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Mint
6 days ago
- Business
- Mint
Companies have to file annual returns, disclosures for FY25 in new web-based forms
New Delhi: Businesses will have to make their most important statutory filings, especially annual returns, financial statements and cost audit reports, in the revamped and web-based forms in the government's portal from 14 July. The revamped version of the ministry of corporate affairs portal—MCA21—is highly tech-driven and AI-enabled to improve the security of filings and to enable real-time verification of the data being entered. These 38 key statutory forms, including 13 annual filing forms and six audit forms, are the final set of company forms to be migrated to the new format, said an official announcement. This will complete the revamp of the MCA21 portal. These were not included among those migrated last year as the government did not want the annual return filing cycle to be disrupted by technical glitches during the transition. India has over 1.8 million active companies. Making the forms available in July gives businesses ample time to familiarise with the new format this year. Companies have six months from the end of a financial year to hold their annual general meeting and then one month to file their financial statements and 60 days from the AGM to file annual returns. The web-based forms replace PDF forms for improved user experience and more efficient regulatory monitoring of businesses. The rebuilt filing portal allows authorities to detect financial stress and governance lapses in companies at an early stage and take remedial action. Also, defaults in compliance with certain statutory obligations may be automatically flagged to companies for rectification. Forms for reporting appointment, removal and resignation of statutory auditors, disclosure of related parties, corporate social responsibility and investor complaints are among the 38 now being migrated to the new version. Since the revamped MCA21 portal (version three or V3) allows filling the forms directly online, the transition to it is expected to bring considerable advantages for both businesses and professionals by way of improved user interface, more accuracy, and enhanced data security, said Sandeep Sehgal, partner-tax at AKM Global, a tax and consulting firm. 'Complete transition to the V3 portal will also help streamline compliance processes, making regulatory filings faster and more efficient,' Sehgal said. 'Once the complete integration of MCA forms is completed on one platform, it will further strengthen the regulatory ecosystem by enabling better data integration and thus helping build a more connected and responsive compliance environment.' Two-factor authentication required in the new forms makes it impossible to file a company document without the registered user coming to know about it, helping prevent fraud, Mint reported on 1 July last year. The ministry has also replaced the requirement of obtaining the Registrar of Companies (RoC) approvals for several corporate disclosures with just an online acknowledgement of the filing to be considered compliant. The upgraded system enables RoCs to conduct data analytics efficiently and detect compliance breaches.
Hans India
17-05-2025
- Business
- Hans India
GSTN postpones locking of inter-state supplies table
New Delhi: GST Network on Friday deferred the implementation of locking of the table showing inter-state supplies to unregistered persons and composition tax in monthly tax payment form GSTR-3B. GSTN, which manages the tech backbone for Goods and Services Tax, had on April 11, 2025, said from the April 2025 tax period, inter-state supplies auto-populated in Table 3.2 of GSTR-3B will be made non-editable. AKM Global, Partner- Tax, Sandeep Sehgal said GSTN's recent clarification that Table 3.2 in GSTR-3B will remain editable for now is a significant transitory relief for many businesses and tax filers.
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Business Standard
05-05-2025
- Business
- Business Standard
ITR-3 updated: What biz owners, professionals must know for FY25 tax filing
If you're an individual or part of a Hindu Undivided Family (HUF) earning income from a business or profession, it's time to get familiar with the newly notified ITR-3 form for Assessment Year 2025–26. The Income Tax Department has made key changes to the form, aiming to simplify tax filing and reduce unnecessary disclosures—especially for middle-income taxpayers. Here's what you need to know if you fall in this category. What's New in ITR Form 3 (AY 2025–26)? Who should file it? ITR-3 is meant for individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. Those not eligible to file simpler forms like ITR-1 or ITR-4 If you're a freelancer, doctor, lawyer, consultant, or have any kind of business income, this form is for you. Key Changes and Highlights: Increased Threshold for Asset & Liability Disclosure: Earlier, you had to report assets and liabilities if your total income exceeded Rs 50 lakh. Now, the threshold has been increased to Rs 1 crore, reducing the disclosure burden for many middle-income taxpayers. What this means for you? Relief for Middle-Income Taxpayers: You no longer need to report your assets and liabilities in Schedule AL unless your total income exceeds Rs 1 crore (previously ₹50 lakh).This significantly reduces paperwork for professionals and business owners in the middle-income bracket. Split Reporting of Capital Gains: If you sold real estate or any other long-term capital asset, you now need to separately report gains made before and after July 23, 2024. This change reflects the Budget 2024 update, which introduced: A 12.5% LTCG tax without indexation (for sales after July 23) OR, the traditional 20% LTCG tax with indexation Taxpayers who purchased real estate before July 23, 2024, can choose the option that benefits them the most. This gives more flexibility to taxpayers based on when they bought/sold the property. Ease of Deductions: Dropdown menus for deductions like Section 