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An influential move has been taken by the Goods and Services Tax Network (GSTN) to ease the GST registration processes, introducing a new verification procedure for applicants from Uttar Pradesh (U.P.). GST registration applicants under the advisory on 16 March 2025, may now be identified on the GST portal using data analysis and risk parameters, mandating them to complete biometric-based Aadhaar authentication. They shall be required to furnish a photograph and present the original copies of documents uploaded with the application. Date of Implementation and Processing GSTN has made the new functionality and has started in Uttar Pradesh from 15th March 2025. The same feature introduces document verification and an appointment booking system for the petitioner determined for biometric authentication. Steps in the Revised Authentication Process  An applicant on submitting Form GST REG-01 will get an email that has either- A link for the OTP-based Aadhaar Authentication, permit...

Taxpayers are confused often about choosing an effective income tax regime. For a specific fiscal year income tax department permits the person to choose their preferred income tax regime with the frequency of switches allowed based on the person's profession or particular criteria specified in the tax norms. The two tax regimes are available old tax regime and the new tax regime. Following the union budget 2023, the new tax regime acts as the default option. While submitting proofs and tax return filing the taxpayers should signify their chosen tax regime.  Switching B/W New and Old Tax Regimes If you are keen on tax saving instruments though realize that you are not able to claim the deductions for them as of not notifying your employer of choosing from the old tax regime then there is a solution. Switching between the Old Regime and the New Regime is feasible for the persons permitting their annual tax regime to alternate between the older and the new regimes if specific condi...

The Bengal government, led by CM Mamata Banerjee, has launched a new initiative called the GST Amnesty Scheme. This program is designed to help collect unpaid Goods and Services Tax (GST) from 2017 to 2020. It comes in response to many taxpayers' challenges when the GST system was first introduced. The scheme, introduced by adding Section 128A to the CGST Act , offers a waiver of interest and penalties on specific tax demands raised under Section 73 for the financial years 2017-18, 2018-19, and 2019-20.  To benefit from this scheme, taxpayers must pay the full tax amount by March 31, 2025, and submit their application online through the designated portal by June 30, 2025.  The Directorate of Commercial Taxes is reaching out to around 20,000 taxpayers within the state to address about 34,000 requests for tax payments. They want to help these individuals settle their outstanding tax dues. The Directorate has started outreach programs with various groups, such as trade associatio...

Income Tax Return Filing- The normal Income tax return filing due date for AY 2024-25 ended on July 31, 2024. On December 31, 2024, the due date to file a belated ITR with a penalty amount of Rs 5000 will end. The Income Tax Department after the July 31 deadline will provide different categories of taxpayers with specific deadlines to furnish income tax return filing (ITR) . For instance, the tax department has extended the ITR filing date for those who require the audit of their accounts from 31st October 2024 to 15th November 2024. Below we talk 5 amendments in the rules of the income tax concerning tax returns filing via the taxpayers. With New Form 26AS Improved Tax Transparency The introduction of the new Form 26AS furnishes the complete data to the taxpayer along with the details of tax deductions or collections at source, demands, payment of taxes, specified financial transactions (SFTs) and refunds. Also, the inclusion of SFT data assures that the taxpayers know about their tra...

Compliance with PF and ESI Regulations Complying with India's payroll tax regulations is a critical responsibility for employers, aimed at fostering a fair work environment. Among these regulations, the rules governing Provident Fund (PF) and Employees' State Insurance (ESI) are particularly vital.  These ensure employee savings and health benefits while holding businesses accountable to safeguard their workforce's interests. However, managing compliance can be challenging due to evolving laws, intricate documentation, and the need for precise record-keeping. Non-compliance not only attracts penalties but can also damage a company’s reputation. Employers must grasp the fundamentals of these rules to effectively navigate their obligations.  PF serves as a retirement savings scheme, requiring contributions from both employers and employees, which grow over time with compounded interest. ESI, on the other hand, provides medical and financial benefits through a shared contr...

This article will furnish a comprehensive understanding of how to apply and get your PAN 2.0. Permanent Account Number (PAN) has been essential for financial activities in India for a long time. Now, with the introduction of PAN 2.0 . It is secure and has been tech-friendly compared to before, and has the feature of a QR code for easy verification and improved encryption. Comply with the below-mentioned steps to get your PAN 2.0 without any hardship: Steps to Apply New PAN 2.0 Online Step 1: See what's New with PAN 2.0 QR Code: Date of Birth, Your name, and Photo for Seamless Authentication Better Security: Advanced Encryption Reduces Fraud Risks Digital Option: The e-PAN, a digital version of your card, is quick and easy to access. Step 2: Check If You're Qualified Indian Citizens are required to use Form 49A Foreign Nationals are required to use Form 49AA What is the need: It's obligatory for tax filing, large deposits, property purchases, and more Step 3: Choose y...