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

Innovation and research play a crucial role in shaping the future of businesses and the nation’s economy. To encourage investment in research and development (R&D), the Indian government provides tax incentives under Section 35(2AB) of the Income Tax Act, 1961. However, to claim these benefits, compliance with certain reporting and audit requirements is essential — one of which is the timely submission of the audit report to the Department of Scientific and Industrial Research (DSIR). Let’s take a closer look at what Section 35(2AB) entails, who it applies to, and the upcoming due date for FY 2024–25. 🔍 What is Section 35(2AB)? Section 35(2AB) of the Income Tax Act offers a weighted tax deduction to companies that invest in in-house research and development facilities. This incentive is designed to promote scientific innovation and technological advancement within India. Under this provision, a company engaged in manufacturing or production (excluding certain specified ind...

  Ensure Compliance Before 31st October 2025! As the financial year progresses, it is essential for every banking company and financial institution to stay updated with statutory compliance dates under the Income-tax Act, 1961 . One such critical deadline is the filing of quarterly returns of non-deduction of tax at source for the quarter ending September 2025 (July–September 2025) . The due date for submission of this return is 31st October 2025 . Missing this deadline can lead to non-compliance issues, penalties, and unnecessary complications with the Income Tax Department. Let’s understand this in detail. 🔍 Understanding Non-Deduction of Tax at Source (TDS) TDS (Tax Deducted at Source) is a mechanism by which tax is collected at the time of payment or credit of income. However, there are specific situations where no TDS is deducted , either due to declarations furnished by the payee or due to the nature of the income itself. When a banking company does not deduct TDS o...

  As we approach the end of October 2025, it’s time for multinational companies and their Indian constituent entities to ensure compliance with one of the most crucial annual reporting obligations under Indian tax laws — Form No. 3CEAB . This form plays a key role in the transfer pricing documentation and Base Erosion and Profit Shifting (BEPS) compliance framework, introduced to align India’s tax reporting standards with international norms. The due date for filing Form 3CEAB for the financial year 2024–25 is 31st October 2025 . Let’s understand in detail what this form is, who needs to file it, and why timely submission is essential for your business. 🧾 What is Form No. 3CEAB? Form 3CEAB is an intimation form to be filed by a designated constituent entity , resident in India, that is part of an international group . This form is filed under Rule 10DB(2) of the Income Tax Rules, 1962 , in compliance with Section 286(1) of the Income Tax Act, 1961 . Essentially, this ...

🗓 Due Date: 31st October 2025 Filing income tax returns (ITR) on time is a crucial responsibility for every taxpayer in India — whether an individual, business, or partnership firm. Timely filing not only ensures compliance with the law but also helps avoid interest, penalties, and scrutiny from the Income Tax Department. For the Financial Year 2024–25 (Assessment Year 2025–26) , the due date for filing ITR for audit cases — including companies, firms, and other entities whose accounts are subject to audit under the Income Tax Act — is 31st October 2025 . Let’s understand in detail who needs to file by this date, what the key compliance requirements are, and why timely filing is so important. 🔍 Who Should File by 31st October 2025? The due date of 31st October 2025 applies to the following categories of taxpayers under the Income Tax Act, 1961 : Corporate Assessees All companies, whether private limited or public limited, are required to have their accounts audited under ...

The Goods and Services Tax (GST) regime in India is set to enter a new era of efficiency and transparency with the introduction of GST 2.0 , officially launching from 1st November 2025 . This upgrade marks a significant step by the Government of India to modernize the GST framework, making it more seamless, automated, and business-friendly. Under GST 2.0, the focus is on simplifying registration, reducing manual intervention, and expediting approvals — ensuring that businesses can focus on growth instead of grappling with compliance delays. 🧾 What is GST 2.0? GST 2.0 is the next-generation version of India’s Goods and Services Tax system, developed to replace the current manual and semi-automated processes with an AI-driven, auto-approval platform . It aims to streamline registration, filing, and compliance for all types of taxpayers. The system has been designed to address long-standing pain points faced by businesses — from registration delays and documentation burdens to co...

 As the financial year 2024–25 moves toward closure, businesses and professionals must pay attention to one of the most crucial compliance deadlines — the filing of the Income Tax Audit Report . The due date for filing the Tax Audit Report (TAR) under the Income Tax Act, 1961, is 31st October 2025 . Timely compliance not only helps avoid penalties but also ensures smooth processing of income tax returns and assessments. Let’s take a detailed look at what a Tax Audit Report is, who needs to file it, the due date, penalty provisions, and the importance of timely submission. 🔍 What is a Tax Audit Report? A Tax Audit is an examination of the accounts of a business or professional carried out by a Chartered Accountant (CA) to ensure that the taxpayer has correctly maintained their books of accounts and complied with various provisions of the Income Tax Act. After completing the audit, the CA furnishes a Tax Audit Report in the prescribed format — either Form 3CA/3CB along wi...

  Every company registered under the Companies Act, 2013 must fulfill certain annual compliance requirements to maintain transparency and accountability. One of the most crucial among them is the filing of Form AOC-4 , which pertains to the submission of annual financial statements to the Ministry of Corporate Affairs (MCA) . 🧾 What is Form AOC-4? Form AOC-4 is the prescribed form used by companies to file their audited financial statements with the Registrar of Companies (ROC). This form includes key financial documents such as: Balance Sheet Profit and Loss Account Cash Flow Statement Statement of Changes in Equity (if applicable) Directors’ Report and Auditors’ Report This ensures that the company’s financial performance for the financial year is accurately reported and made available for regulatory review. 📅 Due Date for AOC-4 Filing (FY 2024–25) As per Section 137 of the Companies Act, 2013 , and Rule 12(2) of the Companies (Accounts) Rules, 2014:...

  Businesses engaged in manufacturing or production activities often send goods to job workers for processing or treatment. To ensure transparency and accountability in such transactions, the Goods and Services Tax (GST) framework requires the filing of Form ITC-04 — a key compliance document for job work. As per the latest update, the due date for filing Form ITC-04 for the period April–September 2025 is 25th October 2025 . Let’s understand what this form entails, who should file it, and why timely compliance is essential. 📘 What is Form ITC-04? Form GST ITC-04 is a declaration form under Rule 45(3) of the CGST Rules, 2017 , designed to capture details of goods sent to or received back from job workers. When a principal manufacturer sends inputs or capital goods to a job worker for further processing, the ownership of these goods remains with the principal. The ITC-04 form helps the GST authorities monitor the movement of such goods and ensures that they are properly acc...