Reporting Foreign Assets and Income in India- Disclosures in ITR
Introduction With globalization, many taxpayers in India hold assets or earn income outside the country. To ensure tax transparency and prevent tax evasion, India participates in international information-sharing systems such as the Common...
GST Update- November 2025: A Complete Guide to the New Simplified Registration Scheme
Introduction To ease the compliance burden on small taxpayers and encourage ease of doing business, the Government has introduced a Simplified GST Registration Scheme under Rule 14A of the CGST Rules, 2017. This new framework is designed for...
E-Verification of ITRs: The Final Step You Can’t Afford to Miss!
1. What is e-verification of an ITR? When you file an ITR with the Central Board of Direct Taxes (CBDT) via their e-filing portal (or other authorised modes), simply submitting the form isn’t enough. The legal filing is only complete when you...
GSTR-9 and GSTR-9C Changes for FY 2024-25: What You Should Know!
🧾 Detailed Analysis of GSTR-9 and GSTR-9C Changes for FY 2024-25 Effective from: 22 September 2025 Applicable for: Annual Return & Reconciliation Statement of FY 2024-25 Issued by: CBIC (Central Board of Indirect Taxes & Customs) --- 📘 1....
MSME Payments Under the Spotlight Interest, Disallowance & Audit Disclosures
Introduction Micro, Small & Medium Enterprises (MSMEs) are the backbone of the Indian economy. To protect their cash flow, the law mandates that buyers must pay MSME suppliers within specified time limits. Failure to comply not only attracts...
New ITR Filing Changes for AY 2025-26: What You Need to Know
The Income Tax Department has introduced several significant changes to the Income Tax Return (ITR) filing process for Assessment Year (AY) 2025-26 (Financial Year 2024-25), sparking widespread discussion among taxpayers. With stricter validation...
ITR-U Filing Window Extended to 4 Years: A Lifeline for Taxpayers
In a significant move to enhance tax compliance, the Indian government has extended the time limit for filing Updated Income Tax Returns (ITR-U) from two years to four years from the end of the relevant assessment year. This change, effective from...
Why India’s Top CAs Trust Sinewave for Automated Tax Management?
In the modern competitive business world, Chartered Accountants (CAs) are increasingly under pressure to handle numerous clients, keep up with evolving tax laws, and provide timely and accurate financial information. Manual traditional procedures...
ITR Filing for AY 2025-26: 11 Must-Know Tips Before You File!
It’s that time of the year again when salaried professionals, freelancers, and business owners alike start prepping for income tax return (ITR) filing. The assessment year (AY) 2025-26 corresponds to the financial year (FY) 2024-25, and with every...
ITRs for NRI- Why you should report foreign assets and bank accounts correctly!
Introduction In today’s globally connected economy, Non-Resident Indians (NRIs) often hold financial interests across borders. Whether it's a bank account abroad, foreign property, or investments in overseas entities, these assets are common among...
Budget 2025- Changes in Income Tax
The Union Budget 2025, unveiled by Finance Minister Nirmala Sitharaman on February 1, sets a fresh direction for India’s economic growth, with a strong focus on inclusivity. It aims to empower vulnerable groups such as the poor, youth, farmers, and...
Changes in capital gain taxation for AY 2025-26 – Rates, Indexation , TDS Applicability etc.
Any profits or gains arising from transfer or sale of a capital asset are called as capital gain. Capital assets means any kind of property held by a person, whether connected with their business or profession or not. It includes both tangible and...