The Micro, Small and Medium Enterprises Development Act (MSMED), 2006 was enacted to support the creation and development of MSMEs. In the Union Budget 2025, Finance Minister Nirmala Sitharaman announced a major update to the New MSME classification, increasing the investment limit by 2.5 times and doubling the turnover limits. The revised MSME criteria comes into effect from April 1, 2025. In light of this revised MSME classification thresholds, companies and businesses engaged in transactions with MSMEs must be particularly mindful of the updated limits. This is crucial due to the provisions of Section 43B(h) of the Income Tax Act, 1961,...

27 March

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Year end requirements FY 2024-2025

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Year end requirements FY 2024-2025 As the financial year 2024-2025 is coming to an end, there are certain statutory requirements which need to be addressed within 31.03.2025. Among them the following points which should be focused on priority basis: 1. Stock verification 2. Income tax related compliance 3. Tax deducted at source 4. Company law related compliance 5. Micro, Small and Medium Enterprises (MSME) related compliance 6. GST Compliances 7. Others...

19 March

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Last date for filing revised ETDS/ ETCS return upto FY 2018-19 is 31st March 2025

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As per amendment in section 200(3) of the Income-tax Act vide Finance Act, (No. 2) 2024, no correction TDS/ TCS statement shall be filed after the expiry of six years from the end of the financial year in which the statement referred to in sub-section (3) is required to be filed. In view of the above, correction statements pertaining to Financial Year 2007-08 to 2018-19 shall be accepted only up-to 31st March 2025. Please take a note of this and take actions to close the pending ETDS returns. If there are any past demands in the earlier years from 2007-08...

19 March

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Last date for filing revised ETDS/ ETCS return upto FY 2018-19 is 31st March 2025

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05 March

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Due Date for Payment of Advance Tax is 15th March 2025 for AY 2025-26

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This is to bring to your kind attention that the due date for payment of fourth and final instalment of advance tax (100%) for the Financial Year 2024-25 (Assessment Year 2025-26) is 15.03.2025. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid on or before 31st March 2025. Kindly let us know for any help or clarifications in this regard. ...

02 February

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Vishnu Daya- Union Budget Highlights 2025-26

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We are delighted to provide you an analysis of the Union Budget presented by the Union Finance Minister Ms. Nirmala Sitharaman in the Lok Sabha on 1st February 2025. We have provided you an executive summary as well as the detailed analysis of all the direct and indirect tax proposals. We have made our best effort to summarize the key changes in simpler manner under this budget highlights. Trust the same would be found useful in understanding the taxation proposals....

02 February

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Vishnu Daya- Union Budget Highlights 2025-26

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02 January

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Supreme Court on Unauthorised Construction

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We thought of bringing to your notice one important decision of the Supreme Court regarding construction of buildings, which we hope that you will find it useful. The Honorable Supreme Court of India in the case of Rajendra Kumar Barjatya and Another vs. U. P. Avas Evam Vikas Parishad & Ors. (Civil Appeal No. 14604 of 2024) and Rajeev Gupta and others vs. U. P. Avas Evam Vikas Parishad & Ors. (Civil Appeal No. 14605 of 2024) has observed on unauthorized construction issues and based on the observations issued the below mentioned directions:  The builder / applicant should provide an undertaking, at...

20 December

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Important Alert: Direct Tax Vivad Se Vishwas Scheme (VSV 2.0)

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Dear All, We would like to bring to your attention the introduction of the Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2.0) under the Finance (No. 2) Act, 2024. This scheme provides an excellent opportunity to settle pending tax disputes as of 22nd July 2024 across various appellate forums, including disputes related to tax, interest, penalty, or fees under the Indian Tax Laws (ITL). Key Highlights of VSV 2.0: 1. Taxpayers can settle disputes by filing a declaration in the prescribed form with the Designated Authority (DA). 2. Upon submission, the DA will issue a certificate specifying the amount payable to settle the dispute...

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