News
Income Tax Audit Report AY 2025-26: Who Needs to File, Deadlines, Penalties & New Changes Explained
Team SKM,Find out who needs to file an Income Tax Audit Report for AY 2025-26. Learn about turnover limits, due dates, penalties, presumptive taxation rules, and key changes in Form 3CD. Income Tax Audit Report AY 2025-26: Complete Guide As the tax filing season...
Deadline to file ITR is 15 September: Benefits of Filing on Time vs. Risks of Delay
Team SKM, The Income Tax Return (ITR) deadline of September 15, 2025, is almost here, and taxpayers are being urged to act quickly. Filing ITR is not only a compliance requirement but also a way to protect your financial future. While timely filing offers multiple...
IT Dept. Tightens MSME Payment Rules: Key Changes to Audit Report Reporting & Section 43B(h)
The Income Tax Department has introduced critical changes to Clause 22 of Form 3CD for the ongoing tax audit season, focusing on timely payments to MSMEs (Micro, Small, and Medium Enterprises). Business entities undergoing audit under Section 44AB must now report both...
MCA Mandates Photographic Proof for OPCs & Small Companies Filing Form MGT-7A | Effective July 14, 2025
In a significant move to enhance transparency and curb fraudulent practices, the Ministry of Corporate Affairs (MCA) has issued a new compliance requirement for One Person Companies (OPCs) and Small Companies filing their Annual Return (Form MGT-7A) on the V3 Portal....
Aadhaar OTP Now Compulsory for E-Filing on Income Tax Portal
In a significant move aimed at enhancing digital security and taxpayer verification, the Income Tax Department of India has made Aadhaar OTP verification mandatory for e-filing on the income tax portal. This new directive applies to individuals filing Income Tax...
Cabinet Approves ₹111 Crore for International Potato Center in Agra to Boost Farmer Incomes and Innovation
The Union Cabinet has approved the establishment of the South Asia Regional Centre (CSARC) of the International Potato Center (CIP) in Singna, Agra, with an investment of ₹111 crore. The decision, chaired by Prime Minister Narendra Modi, aims to strengthen India’s...
Nitin Gadkari Announces ₹3000 FASTag Pass for 200 Trips a Year: A Step Towards Smarter Tolling
New Delhi, June 2025:Union Road Transport Minister Nitin Gadkari has announced a game-changing plan to overhaul India’s highway tolling system — a FASTag subscription pass worth ₹3000, offering 200 toll-free trips annually on national highways. The move is being...
MCA Tightens Compliance Norms: Key Changes in ADT and MGT Forms Explained
The Ministry of Corporate Affairs (MCA) has rolled out a series of critical updates to several statutory compliance forms—specifically the ADT-1, ADT-2, ADT-3 and ADT-4 and MGT-7 and MGT-7A. These updates are aimed at enhancing audit transparency, improving data...
ITR Filing AY 2025-26: 7 Key Changes in Excel Utility Taxpayers Must Know
June 2025 | New Delhi The Income Tax Department has introduced significant updates in the ITR Excel utility for Assessment Year 2025-26 (Financial Year 2024-25), aimed at enhancing transparency and speeding up processing. These changes are particularly relevant for...
ITR Filing for FY 2024-25 Begins: Excel Utilities for ITR-1 and ITR-4 Released
The Income Tax Department has officially commenced the Income Tax Return (ITR) filing process for the Financial Year 2024-25 (Assessment Year 2025-26). As part of the initial rollout, the department has made the Excel-based utilities for ITR-1 and ITR-4 available for...