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The Income Tax Department has stepped up its scrutiny efforts for the Assessment Year (AY) 2025, issuing notices in a record 1.65 lakh cases . If you're a taxpayer in India—especially a resident individual with foreign income, unlisted shares, or high-value transactions —this update is crucial for you. 📌 What Triggered the Scrutiny? The scrutiny drive under Section 143(2) is aimed at identifying mismatches, unreported income, and suspicious financial activity. According to recent updates: Key Red Flags Include: Unexplained Cash Deposits : Sudden or large cash inflows without a valid source are under investigation. High-Value Bank Credits : Significant deposits or transfers in bank accounts are being scrutinized. Capital Infusions Without Source Disclosure : Businesses and individuals must explain the source of funds. Turnover-GST Mismatches : A major red flag is a mismatch between reported income in ITR and GST returns. Foreign Assets & Unlisted Shares Not R...

Deadline: 30th June 2025 Banks and banking institutions need to stay alert to one of the crucial income tax compliance requirements—filing the Quarterly TDS Return for non-deduction of tax at source on interest from time deposits , as mandated by Rule 31A(4)(c)(ii) of the Income-tax Rules, 1962. 🏦 Who Needs to File? All banking companies, co-operative societies engaged in banking , and post offices that have not deducted TDS on interest paid or credited on time deposits must file a quarterly return justifying the non-deduction. 📆 Period Covered This filing pertains to Quarter 4 (January–March 2025) of Financial Year 2024–25 . 📅 Due Date 30th June 2025 is the final date to file the return for Q4. Failing to file within this timeline could attract penalties and notices. 🔍 Legal Background As per Section 200(3) of the Income Tax Act and Rule 31A(4)(c)(ii) : Banks that do not deduct tax at source (due to exemption clauses like Form 15G/15H or threshold limits) must s...

As per the Income Tax Act, it is mandatory for taxpayers who have deducted tax at source (TDS) under specific sections to file the challan-cum-statement within the prescribed time . For the month of May 2025 , the due date for filing the TDS payment and return is 30th June 2025 . 🧾 Relevant TDS Sections for May 2025: Section 194-IA Applicability : TDS on the purchase of immovable property (other than agricultural land). Threshold : Applicable if property value exceeds ₹50 lakhs. Rate : 1% of the sale consideration. Filing Requirement : File Form 26QB (challan-cum-statement) within 30 days from the end of the month in which TDS is deducted. Section 194-IB Applicability : TDS on rent payments made by individuals or HUFs (not subject to tax audit). Threshold : Monthly rent exceeding ₹50,000. Rate : 5% of the rent. Filing Requirement : File Form 26QC . Section 194M Applicability : TDS on payments for contractual work, commission, or professional...

🗓 Deadline: 30th June 2025 | 🏛 As per MCA Rule 9B In a key regulatory move to increase transparency and streamline shareholding structures, the Ministry of Corporate Affairs (MCA) has extended the deadline for dematerialisation of shares of private companies (excluding small companies) to 30th June 2025 . 🔍 What is Dematerialisation of Shares? Dematerialisation refers to the process of converting physical share certificates into electronic form , maintained through depositories like NSDL or CDSL . Once converted, all transactions involving shares (transfer, allotment, etc.) must occur only in demat form . 📘 Applicability of Rule 9B According to Rule 9B of the Companies (Prospectus and Allotment of Securities) Rules, 2014 , every private company (except small companies) must: Facilitate the dematerialisation of its securities. Ensure all new share issues or transfers happen in electronic form . Appoint a Registrar & Share Transfer Agent (RTA) to maintain re...

🗓️ Due Date: 30th June 2025 Applicable To: Composition Scheme Taxpayers 🧾 What is GSTR-4? GSTR-4 is the annual return that must be filed by all taxpayers who have opted for the GST Composition Scheme . This form provides a consolidated summary of outward supplies, tax paid, and any other relevant details for the financial year 2024–25 . Unlike regular taxpayers who file monthly or quarterly returns, composition dealers file only this single annual return — GSTR-4 — and pay taxes at a fixed rate on turnover. 👥 Who Should File GSTR-4? All registered taxpayers under the Composition Scheme as per Section 10 of the CGST Act , including: Small traders Manufacturers Restaurants (not serving alcohol) Service providers eligible under the scheme 📌 Note : If you’ve opted out of the Composition Scheme mid-year, you must still file GSTR-4 for the period you were under it. ⚠️ Consequences of Missing the Deadline Failing to file GSTR-4 by 30th June 2025 can lead t...

