Avoids penalties for late submission. ✅ Maintains eligibility for tax benefits under the Indian Income Tax Act. How Can Taxla Services Help? At Taxla Services , we provide comprehensive tax compliance solutions for Sovereign Wealth Funds, ensuring accurate and timely filings. 💼 Our Services Include: ✔ SWF Compliance & Filings ✔ Income Tax & GST Returns ✔ Investment & Tax Consultancy Get Expert Assistance T...

The due date for submitting Form 10BBB is just around the corner! This form is essential for pension funds to report investments made in India during the quarter ending December 2024. What is Form 10BBB? Form 10BBB is a mandatory declaration for pension funds detailing each investment made in India for the specified period. The form ensures compliance with tax regulations and enables transparency in reporting. Key Details: Period Covered: October to December 2024 Filing Deadline: 31st January 2025 Purpose: To declare and provide investment details for tax compliance. Consequences of Missing the Deadline: Failure to file Form 10BBB on time may result in: Penalties or late fees. Possible scrutiny or audit by tax authorities. Compromised compliance record. How Taxla Services Can Help You: Expert Assistance: Comprehensive support in preparing and filing Form 10BBB. Timely Submission: Ensuring your documents are filed before the deadline. Compliance Assurance: Helping you stay on top...

The Prevention of Sexual Harassment (POSH) Act, 2013 , requires all establishments with 10 or more employees to constitute an Internal Complaints Committee (ICC) . As part of compliance, an Annual Report detailing the activities of the ICC must be submitted to the District Officer. Here's everything you need to know: What is a POSH Report? The POSH report serves as an annual summary of the actions taken by the ICC, including: Details of complaints received. Number of complaints resolved. Cases pending for more than 90 days. ICC training programs conducted. Other key updates as required under the Act. Due Date for Submission The last date for submission of the POSH Report is 31st January 2025 . This report covers all activities conducted in the previous calendar year. Who Should File? Employers of organizations with 10 or more employees. The ICC Chairperson or designated representative is responsible for filing the report. Documents to Prepare Ensure you have the following details ...

The Halwa Ceremony is a revered tradition that marks the conclusion of the compilation of the Union Budget. This year, it took place on January 24, 2025 , at the North Block in New Delhi. Presided over by Finance Minister Nirmala Sitharaman , this event signifies the onset of the final stage of Budget preparations. What is the Halwa Ceremony? The Halwa Ceremony is a customary ritual where a traditional dessert, "Halwa," is prepared and distributed among the Ministry of Finance staff. This gesture recognizes the immense effort and dedication of the entire team involved in Budget preparation. Following this ceremony, officials directly associated with the Budget enter a "lock-in" phase, ensuring confidentiality until the Budget is presented in Parliament. Why is the Union Budget Important? The Union Budget outlines the Government of India's financial plans for the fiscal year. It includes: Revenue and expenditure allocations. Tax policies and reforms. Strategies ...

The Union Budget for the fiscal year 2025-26 is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025 , at 11:00 AM . This annual event is one of the most anticipated announcements in the country, as it lays out the government's financial plan for the year ahead. Key Highlights to Look Forward To : Economic Revival Plans : Post-pandemic recovery initiatives may take center stage with an emphasis on boosting economic growth. Tax Reforms : Will there be reductions in personal and corporate taxes? Expectations are high for tax relief measures. Infrastructure Development : Continued focus on infrastructure investments to drive job creation and growth. Digital Economy : Potential announcements around digital transformation and incentives for tech innovation. Why It Matters for You The Union Budget impacts everyone—individuals, businesses, and investors alike. Whether it's changes in tax slabs, GST regulations, or government subsidies, understanding th...

Managing taxes, compliance, and finances can be overwhelming, but with Taxla Services , you're never alone. Our experienced team offers personalized support to help individuals, businesses, and organizations meet their financial and regulatory needs effectively. Our Services Income Tax Services From filing your returns to offering strategic tax planning, our income tax solutions ensure compliance and optimize your savings. GST Compliance We simplify GST registrations, filing, and compliance processes to keep your business running smoothly while adhering to all regulations. Companies Act Compliance Be it company formation, annual filings, or legal compliances under the Companies Act, we’ve got you covered. Partnership Firms We assist in the formation, compliance, and smooth functioning of partnership firms, ensuring all legal requirements are met. Trust and Society Registrations Establish your trust or society seamlessly with our expertise in legal procedures and compliance requirem...

