TAXLA Services: Your One-Stop Solution for Financial and Compliance Needs!

📅 Due Date: 31st July 2025 If you are managing a Sovereign Wealth Fund (SWF) in India, it’s time to prepare for your Quarterly Compliance ! The due date for filing Form II SWF for the quarter ending 30th June 2025 is 31st July 2025 . This filing is mandatory under the Income-tax Act, 1961, for SWFs claiming exemption under Clause (23FE) of Section 10 . 📝 What is Form II SWF? Form II SWF is the quarterly investment intimation that Sovereign Wealth Funds must submit to the Income Tax Department. It captures: Details of investments made in India during the quarter. Nature and quantum of investment. Compliance with prescribed eligibility conditions under Clause (23FE) of Section 10. 📌 Why is it Important? Entities registered as SWFs enjoy tax exemptions on certain income streams if they comply with investment conditions and reporting requirements. Failing to file Form II SWF on time may lead to: Loss of exemption benefits. Potential penalties for non-com...

The Income Tax Department has rolled out a much-awaited feature on the Income Tax e-Filing Portal – taxpayers can now file Updated Returns (ITR-1 & ITR-2) for Assessment Year (AY) 2021-22 and AY 2022-23 under Section 139(8A) . This update is a major relief for individuals who missed filing their returns, made errors, or need to revise their previously filed returns for these years. ✅ What is an Updated Return (Section 139(8A))? An Updated Return allows taxpayers to file or correct their income tax return within 24 months from the end of the relevant assessment year. It is applicable even if the taxpayer had not filed any return earlier. 🗓️ Assessment Years Covered in This Update AY 2021-22 (Financial Year 2020-21) AY 2022-23 (Financial Year 2021-22) Taxpayers can now select these years on the portal and choose ITR-1 or ITR-2 as applicable. 📌 Who Can File? You can file an Updated Return if you: Missed filing your return earlier. Need to correct inc...

The Government of India has introduced a significant provision under the New Income Tax Bill 2025 , granting tax officials the authority to access digital communication platforms like WhatsApp, email, and cloud storage apps during search and seizure operations . 📜 Key Provisions of the Rule: Expanded Access Rights Tax officials can now inspect your WhatsApp chats, email inbox, cloud storage files, and installed applications on your devices during income tax searches. This move aims to enhance investigation efficiency and curb tax evasion through digital means. Parliamentary Panel Approval A Parliamentary Standing Committee reviewed the clause and raised no objections in its official report dated 21 July 2025 . The inclusion of this clause highlights the government’s focus on modernizing enforcement by including digital evidence in tax cases. Applicable During Official IT Raids Access is permitted only during authorized searches under Section 132 of the...

In a landmark move aimed at enhancing taxpayer confidence and reducing the burden of tax litigation, the Finance Ministry has issued a directive for the withdrawal of low-value tax appeals . This significant step, welcomed by the tax community and professionals alike, is set to ease pressure on both taxpayers and courts. 🔍 What’s the Directive? The Central Board of Direct Taxes (CBDT) has been instructed to withdraw over 2.25 lakh appeals currently pending in various judicial forums where the disputed tax amount falls below specified thresholds . This move is expected to reduce unnecessary litigation, improve taxpayer relations, and increase the efficiency of the judicial system. 📝 Thresholds for Appeal Withdrawal As per the Finance Ministry’s instructions, appeals below the following limits will be dropped: ✅ Income Tax Appellate Tribunal (ITAT): Disputed amount less than ₹60 Lakhs ✅ High Court: Disputed amount less than ₹2 Crores ✅ Supreme Court: Disputed amount...

FY 2024–25 | AY 2025–26 🗓️ New Deadline: 15th September 2025 📃 As per CBDT Circular No. 06/2025 dated 27-05-2025 🔍 What’s the Update? In welcome news for many taxpayers, the Central Board of Direct Taxes (CBDT) has officially extended the Income Tax Return (ITR) filing due date for Assessment Year 2025–26. This extension gives taxpayers additional time to prepare and file their returns accurately without attracting penalties. 🧾 Who Does This Apply To? This extension applies to all assessees except the following categories: ✔️ Corporate Assessees ✔️ Non-Corporate Assessees whose accounts are subject to audit ✔️ Partners of firms whose accounts require audit ✔️ Assessees covered under Section 92E (Transfer Pricing cases) 🛑 If you fall under any of the above categories, your due date remains unchanged. ✅ Why You Should File Early Despite the Extension While the deadline extension brings relief, it shouldn’t be seen as a reason to delay: 🕵️‍♂️ Avoid last-min...