🗓️ Deadline: 30th June 2025 | FY 2024–25 As per the provisions under the Income Tax Act, Section 35AC , institutions and public sector companies that have received approval to carry out eligible projects or schemes must submit their annual report of activities and fund utilization by the 30th of June following the end of the financial year . This report is crucial to maintain the tax-exempt status of donations made to such institutions. 🔍 What is Section 35AC? Section 35AC of the Income Tax Act was introduced to allow tax deduction for donations made by taxpayers to projects or schemes that have been approved by the National Committee for Promotion of Social and Economic Welfare . These projects may include: Education Medical facilities Conservation of environment Rural development And other social welfare activities Institutions or public sector companies running such projects and having approval under Section 35AC must comply with the reporting requirement...

🗓️ Due Date: 30th June 2025 As part of ongoing efforts to ensure fair taxation in the digital economy, the Government of India mandates the filing of the Equalisation Levy Statement for the Financial Year 2024–25. This applies particularly to companies and individuals receiving digital services or e-commerce transactions from non-resident entities. 🔍 What is the Equalisation Levy? The Equalisation Levy was introduced under the Finance Act, 2016 , with the intention of taxing digital transactions or services provided by non-resident entities. It is applicable under two key sections : Section 165 : Levy @6% on specified services (like online advertisements) received by Indian businesses from non-resident service providers. Section 165A : Levy @2% on the amount of consideration received or receivable by an e-commerce operator from e-commerce supply or services provided to Indian residents. 📌 Who Should File? Indian businesses (companies, LLPs, individuals, etc.) avai...

FY 2024–25 | 🗓️ Due Date: 30th June 2025 Attention Business Trusts ! The deadline to file Form 64B for Financial Year 2024–25 is fast approaching. Don’t risk non-compliance or penalties — act now and stay tax-ready. 🔍 What is Form 64B? Form No. 64B is a statement of income distributed by a Business Trust (like REITs or InvITs) to its unit holders . As per Section 115UA of the Income Tax Act, 1961 , a business trust must: Declare income distributed to unit holders, And furnish a statement in Form 64B to the Income Tax Department. This enables unit holders to correctly report the income in their individual tax returns. 🧾 Who Must File Form 64B? Any Business Trust (Registered under SEBI regulations), such as: 🏢 Real Estate Investment Trusts (REITs) 🏗️ Infrastructure Investment Trusts (InvITs) that distributes income to its unit holders is mandatorily required to file Form 64B. 📅 Deadline for Filing Due Date : 30th June 2025 Assessment Year :...

 ⏰ Deadline: 30th June 2025 | Financial Year 2024–25 If you run a company (other than a government company), this is your timely reminder to file Form DPT-3 with the Ministry of Corporate Affairs (MCA). The DPT-3 return is mandatory compliance under the Companies Act, 2013 and applies to most companies regardless of whether they have accepted public deposits or not. 🔍 What is Form DPT-3? Form DPT-3 is a return of deposits that all companies (excluding government companies) must file annually to report: 💸 Outstanding Loans (secured or unsecured) 🏦 Deposits accepted from the public 💰 Monies not considered deposits (like advances from customers, inter-corporate loans, etc.) This form helps the MCA keep track of how companies are raising and handling public and private funds. 📝 Who Needs to File DPT-3? All companies (except government companies) including: Private Limited Companies Public Limited Companies One Person Companies (OPCs) Section 8 ...

