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🔍 Latest Income Tax Filing Update – July 2025 The Income Tax Department has released the Excel-based offline utilities for ITR-2 and ITR-3 for Assessment Year 2025–26. Taxpayers falling under these categories can now prepare and file their income tax returns using the updated utility tools. 🧾 ITR-2 – Who Should File? ITR-2 is applicable […]
Excel Utilities of ITR-2 and ITR-3 for AY 2025–26 Are Now Live! Read More »
🔍 Overview The Central Board of Direct Taxes (CBDT) has issued Notification No. 74/2025 – Income Tax on 11th July 2025, announcing an important amendment under Section 10(23FE) of the Income-tax Act, 1961. This section provides income-tax exemption to specified persons, mainly sovereign wealth funds (SWFs) and pension funds making eligible investments in India. ✅
CBDT Notification No. 74/2025 – Income Tax (Dated: 11th July 2025) Read More »
1. ITR‑2 & ITR‑3 Utilities Still Pending As of June 2025, the Income Tax Department has only released ITR‑1 and ITR‑4 Excel/online filing utilities.ITR‑2 and ITR‑3—used by: Salaried individuals with capital gains Individuals with multiple properties or foreign assets (ITR‑2) Professionals and business owners (ITR‑3) These forms are still unavailable, causing delays for taxpayers who
🚨 Income Tax Filing Update – AY 2025–26 Read More »
Introduction Running a small business comes with many challenges — managing finances shouldn’t be one of them. Bookkeeping is the backbone of every successful business. Without accurate records, even the best businesses can face financial confusion, tax problems, and missed growth opportunities. At Hemant Consulting, we provide professional bookkeeping services that help small businesses stay
Benefits of Professional Bookkeeping for Small Businesses Read More »
📋 Overview The GSTN has issued an urgent advisory regarding the GSTR‑1 return for the May 2025 tax period (due June 11, 2025).Effective immediately, Table 12 mandates B2B HSN code entries, while B2C entries remain optional. 🔍 The Issue Businesses dealing only in B2C sales (i.e., to end consumers) are facing issues while filing GSTR‑1.
Attention B2C GST Filers: GSTN Advisory on GSTR‑1 Filing Glitch (June 2025) Read More »
What is GST Registration? Goods and Services Tax (GST) is a unified indirect tax system introduced in India in 2017. Any business whose aggregate turnover exceeds the threshold limit (₹40 lakhs for goods, ₹20 lakhs for services in most states) is mandated to register under GST. Even those below the threshold can voluntarily register for
GST Registration Process in India – Step-by-Step Guide | Hemant Consulting Read More »
📌 What is E-Invoicing under GST? E-Invoicing is the system introduced under GST for electronically authenticating B2B invoices through the Invoice Registration Portal (IRP). 🔍 Key Points: Mandatory for: Businesses with annual turnover of ₹5 crore or more. You must generate invoices through your billing/accounting software, which are then uploaded to the IRP. The portal
E-Invoicing & E-Way Bills – Full Clarification Read More »
— Expert Advisory by Hemant Consulting At Hemant Consulting, we specialize in providing compliance-driven GST solutions tailored for businesses, startups, consultants, and service providers. One of the most common and crucial areas where businesses face confusion is Input Tax Credit (ITC) under the GST regime. Here’s a clear, practical explanation to help you claim ITC
📘 Input Tax Credit (ITC) Under GST – A Complete Guide Read More »
🔍 Introduction: In today’s fast-moving business environment, time, accuracy, and compliance are more important than ever. Whether you’re a freelancer, startup, or growing MSME, navigating tax laws and GST filings can be overwhelming. Fortunately, technology is reshaping the way financial services are delivered—and at Hemant Consulting, we’re leading the way. 💡 Key Insights: 1. AI-Powered
How Smart Technology is Transforming Tax, GST, and Financial Services in India Read More »
Under GST law, businesses are entitled to claim Input Tax Credit (ITC) on purchases. However, there’s a critical compliance clause many overlook — ITC must be reversed if the supplier’s invoice is not paid within 180 days. 📌 What the Law Says As per Section 16(2)(d) of the CGST Act: “If the recipient fails to
🔄 ITC Reversal on Non-Payment: What You Must Know Read More »