In a recent update, the due date for filing GSTR-3B for December 2024 has been extended to 22nd January 2025 . This extension is in accordance with Notification No. 02/2025, dated 10th January 2025 . Key Highlights: Applicability : Taxpayers with turnover exceeding ₹5 crore in the previous financial year or those who have not opted for the QRMP scheme. Details Required : Summary of outward supplies, ITC claimed, and net tax payable. Original Due Date : Extended due to procedural updates to support taxpayers. Avoid penalties and interest by adhering to the revised deadline. Filing GSTR-3B on time ensures a smooth compliance process and maintains your credibility with GST authorities. Why Choose Taxla Services? At Taxla Services , we simplify the complexities of GST compliance. Our expert team ensures accurate filing, prompt reminders, and compliance with all GST norms. Reach out to us today for hassle-free tax solutions: 📞 Contact us : +91 9600076134 / 6374812546 📧 Email : auditsiva2...

Are you looking for reliable and professional assistance to manage your tax and compliance needs? Look no further! Taxla Services provides comprehensive tax consulting solutions to individuals, startups, and businesses of all sizes. Our Expertise: We offer a wide range of services tailored to meet your financial and compliance requirements: Accounting Services : Keep your financial records in perfect order with our expert team. GST Registration & Filing : Hassle-free registration and timely filing of GST returns to stay compliant. TDS Return Filing : Ensure accurate deduction and return submission on time. Income Tax Returns (ITR) : File your ITR accurately and on time with our expert guidance. Tax Planning : Strategize and save on taxes with effective planning. Bookkeeping : Organized and professional bookkeeping to ensure smooth financial management. MSME & FSSAI Registration : Easy and quick registration services for businesses. ESI & PF Claims : Get assistance with empl...

Attention OIDAR service providers! The due date for filing GSTR-5A for the month of December 2024 is 20th January 2025 . What is GSTR-5A? GSTR-5A is a return specifically designed for: Suppliers providing Online Information and Database Access or Retrieval (OIDAR) services to recipients in India. Entities registered under GST and required to pay tax on services provided electronically. Key Details to be Included in GSTR-5A : Summary of Outward Taxable Supplies : Details of services rendered. Tax Payable : Tax liability calculated based on outward supplies. Adjustments, if applicable. Why File GSTR-5A? It’s mandatory under the GST Act for OIDAR service providers. Avoid penalties, late fees, and non-compliance issues. Helps in maintaining transparency and smooth functioning of international service supply chains. Who Needs to File GSTR-5A? Foreign service providers or Indian entities offering OIDAR services to Indian consumers who are not registered under GST. How Can Taxla Services ...

Attention all composition dealers! The due date for filing CMP-08 for the quarter October-December 2024 is 18th January 2025 . Ensure timely submission to stay compliant with GST regulations. What is CMP-08? CMP-08 is a Quarterly Challan-cum-Statement that composition dealers under the GST regime are required to furnish. It serves two purposes: Reporting the summary of outward supplies. Paying tax liability for the quarter. Key Features of CMP-08 : Applicable to taxpayers registered under the Composition Scheme . Simple format for quarterly tax reporting. Helps streamline tax compliance for small and medium businesses. Why File CMP-08? Mandatory Compliance : As per GST laws, failure to file CMP-08 on time attracts penalties and interest. Maintain Tax Records : Filing helps maintain accurate tax records and ensures your business runs smoothly. Avoid Late Fees : Filing within the deadline avoids unnecessary financial penalties. Who Needs to File CMP-08? Businesses that have opted fo...

The government has announced a major relief for taxpayers by extending the filing deadlines for GSTR-1 and GSTR-3B returns applicable to December 2024. Here’s everything you need to know: 1️⃣ GSTR-1 Filing Revised Deadlines: Regular Filers: 13th January 2025 QRMP (Quarterly Return Monthly Payment) Filers: 15th January 2025 GSTR-1 is the monthly return for reporting outward supplies of goods and services. It is crucial to file this return within the prescribed time to avoid penalties and ensure compliance. 2️⃣ GSTR-3B Filing Revised Deadlines: All Filers: 22nd January 2025 Quarterly Filers (QRMP Scheme): QRMP-1: 24th January 2025 QRMP-2: 26th January 2025 GSTR-3B is a summary return for reporting inward and outward supplies, ITC claimed, and tax liability. Ensure timely submission to avoid disruptions in ITC claims and compliance records. Why Taxla Services? At Taxla Services , we simplify your GST filing process and ensure accurate and timely submissions. With a team of experi...