📌 Deadline: 30th June 2025 | Applicable for Financial Year 2025–26 The Directorate General of Foreign Trade (DGFT) has made it mandatory for all Import-Export Code (IEC) holders to annually update and validate their IEC details — regardless of whether there are changes or not. This important compliance step must be completed between April 1st and June 30th each year , and failure to do so will lead to automatic deactivation of the IEC number , effectively stopping all import and export activities linked to the IEC. ⚠️ What Happens if You Miss the IEC Update Deadline? If you do not update your IEC before the 30th June 2025 deadline: ❌ Your IEC will be deactivated by DGFT ❌ You will not be allowed to import or export ❌ Reactivation requires a fresh application and may take time ❌ You may lose business opportunities and customer trust ✅ Who Needs to Update the IEC? Every person or entity holding an IEC — including: Exporters and importers Manufacturers and ...

As the financial year 2024–25 concludes, eligible investment funds must prepare for a crucial compliance requirement — Form No. 3CEK under Section 9A of the Income Tax Act, 1961 . This filing is essential to maintain transparency and regulatory alignment with the Indian tax authorities. 🧾 What is Form 3CEK? Form 3CEK is a mandatory disclosure form that must be filed electronically by eligible investment funds operating under Section 9A. It captures key financial and operational data for the previous financial year to demonstrate compliance with prescribed conditions, particularly those relating to: Management and control of the fund from outside India Minimum corpus requirements Investor thresholds Investment restrictions Business structure and activity reporting Failure to file Form 3CEK on time may jeopardize the fund’s eligibility for tax exemptions under Section 9A , leading to significant financial and legal consequences. 🗓 Due Date for FY 2024–25 The d...

🗓 Due Date: 25th June 2025 If you're a taxpayer under the QRMP (Quarterly Return Monthly Payment) scheme, it's time to take note of an important compliance deadline — filing PMT-06 for the month of May 2025 . 🔍 What is PMT-06? PMT-06 is a challan used by GST taxpayers to make payments towards: Tax liability Interest Penalties Late fees For businesses enrolled under the QRMP scheme, tax must be paid monthly , even though GSTR-3B is filed quarterly. This is done using PMT-06 , typically by the 25th of the following month . 🧾 PMT-06 & the QRMP Scheme Under the Quarterly Return, Monthly Payment (QRMP) scheme: You file GSTR-1 and GSTR-3B quarterly . But you must deposit tax liability every month using PMT-06 , unless your cash ledger has sufficient balance. There are two methods to calculate monthly tax liability: Fixed Sum Method (FSM) – a pre-filled challan amount based on the previous return. Self-Assessment Method (SAM) – calcula...

⏰ Due Date: 20th June 2025 As the GST compliance calendar marches forward, it’s time to gear up for GSTR-3B filing for the month of May 2025 . If your business is registered under GST and does not fall under the QRMP scheme for Q1 FY 2025–26 (April to June), this update is for you. 🧾 What is GSTR-3B? GSTR-3B is a monthly self-declaration summary return filed by regular taxpayers under GST. It captures: Outward taxable supplies Input Tax Credit (ITC) claimed Net tax liability after ITC adjustment Tax paid and mode of payment This return helps the government track GST revenue and ensures timely tax payment by businesses. 👥 Who Needs to File GSTR-3B for May 2025? Businesses not enrolled in the QRMP scheme for April–June 2025 All regular taxpayers with annual turnover exceeding ₹5 crore in the previous financial year (FY 2024–25) Monthly filers registered under GST, irrespective of turnover 💡 QRMP stands for Quarterly Return Monthly Payment schem...

Due Date: 20th June 2025 If you're a service provider offering Online Information Database Access and Retrieval (OIDAR) services from outside India to Indian consumers (non-taxable persons), this is your timely reminder! 🧾 What is GSTR-5A? GSTR-5A is a special GST return exclusively meant for OIDAR service providers who are located outside India but supply digital services to Indian customers. This return helps capture: Details of outward taxable supplies Amount of IGST payable and paid Any adjustments made for previous tax periods Filing GSTR-5A is mandatory , even if there were no transactions during the month. ✅ Who Should File GSTR-5A? Foreign companies or entities providing digital goods or services directly to individuals in India (non-GST registered users). Examples include: Streaming services Online advertisements Cloud-based applications E-learning platforms SaaS tools If you’re a non-resident providing such services, you mus...