News
Budget 2026: What individual taxpayers are watching
With the Union Budget to be presented on February 1, 2026, expectations around personal income tax changes are building. This time, the focus is not on one-off relief measures, but on whether the tax framework will be updated to reflect current costs of living,...
Economic Survey 2025–26: What India’s Growth Outlook Means
India’s Economic Survey projects GDP growth of 6.8–7.2% in FY27, after about 7.4% in FY26. The moderation reflects a high base rather than a loss of momentum. Global trade is slowing, tariffs are rising and geopolitical risks remain elevated, but the Survey argues...
India’s Trade Deficit Narrows Sharply in November: What the Numbers Signal
India’s merchandise trade deficit narrowed to a five-month low of $24.53 billion in November, significantly below market expectations of $32 billion and sharply lower than October’s record $41.68 billion. The improvement was driven by lower imports of gold, oil and...
India-US Virtual Trade Talks Progress; Deal Expected by Year-End
India and the United States are holding regular virtual discussions to advance the proposed Bilateral Trade Agreement (BTA) and address long-pending reciprocal tariff issues. Commerce Secretary Rajesh Agarwal said that most technical matters have been resolved and...
Moody’s: India to Lead Emerging Market Growth With 7% GDP Expansion in 2025
Moody’s Ratings has projected that India will record the highest growth among emerging markets and the Asia-Pacific region in 2025, with GDP expected to expand 7% in 2025 and 6.4% in 2026. The agency said India’s domestic demand, investment momentum and structural...
Uttar Pradesh Announces Six-Month Stamp Duty Exemption on Certain Lease Deeds
Mining and Toll Contracts Not Included in Relief Lucknow, November 19, 2025 - The Uttar Pradesh government has announced temporary relief on stamp duty for specified categories of lease agreements across the state. The exemption, notified by the Governance and...
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....