If you are venturing into international trade, obtaining an Import Export Code (IEC) is a crucial first step. At Taxla Services , we provide comprehensive support to make your IEC application process seamless. Required Documents for IEC Application: Photograph of Proprietor: A recent passport-size photograph. Copy of PAN Card: To validate your tax registration. Identity Proof: Submit a copy of any one of the following: Passport (First and Last Page) Voter’s ID Aadhaar Card (UID) Driving License Email ID & Mobile Number: Ensure these are up-to-date for communication. Proof of Business Premises: Sale Deed (if self-owned) Rental/Lease Agreement (if rented/leased) Latest electricity/telephone bill (for address validation). Cancelled Cheque: From the business bank account for verification purposes. Why Choose Taxla Services? Our team of experienced professionals ensures a smooth and hassle-free process. From document verification to application submission, we take care of everythin...

The GST Council has announced an extension of due dates for various GST returns applicable to the tax period of December 2024. Here are the revised deadlines you need to know: 1️⃣ GSTR-7 & GSTR-8 Revised Deadline: 12th January 2025 What is it for? GSTR-7: TDS (Tax Deducted at Source) return under GST. GSTR-8: TCS (Tax Collected at Source) return under GST. If you’re required to deduct or collect tax at source, ensure you file these forms before the new deadline. 2️⃣ GSTR-5 & GSTR-6 Revised Deadline: 15th January 2025 What is it for? GSTR-5: For non-resident taxable persons to report outward and inward taxable supplies. GSTR-6: For Input Service Distributors (ISD) to report details of inward supplies and distribution of Input Tax Credit (ITC). The extension provides additional time for taxpayers to meet their GST compliance obligations. Why Choose Taxla Services? At Taxla Services , we ensure that your GST returns are filed on time with utmost accuracy. Our experienced pro...

Income tax compliance is essential for a hassle-free financial year. If you’ve received Form 15G/15H declarations for the quarter ending December 2024, mark your calendars! The due date for submitting these declarations is 15th January 2025 . What are Forms 15G/15H? Form 15G and Form 15H are declarations submitted by individuals to avoid TDS (Tax Deducted at Source) on their income, provided certain conditions are met. Form 15G : For individuals below 60 years with nil taxable income. Form 15H : For senior citizens with nil taxable income. Why is Timely Submission Important? Failure to submit these forms within the stipulated time could result in compliance issues, penalties, or unnecessary TDS deductions for taxpayers. Who Should File? Any individual or entity responsible for receiving Form 15G/15H from their customers, clients, or account holders should ensure timely submission to the Income Tax Department. How Can We Help? At Taxla Services , we provide comprehensive assistance with...

Keeping up with GST compliance is crucial for businesses to avoid penalties and ensure smooth operations. Below are the important due dates for January 2025: 1️⃣ GSTR-5 for December 2024 Due Date: 13th January 2025 Who Needs to File? GSTR-5 must be filed by non-resident taxable persons. What to Include? A summary of outward taxable supplies, inward supplies, and tax payable for the period. This return is essential for non-residents conducting business transactions in India. 2️⃣ GSTR-6 for December 2024 Due Date: 13th January 2025 Who Needs to File? Input Service Distributors (ISD). What to Include? Details of inward supplies received by the ISD. Distribution of Input Tax Credit (ITC) to respective branches or units. GSTR-6 ensures that ITC is correctly allocated among business units registered under the same GSTIN. Why Choose Taxla Services for GST Filing? At Taxla Services, we understand the intricacies of GST compliance and offer professional assistance to ensure you meet all deadl...

Timely compliance with GST return filing is essential to avoid penalties and ensure smooth business operations. The GST due dates for GSTR-7 and GSTR-8 for December 2024 are fast approaching. Here’s a detailed breakdown to help you stay compliant. 1. GSTR-7: Tax Deducted at Source (TDS) Due Date: 10th January 2025 Details to be Filed: GSTR-7 is filed by taxpayers who are required to deduct tax at source (TDS) under GST. This includes reporting details of tax deducted and deposited for the month of December 2024 . 2. GSTR-8: Tax Collected at Source (TCS) Due Date: 10th January 2025 Details to be Filed: GSTR-8 is filed by e-commerce operators who are required to collect tax at source (TCS) under GST. This return contains details of TCS collected and deposited for the month of December 2024 . Why Timely Filing Matters? Avoid Penalties: Delays in filing can attract late fees and interest. Compliance Benefits: Regular filing helps maintain a clean compliance record. Smooth ITC Claim P...