📅 Due Date: 31st July, 2025 Applicable for: Banking Companies Period: Q1 – April to June 2025 What is Form 26QAA? Form 26QAA is a quarterly statement that banking companies are required to file in cases where no TDS is deducted on interest from time deposits , as per the relevant provisions under the Income-tax Act, 1961 . This form helps ensure transparency and records the justification for not deducting TDS on interest income—usually when the depositor submits valid declarations (e.g., Form 15G/15H) or when interest amounts do not cross threshold limits. 🔍 Why is it Important? Failing to file Form 26QAA can: Attract penalties and late fees Lead to compliance scrutiny by the Income Tax Department Result in audit issues and reputational risks Timely and correct filing demonstrates your institution’s commitment to compliance and governance. 🧾 What Should Be Reported? Interest payments made on time deposits Cases where TDS is not deducted Reasons f...

As the financial year progresses, it’s important for businesses and financial entities dealing in virtual digital assets (VDAs) to stay updated on their tax compliance obligations. One such key requirement is the timely filing of Form 26QF under Section 194S of the Income Tax Act. 🗓️ Quarter: April – June 2025 🧾 Due Date: 31st July 2025 🔍 What is Form 26QF? Form 26QF is a quarterly statement required to be filed by exchanges or intermediaries facilitating the transfer of Virtual Digital Assets (VDAs) such as cryptocurrencies, NFTs, and similar digital tokens. It pertains specifically to taxes deducted and deposited under Section 194S of the Income Tax Act. Section 194S mandates Tax Deducted at Source (TDS) at 1% on the transfer of VDAs, applicable from July 1, 2022. The responsibility of deduction and filing rests with the exchange if it facilitates the transaction. 🧾 Who Must File Form 26QF? Cryptocurrency exchanges NFT marketplaces VDA facilitators handling ...

🗓️ Due Date: 31st July 2025 The due date to file Quarterly TDS Returns for the period April to June 2025 is fast approaching! All deductors , including businesses, professionals, and entities responsible for tax deduction at source, must ensure compliance by filing TDS Statements by 31st July 2025 . 🔍 What Is a TDS Return? A TDS Return is a quarterly statement that must be submitted by deductors to the Income Tax Department. It includes details such as: PAN of deductees TDS deducted and deposited TDS challan information Nature of payments For Q1 of FY 2025–26, this return should cover all tax deductions and deposits made from April 1 to June 30, 2025 . 🧾 Who Needs to File? The following are mandatory TDS return filers : Companies Partnership firms Sole proprietors with employee salaries Individuals deducting TDS on rent (u/s 194IB), contractor payments, commissions, etc. Government deductors ⚠️ Consequences of Late Filing Failing to fi...

  📅 Due Date: 30th July, 2025 🗓️ Applicable Period: For TDS deductions made in June 2025 As the month-end approaches, taxpayers who have deducted TDS under specific sections need to ensure timely payment and compliance with the Income Tax Act . If you've made payments attracting TDS under Sections 194-IA, 194-IB, 194M, or 194S , this reminder is for you! 🔍 What are These TDS Sections? Let’s break down the purpose of each section briefly: Section 194-IA : Applies when buying an immovable property (other than agricultural land) worth ₹50 lakhs or more. Buyer must deduct 1% TDS on the sale value and pay it to the government. Section 194-IB : Applicable to individuals/HUFs paying rent exceeding ₹50,000 per month. TDS of 5% must be deducted and deposited. Section 194M : For payments to contractors, professionals, or commission agents by individuals/HUFs (not liable for tax audit) where total payments exceed ₹50 lakhs in a financial year. TDS is 5% . Section 194...

Tax Collection at Source (TCS) plays a vital role in ensuring transparency and timely deposit of indirect tax in various business transactions. As per the Income Tax Act, businesses or individuals who have collected tax at source are required to issue a TCS Certificate (Form 27D) on a quarterly basis to the party from whom tax was collected. 🔔 What’s Due? TCS Certificate for Quarter 1 📅 Period: April – June 2025 🗓️ Due Date for Issuance: 30th July, 2025 📄 Form to Be Issued: Form 27D 🧐 Who Needs to Issue Form 27D? Any person or business responsible for collecting TCS under Section 206C is required to furnish Form 27D. This includes: Sellers of goods like scrap, liquor, tendu leaves, minerals, etc. Authorized dealers collecting TCS on foreign remittance or sale of overseas tour packages E-commerce operators Vehicle dealers collecting TCS on sale of motor vehicles exceeding ₹10 lakhs And others as defined under the Income Tax Act 🧩 Why is Timely Issuanc...

