The Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various audit reports for the Previous Year 2024–25 (Assessment Year 2025–26), from 30th September 2025 to 31st October 2025, for assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act.
17 COMPLIANCES TO DO IN MARCH END AND
10 TASKS TO KEEP IN MIND FOR BOOKS FINALIZATIONS FOR YEAR ENDING ON 31-03-2025-
A GUIDE BY CA HARSHIL SHETH
As we approach the financial year-end, it's essential to stay on top of key tax and compliance deadlines.
Here is list of 27 tasks to do fior year ending on 31-3-2025
From tax-saving investments and advance tax payments to GST reconciliations, TDS filings, and finalizing books of accounts, this guide covers critical tasks to complete by March-end and early April for the year ending on 31-03-2025.
Very helpful For seamless financial reporting and year end closing of books
In order to benefit taxpayers, who could not file their returns in time due to technical glitches, the time limit for filing of FORM GSTR-1 of the tax period December 2024, has been extended till 13.01.2025. Further, the time limit for filing of FORM GSTR-1 of the tax period October 2024 to December 2024,for the taxpayers who have opted to pay tax under QRMP Scheme, has been extended till 15.01.2025.
@FinMinIndia@PIB_India@nsitharamanoffc@mppchaudhary
Due date extended :
👉The time limit for filing of FORM GSTR-3B of the tax period December 2024, has been extended till 22.01.2025.
👉Time limit for filing of FORM GSTR-3B of the tax period October 2024 to December 2024,for the taxpayers who have opted to pay tax under QRMP Scheme, has been extended till 24.01.2025/ 26.01.2025, based on the states where they are registered.
@FinMinIndia@PIB_India@nsitharamanoffc@mppchaudhary
Taxation of Capital Gains - Salient Points
👉🏻Holding period has been simplified. There are only two holding periods, for listed securities, it is one year, for all other assets, it is two years.
👉🏻Rate for short-term STT paid listed equity, Equity oriented mutual fund and units of business trust has increased from 15 to 20%. Similarly the rate for these assets for long-term has increased from 10 to 12.5%. However, the exemption limit of 1 lakh for LTCG on these assets has also increased to Rs. 1.25 lakh.
👉🏻The rate for other long-term capital gains on all assets has been rationalized to 12.5% without indexation. This rate was earlier 20% with indexation. This will ease in simplifying the taxation of capital gains and their easy computation.
👉🏻There is no change in roll over benefits already available under the IT Act. Therefore, taxpayers who want to save on LTCG tax even with low rates, can continue to avail the roll over benefits on fulfillment of conditions as applicable.
👉🏻These changes have come immediately i.e. apply from 23.7.2024.
👉🏻The reduction in the rate will benefit all category of assets. The benefit shall however depend on the extent of appreciation of the asset during the holding period. An illustration is given below:
CBDT clarifies that apprehensions about retrospective taxation on re-opening of cases on issues pertaining to HRA claims are completely baseless.
CBDT has reiterated that there is no special drive to re-open such cases, and media reports alleging large-scale re-opening by the Department are misplaced.
Details in Press Release:
https://t.co/D2qbEyANut