Announcements

The Ministry of Corporate Affairs (MCA) has mandated that, effective July 14, 2025, companies filing financial statements through eForm AOC-4 XBRL must attach a signed PDF of the authenticated financials, including the Board’s Report, Auditor’s Report, and annexures, as per Section 134 of the Companies Act, 2013.

From July 2025, GST returns cannot be filed after 3 years from their due date. This applies to returns like GSTR-1, 3B, 4, 5, 5A, 6, 7, 8, and 9. If you miss the 3-year deadline, you won’t be able to file the return later and may also lose your Input Tax Credit (ITC).

Taxpayers can no longer able to edit auto-populated values in GSTR-3B. This change is aimed at ensuring consistency with GSTR-1 and reducing mismatches and revenue loss. Any corrections must now be made through GSTR-1A before filing GSTR-3B. It’s important for businesses to reconcile their data accurately and on time to stay compliant.

The CBDT has decided to extend the due date for filing Income Tax Returns (ITRs), originally due by 31st July 2025, to 15th September 2025. This extension comes in light of substantial changes to the ITR forms, the need for system upgrades, and delays in the reflection of TDS credits. A formal notification is awaited.

The Ministry of Corporate Affairs (MCA) has issued a notification extending the due date for filing Form CSR-2 for the financial year 2023-24. According to a notification dated May 19, 2025, the deadline for submitting the form, which pertains to Corporate Social Responsibility activities, has been pushed to June 30, 2025. This amendment was implemented through the Companies (Accounts) Amendment Rules, 2025, which came into effect upon their publication in the Official Gazette. The adjustment specifically alters sub-rule (1B) of rule 12 in the Companies (Accounts) Rules, 2014, substituting the previous deadline of March 31, 2025, with the new June 30, 2025, date.

The Ministry of Corporate Affairs has allowed companies, whose AGMs are due in 2024 or 2025, to conduct them via Video Conference (VC) or Other Audio-Visual Means (OAVM) until September 30, 2025. The same provision applies to EGMs and postal ballots under the specified framework until September 30, 2025.

The Corporate Affairs Ministry (MCA) grants a 5-year extension for "producer companies," offering relief on mandatory dematerialisation of existing shares

Companies (Accounts) Amendment Rules, 2024 require that for the financial year 2023-2024, Form CSR-2 must be filed separately by December 31, 2024, after submitting Form AOC-4

Henceforth, All the process regarding registration of Foreign Companies would be handled by Registrar of Central Registration Centre and not by the respective state Registrars.

The documents regarding the registration shall also be submitted in Form FC-1 to the Registrar, Central Registration Centre

Income Tax Notification: The Central Government has notified that the Unique Identification Authority of India (UIDAI) under clause (46) of section 10 of the Income-tax Act, 1961. This notification grants UIDAI tax exemptions for the following types of income:

• Grants/Subsidies from the Central Government.
  
• Fees and subscriptions, including RTI fees, tender fees, sale of scrap, and PVC card fees.
  
• Charges for authentication, enrolment, and updation services.
  
• Income from term/fixed deposits and interest on bank deposits.
  

The exemption is subject to UIDAI not engaging in commercial activities, maintaining the nature of its specified income, and filing income returns as per section 139(4C). This notification applies to the assessment years 2024-2025 through 2028-2029, corresponding to financial years 2023-2024 through 2027-2028.

The CBIC issued Notification No. 16/2024-Central Tax on August 6, 2024, announcing the dates for implementing changes in GST law as per the Finance Act, 2024. These changes, effective from April 1, 2025, involve the following updates:

• Definition of Input Service Distributor (ISD): ISD can now distribute credits for services taxed under reverse charge.
  
• Mandatory ISD Registration: Offices receiving tax invoices for input services, including those under reverse charge, must register as ISDs and distribute the credit accordingly.
  
• Credit Distribution by ISD: ISDs can distribute credits from input service invoices, including those with tax paid under reverse charge, if the tax is paid by a registered person in the same state as the ISD.

Income tax Update: Long-term capital gains (LTCG) will be uniformly taxed at 12.5% for all classes of assets. The indexation benefit that investors used to get was removed in Budget 2024. Earlier, some assets enjoyed LTCG tax of 20% with indexation and 10% without indexation

Indexation benefit restored for the limited purpose of computing long term capital gains tax liability on sale of immovable property acquired before 23 July 2024 by resident individual or Hindu Undivided Family (HUF).