Tax Updates & Resources | Ajay Naghera And Associates

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Union Budget 2025–26: Key Tax Changes You Must Know

The Finance Minister presented the Union Budget 2025–26 with several significant changes to income tax slabs, TDS thresholds, and GST simplifications. New tax regime made more attractive with revised slabs — income up to ₹12 lakh now effectively tax-free.

📅 February 1, 2025 · Budget 2025

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GST 📅 May 2025

GST Annual Return (GSTR-9) Filing Deadline Extended

CBIC has extended the due date for filing GSTR-9 and GSTR-9C for FY 2023–24. Businesses must file before the revised deadline to avoid late fees of ₹200/day.

Income Tax 📅 April 2025

ITR Filing for AY 2025–26 — Forms Released & Key Changes

CBDT has notified ITR forms for AY 2025–26. New columns added for capital gains, crypto disclosures, and foreign asset reporting. Due date July 31, 2025 for non-audit cases.

TDS 📅 April 2025

TDS on Property Purchase — New Threshold ₹50 Lakh Clarified

CBDT clarifies that TDS @ 1% under Section 194-IA applies on property purchases exceeding ₹50 lakh in aggregate. Buyer must deduct and deposit via Form 26QB within 30 days.

GST 📅 March 2025

E-Invoicing Mandatory for Businesses with ₹5 Crore+ Turnover

GST Council has made e-invoicing compulsory for all B2B transactions for taxpayers with annual aggregate turnover above ₹5 crore. Non-compliance can lead to ITC denial.

Income Tax 📅 March 2025

Section 87A Rebate — No Rebate on Special Rate Income

Supreme Court clarifies Section 87A tax rebate is NOT applicable on special rate income such as STCG under Section 111A and LTCG under Section 112A. Taxpayers must review liability.

Compliance 📅 February 2025

MCA21 V3 — DIR-3 KYC Due Date & Penalty Reminder

MCA has updated the annual DIN KYC (DIR-3 KYC) filing window. Directors who fail to file before September 30 every year face ₹5,000 penalty and DIN deactivation.

GST 📅 January 2025

ITC Reversal on Non-Payment Within 180 Days — Strict Enforcement

GSTN has started sending system-generated notices for ITC reversed under Rule 37 where suppliers have not been paid within 180 days. Taxpayers must re-avail or reverse credit accordingly.

Budget 📅 February 2025

New Tax Regime — Revised Slabs FY 2025–26 in Detail

Budget 2025 revised the new tax regime slabs: ₹0–4L = Nil, ₹4–8L = 5%, ₹8–12L = 10%, ₹12–16L = 15%, ₹16–20L = 20%, ₹20–24L = 25%, above ₹24L = 30%.

TCS 📅 January 2025

TCS on Foreign Remittance — LRS Threshold Increased to ₹10 Lakh

Budget 2025 increased the TCS-free limit for Liberalised Remittance Scheme (LRS) from ₹7 lakh to ₹10 lakh. Above this, TCS @ 5% applies (20% for non-PAN cases).

Tax Updates. & Resources.