JRS Consult Which ITR Form to File and Who is Eligible? Filing your Income Tax Return (ITR) correctly is essential to stay compliant with Indian tax laws and avoid penalties. However, many taxpayers get confused about which ITR form they need to file. Here... 12-May-2025
JRS Consult 7 Financial Transactions That Could Trigger an Income Tax Notice in India Managing your finances responsibly is crucial, especially when it comes to high-value transactions. The Income Tax Department in India closely monitors certain financial activities to ensure complianc... 12-May-2025
JRS Consult New Cheque Bounce Rules in 2025: What You Should Know ✅ What’s New in 2025? 1. Stricter Punishment If your cheque bounces due to insufficient funds or on purpose: You can be jailed for up to 2 years (earlier it was 1 year). You may be fined up to twice t... 12-May-2025
JRS Consult GST Return Update: An important announcement by GSTN Invoice-wise Reporting in GSTR-7 Starting April 2025 The Goods and Services Tax Network (GSTN) has announced a significant update to the GSTR-7 form, introducing invoice-wise reporting starting from ... 07-May-2025
JRS Consult Do You Need to File Form 10-IEA for Opting Out of the New Tax Regime with Every ITR Form? The income tax regime underwent a significant shift starting Assessment Year (AY) 2024–25 , with the new tax regime (Section 115BAC) becoming the default option for taxpayers. However, many individual... 07-May-2025
JRS Consult CBDT Notifies ITR-2 For FY2024-25 Get Ready for AY 2025-26: Key Changes in ITR-2 Filing You Must Know! The Income Tax Department has introduced crucial updates in the ITR-2 form for AY 2025-26. These changes aim to enhance transparenc... 05-May-2025
JRS Consult Changes Introduced in the New ITR-3 and ITR-5 Forms Notified for Assessment Year 2025-26 The CBDT has notified key changes introduced in Income Tax Return (ITR) Form 3 and Form 5 for the Assessment Year (AY) 2025–26. These forms apply to income earned during the Previous Year 2024–25. The... 04-May-2025
JRS Consult CBDT Releases Updated Income-tax Act, 1961 Incorporating 2025 Amendments The Central Board of Direct Taxes (CBDT) has published the latest version of the Income-tax Act, 1961, reflecting all amendments introduced by the Finance Act, 2025. This consolidated version is now a... 04-May-2025
JRS Consult 🚨RBI IMPOSES PENALTY OF RS. 2.206 CR ON 5 MAJOR BANKS FOR LACK OF REGULATORY COMPLIANCE 🚨 The Reserve Bank of India (RBI) has imposed monetary penalties totaling ₹2.206 crore on five major Indian banks for lapses in regulatory compliance. The penalties, announced on May 3, 2025, target ICI... 04-May-2025
JRS Consult GST Compliance Calendar for May-25 🗓️ GST Compliance Calendar – May 2025 Staying on top of your GST compliance is essential for smooth business operations and avoiding penalties. Here is a detailed calendar of key GST due dates for May... 03-May-2025
