Understanding Mandatory ITR Filing Conditions for FY 2025-26 According to the Income Tax Act of 1961, as outlined in the seventh provision to section 139(1), taxpayers are required to file their income tax returns even if their total income falls below the basic exemption limit, provided that specific conditions are met. Additionally, Rule 12AB establishes further criteria that mandate return filing. Here are some key conditions included in this rule: Business Turnover Crosses ₹60 Lakh:  Businesses with total sales, turnover, or gross receipts exceeding ₹60 lakh during the financial year 2025-26 are required to file an income tax return. This mandate ensures compliance with tax regulations and helps maintain accurate financial records for the business. Tax Professional’s Income Above ₹10 Lakh:  If you are someone who works in a profession, you need to file an income tax return (ITR) if your total earnings for the financial year 2025-26 exceed ₹10 lakh. TDS and TCS Amount of ₹2...

GST ITC-4 Form Explained Form GST ITC-04, prescribed under Rule 45(3) of the CGST Rules, is a mandatory declaration filed by a principal manufacturer to report the movement of inputs and capital goods sent to and received back from a job worker. It tracks inventory across all stages, including transfers between job workers and direct supplies made from a job worker's premises. The form captures key compliance details, such as the job worker's GSTIN, delivery challan numbers and dates, item descriptions, quantities, taxable values, and applicable tax rates. Understanding Job Work Under GST Rules Under Section 2(68) of the CGST Act, 2017, job work means any treatment or process undertaken by a person on goods belonging to another registered person. The person carrying out such treatment or process is referred to as the job worker. Who Must File Form GST ITC-04? A registered principal sending inputs or capital goods to a job worker must furnish the prescribed information in F...