What Is GSTR-3B? GSTR-3B is a monthly or quarterly self-declared summary return that businesses registered under GST must file. It captures key GST details such as: Outward supplies (sales) Inward supplies (purchases) Input Tax Credit (ITC) claimed Tax liability and tax paid For businesses under the QRMP Scheme (Quarterly Return Monthly Payment) , GSTR-3B is filed quarterly , while tax is paid monthly through a challan. ⚠️ Who Should File Under QRMP-2? Businesses located in the following states/UTs fall under Group 2 of the QRMP scheme: Punjab Uttar Pradesh Rajasthan West Bengal Delhi Chandigarh Jammu & Kashmir Ladakh And other northern & eastern states If you’re registered under the QRMP Scheme in these regions and have opted for quarterly returns, you are required to file GSTR-3B for the April–June 2025 quarter by 24th July 2025. ⏳ What Happens If You Miss the Deadline? Failing to file GSTR-3B on time can lead to: Late...

If you’re a GST-registered business under the QRMP Scheme (Quarterly Return Monthly Payment) in QRMP-1 states, the GSTR-3B filing due date for the quarter April to June 2025 is fast approaching — 22nd July, 2025 . Non-compliance could cost you heavily in the form of late fees, interest, or blockage of ITC . 🔍 What is GSTR-3B? GSTR-3B is a monthly or quarterly self-declared summary return that contains: Outward supplies (sales) Input Tax Credit (ITC) claimed Tax liability and payments While it’s a summary return, it's essential as it directly determines your monthly GST liability and compliance status . 📍 Who Should File by 22nd July? This deadline applies to businesses under the QRMP Scheme - Group 1 , which includes states and UTs like: Tamil Nadu , Telangana , Andhra Pradesh , Karnataka , Maharashtra , Gujarat , Kerala , Goa UTs such as Daman & Diu , Dadra & Nagar Haveli , Puducherry , Andaman & Nicobar , and Lakshadweep If you operate f...

Are you a non-resident Online Service Provider offering digital services to customers in India? If yes, this is a crucial compliance update for you! 🗓️ GSTR-5A Filing Due Date for June 2025: 20th July, 2025 GSTR-5A is a specialized return under GST that must be filed by OIDAR service providers – entities located outside India providing services to individuals or unregistered persons in India via online platforms . With the due date being 20th July, 2025 , now is the time to prepare and file to avoid penalties, interest, and compliance issues . 💡 What is GSTR-5A? GSTR-5A is a monthly GST return to be filed by OIDAR (Online Information and Database Access or Retrieval) service providers , who operate without a physical presence in India but provide digital services such as: Cloud storage Streaming services (video/music) Online gaming Online advertising Software downloads and SaaS Database subscriptions These services are taxable under Indian GST laws, eve...

Attention Businesses & Taxpayers! The deadline to file your GSTR-3B return for the month of June 2025 is fast approaching. July 20, 2025 , is the last date for monthly filers who haven’t opted into the QRMP (Quarterly Return Monthly Payment) scheme or whose aggregate annual turnover exceeded ₹5 crore in the previous financial year. Filing GSTR-3B accurately and on time is crucial for GST compliance , avoiding penalties, and maintaining your input tax credit (ITC) flow. 📌 What is GSTR-3B? GSTR-3B is a monthly self-declared summary return that every registered GST taxpayer must file. It captures: Outward supplies (sales) Input Tax Credit (ITC) claimed Tax payable and paid Interest and late fees (if any) 🗓️ Who Needs to File by 20th July, 2025? You must file GSTR-3B by this due date if: Your turnover was more than ₹5 crore in FY 2024–25, OR You have not opted for the QRMP scheme 🔍 Key Details to Include in GSTR-3B: Outward taxable supplies –...

As the income tax filing season rolls in, many individuals assume that filing an ITR (Income Tax Return) is simply about entering numbers into a portal. But here’s the truth – ITR filing isn’t just data entry . It’s a legal process involving compliance, accuracy, and interpretation of financial data in line with current tax laws. ❗ Why DIY ITR Filing Can Be Risky In the age of online tax portals and DIY guides, it may seem convenient to file your taxes on your own. However, many taxpayers often overlook key elements that can result in: Mismatches and errors Missed deductions or exemptions IT notices and penalties Re-filings and legal complications One small oversight can lead to major financial and legal consequences. 🧠 ITR Filing Is About Understanding the Law Income tax filing is more than entering income and expense figures. It requires a clear understanding of tax provisions , applicable deductions , changes in tax rules , and correct ITR form selection based...