At Taxla Services , we’re here to help you stay compliant with all your tax requirements. Here’s an important reminder for businesses about the upcoming GSTR-1 filing due date . What You Need to Know 📌 Filing Due Date : 11th January 2025 📌 Applicable Period : December 2024 📌 Who Should File : Businesses with a turnover exceeding ₹5 crore annually. Businesses that have not opted for the QRMP (Quarterly Return Monthly Payment) scheme for the quarter of October–December 2024. GSTR-1 involves the summary of outward supplies , so ensure all your invoices are accurate and uploaded on time. Why Choose Taxla Services? 🛡️ Expert Guidance : We specialize in GST filings, ensuring accuracy and compliance. ⏳ Timely Service : No last-minute stress – we’ll file your returns on time. 🏢 Convenient Location : Based in Saligramam, Chennai, but offering services for businesses across India. Our Contact Details 📞 Call us today : +91 9600076134 +91 6374812546 📧 Email : auditsiva2@gmail.com 🌐 Websit...

Attention taxpayers! The due date for depositing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for December 2024 is fast approaching. Mark your calendar for 7th January 2025 to ensure timely compliance and avoid penalties. What is TDS/TCS? TDS (Tax Deducted at Source) : Tax deducted by an employer or entity at the time of making specific payments like salaries, interest, rent, or contract payments. TCS (Tax Collected at Source) : Tax collected by sellers from buyers on certain transactions, including the sale of goods or services. Why Timely Payment Matters Avoid Late Fees : Delay in TDS/TCS deposit leads to penalties and interest charges. Stay Compliant : Timely payments ensure adherence to government regulations. Smooth IT Return Filing : Accurate and on-time payments make tax filing hassle-free. How Taxla Services Can Assist You At Taxla Services , we specialize in: Streamlining your TDS/TCS compliance. Providing timely reminders for due dates. Filing accurate a...

As we approach the new year, it’s crucial for businesses and individuals to stay updated with their tax obligations. The Income Tax Department has announced the due date for deposit of TDS (Tax Deducted at Source) for the October-December 2024 quarter . If your Assessing Officer (AO) has permitted the quarterly deposit of TDS under the following sections: Section 192: Salaries Section 194A: Interest other than interest on securities Section 194D: Insurance commission Section 194H: Commission or brokerage The deadline for making the payment is 7th January 2025 . Why Timely TDS Payment is Important Failure to deposit TDS on time can lead to: Interest penalties. Late filing fees under Section 234E. Disallowance of expenses under Section 40(a)(ia). How Taxla Services Can Assist You At Taxla Services , we simplify your tax compliance process with expert guidance and timely reminders. Whether it’s filing your TDS, GST, or income tax returns, our team ensures you remain compliant and st...

Filing your Income Tax Return (ITR) is not just a legal obligation but also a way to ensure your financial transparency. If you hold foreign bank accounts, assets, or earn income from overseas , it is mandatory to report them in your ITR under the Foreign Asset (FA) Schedule and Foreign Source of Income (FSI) Schedule . Who Needs to Disclose Foreign Assets? If you are an Indian resident and hold any of the following, disclosure is mandatory: 1️⃣ Foreign Bank Accounts 2️⃣ Foreign Properties/Investments 3️⃣ Income from Overseas Employment or Business 4️⃣ Financial Interest in Foreign Entities This disclosure is applicable even in Belated or Revised ITRs . Key Deadlines FY 2023-24 (AY 2024-25): Belated ITR: December 31, 2024 Why Is It Important? Failing to disclose your foreign assets or income can lead to severe consequences under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 : ⚠️ Penalty of ₹10 Lakh for each instance of non-disclosure. ⚠️ Pos...

The Income Tax Department has released important updates regarding ITR filings for the Assessment Year 2024-25. Here’s what you need to know: 1️⃣ Updated Utilities for ITR Forms 2 & 3: Following the issuance of Circular No. 21 dated 31st December 2024, the utilities for ITR Forms 2 and 3 have been updated to include the option to exercise 87A rebate . Taxpayers can expect these utilities to be made available shortly. 2️⃣ Updated ITR Forms 5, 6, and 7 Filing Option: The option to file updated ITR forms for Forms 5, 6, and 7 will commence from 1st January 2025 . This update ensures a smoother and more efficient filing process for businesses, trusts, and other entities. Why Timely Filing Matters Staying compliant with the latest tax regulations not only avoids penalties but also ensures you can take full advantage of the rebates and benefits available for your category. Need Assistance with Filing? Navigating the intricacies of income tax can be challenging, but you don’t have to do ...