80C, 80GG, and others have been added. This makes it easier and more transparent when claiming deductions. Section-Wise TDS Reporting: Taxpayers now have to report Tax Deducted at Source (TDS) in more detail, section by section, improving clarity for both the filer and the tax department. Why these changes matter: According to Sandeep Sehgal, Partner – Tax at AKM Global: 'These updates simplify compliance for business owners and professionals. Dropdowns for deductions and section-wise TDS reporting enhance transparency and accuracy.' The changes are also aligned with efforts to make tax filing more user-friendly, and better synced with emerging tax policies like the new LTCG structure. Budget 2024 Impact: What you should keep in mind Selling real estate? You now have a choice: pay lower tax (12.5%) without indexation, or claim inflation-adjusted costs and pay 20%. Gains before July 23, 2024, still fall under the old regime. Make sure to keep sale documents, cost details, and timelines handy for accurate reporting. For professionals, freelancers, and small business owners, the new ITR-3 form brings: Less disclosure if your income is below Rs 1 crore More clarity and control over capital gains tax Streamlined deduction claims But it also comes with new reporting responsibilities, especially for capital gains and TDS. As the filing window for FY 2024–25 (AY 2025–26) opens, it's wise to get organized early. Keep your income records, expense proofs, investment documents, and capital asset sale details ready—and consult a tax advisor if you're unsure which LTCG option suits you best. With inputs from PTI
Time of India
02-05-2025
- Business
- Time of India
New ITR-3 form notified for income tax return filing for FY 2024-25: Here's what's new for taxpayers
: The has issued , applicable for individuals and HUFs earning income through business or professional activities. The announcement was made via X platform on Thursday night, confirming that ITR-3 for Assessment Year 2025-26 was officially notified on April 30. Tired of too many ads? go ad free now What's new in ITR-3? A significant change includes the increase in the reporting threshold for assets and liabilities under ' ' from Rs 50 lakh to Rs 1 crore, providing relief to middle-income taxpayers through reduced disclosure requirements. The ITR's Schedule Capital Gains section now requires separate reporting of capital gains based on their occurrence, whether before or after July 23, 2024. Following the Budget presentation on July 24, 2024, the administration proposed reducing on property to 12.5 per cent without indexation benefits, down from the previous 20 per cent rate with indexation. Also Read | The indexation benefit enables taxpayers to calculate property cost prices whilst accounting for inflation. This revision allows individuals or HUFs who acquired properties before July 23, 2024, to choose between two options: either pay LTCG tax at 12.5 per cent without indexation or continue with the existing system of 20 per cent tax with indexation benefits. AKM Global's Partner-Tax, Sandeep Sehgal highlighted that the CBDT has implemented significant modifications to ITR Form 3 for Assessment Year 2025-26, simplifying the compliance process for individuals and Hindu Undivided Families earning income from business or professional activities. "Dropdowns for deductions like Section 80C and section-wise TDS reporting have also been introduced, enhancing transparency, accuracy, and ease of filing. Overall, these changes reflect the CBDT's ongoing efforts to promote ease of compliance, improve data accuracy, and align reporting with emerging policy developments," Sehgal added. On April 29, the authorities announced ITR forms 1 and 4 for assessment year 2025-26, simplifying the filing process for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities. Tired of too many ads? go ad free now The administration has incorporated alterations regarding deductions under sections 80C, 80GG and others, whilst introducing a dropdown menu in the utility for tax filers to choose from. Additionally, taxpayers must now provide detailed section-wise information concerning their TDS deductions in the ITR.
New Indian Express
01-05-2025
- Business
- New Indian Express
Tax filing made easier for the salaried class
NEW DELHI: Good news for salaried tax payers! The government has made tax filing easier for those earning up to Rs 1.25 lakh through long-term capital gains from equities or equity mutual funds. Earlier, salaried individuals with income from capital gains were required to file Form ITR-2 even where the capital gains were non-taxable. From this year, the new Form ITR-1 has a small section for reporting long-term capital gains on which tax is not payable. Currently, ITR 1 is filed by individuals with income up to Rs 50 lakh from salary, one house property, interest and agriculture income. However, if they made capital gains in a particular year, they had to file ITR-2. To ease the compliance burden, the tax department has exempted salaried individuals with long-term capital gains up to Rs 1.25 lakh annually from filing ITR 2 form. It must be noted that the government enhanced the threshold for tax-free long-term capital gains from Rs 1 lakh to Rs 1.25 lakh in the Budget this year. However, the tax rate on long-term capital gains has been increased from 10% to 12.5%. 'This change streamlines the tax filing process, making it more accessible and less burdensome for small investors and salaried individuals, encouraging timely compliance,' says Sandeep Sehgal, partner, tax, AKM Global. However, if a taxpayer earns long-term capital gains in excess of Rs 1,25,000 or any other long term capital gains other than equities or units of business trust or earns short-term capital gains or has carried forward or brought forward capital losses or derived income, the salaried individual would have to fill Form ITR-2 for filing return of income. There is a similar change in the ITR-4, which applies to tax payers resorting to presumptive taxation for their business income.
