Tax Alerts & Circulars.
The latest circulars, notifications, and compliance updates from CBDT, GSTN, and MCA — summarized for Indian businesses.
GSTR-3B deadline for turnover >₹5 Crore is the 20th of this month
Businesses with aggregate turnover exceeding ₹5 Crore in the preceding financial year must file monthly GSTR-3B by the 20th. Non-compliance attracts an interest of 18% p.a.
CBDT extends ITR due date to November 15 for audit cases
The Central Board of Direct Taxes has granted an extension for entities whose accounts are required to be audited, moving the deadline from October 31 to November 15.
E-Invoicing now mandatory for businesses with turnover exceeding ₹5 Crore
From August 1, 2023, e-invoice generation via the IRP is mandatory for entities crossing the ₹5 Crore aggregate turnover threshold. Failure results in invalid invoices for ITC claims.
MCA update: Seamless incorporation of Section 8 companies via SPICe+
The Ministry of Corporate Affairs has streamlined the Section 8 (Not-for-Profit) company incorporation process through the integrated SPICe+ form, reducing approval timelines significantly.
FY 2025-26 Budget: MSME presumptive taxation limit raised to ₹3 Crore
Small businesses opting for the presumptive taxation scheme under Section 44AD can now declare 8% of turnover as profit (6% for digital receipts) up to a revised limit of ₹3 Crore.
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