by Team SKM | May 16, 2025 | News
MCA amends Ind AS 21 to guide firms on using estimated exchange rates when currency exchangeability is lacking. Effective April 2025. The Ministry of Corporate Affairs (MCA) has amended Ind AS 21, effective April 2025, to help companies handle foreign currency...
by Team SKM | May 15, 2025 | News
In a welcome move for the nonprofit sector, the Union Budget 2025 has proposed a significant amendment to the Income Tax Act, providing 10-year registration validity for small charitable trusts and institutions. This change aims to ease the compliance burden on...
by Team SKM | May 12, 2025 | ITR, News
In the case concerning the import of Textured Toughened (Tempered) Glass, whether Coated or Uncoated (referred to as the subject goods), falling under tariff headings 7003, 7005, 7007, 7016, 7020, and 8541 of the First Schedule to the Customs Tariff Act, 1975, the...
by Team SKM | May 12, 2025 | ITR, News
The Central Board of Direct Taxes (CBDT) has issued Notification No. 46/2025, dated 9th May 2025, officially releasing the updated ITR-7 Form for the Assessment Year 2025–26. This new form replaces the previous version outlined in Appendix II of the Income-tax Rules,...
by Team SKM | May 10, 2025 | GST, News
GSTN has introduced key updates to the refund filing process under the category “On account of Refund by Recipient of Deemed Export.” What’s New: No Tax Period Selection: Taxpayers no longer need to file refund claims in tax period order or select “From”...
by Team SKM | May 10, 2025 | GST, News
GSTN has simplified the refund process for the following categories: Export of Services (with tax payment) SEZ Supplies (with tax payment) Deemed Exports (by supplier) Key Changes: No Tax Period Selection Needed: Taxpayers can now file without selecting a...
