Major Changes in ITR for Financial Year 2024- 25
The normal due date for filing the ITR is 31st July for cases where an audit is not required. ITR forms like ITR-1, ITR-2, ITR-3 (non-audit), and ITR-4 are filed by 31st July, but for the Assessment year 2025-26, the Income Tax Department has already extended the due date of filing to 15th September 2025. […]
Changes in Income Tax effective from 1st April, 2025
The Finance Ministry, through its Union Budget 2025, had made many changes which are effective from 1st April, 2025. Most of the changes have been made keeping in mind the hardship faced by Taxpayers. We will discuss major changes made in Income Tax, which are effective from 01/04/2025: Revised Income Tax slab for F.Y- 2025-26 […]
Audit Of Accounts of Certain Persons under Income Tax Act. (Sec. 44AB)
Sec. 44AB of Income Tax Act, 1961 deals in provisions of audit of Books of accounts by certain persons under Income tax act, 1961. The following persons are required to get their books of accounts audited by a chartered accountant in practise: – Types Of Taxpayers Tax Audit Coverage A person carrying on business If […]
Basic Concept of NGO
What is an NGO and NPO? NGO registration process? An NGO (non-government organization) or NPO (non-profit organization) is an organization consisting of people, volunteers, institutions, social workers, community, and citizens working in social voluntary organization for the welfare of society. NGO is a general term which is used to call all organizations working with a […]
Compliances to be done by a newly Incorporated Company
In this blog, we’ll outline the crucial compliance steps a newly incorporated company must undertake. Upon receiving the Letter of Incorporation from the Registrar of Companies, your first task is to gather all necessary documents: digital signatures, a copy of the Memorandum of Association (MOA), Articles of Association (AOA), the Letter of Incorporation, and a […]
Key Sections of the Income Tax Act for Filing Income Tax Returns
In this article, we will discuss various sections of the Income Tax Act that help us file our Income Tax Returns (ITRs) on time. This topic is crucial for clearing up any confusion among assessees regarding the due dates for filing ITRs. Section 139(1) of the Income Tax Act, 1961 Under Section 139(1), returns must […]
How to Kickstart Your Business
Introduction Greetings! I am CA Durga Shankar, a practicing Chartered Accountant in the Delhi NCR region for the past eleven years. The aim of this article is to provide guidance to those who are either already in business or planning to embark on a new venture. Choosing the Right Business Entity From my experience with clients in […]
How to save tax on capital gain from selling of residential property
This topic pertains to common taxpayers, especially salaried individuals, who often buy and sell multiple residential properties as part of their investment strategy throughout their working lives. In most cases, individuals selling residential properties end up with capital gains due to the appreciation in property value. Upon selling these properties, they become concerned about minimizing […]