TaxonTrack Solutions

22/05/2026

22/05/2026

Foreign trip or income tax ka notice??🤔😱🥹

20/05/2026

April GSTR3B file ho gyi?

19/05/2026

12 lakh tak imcome par 0 tax

19/05/2026

GSTR-3B April 2026 Due Date 🚨 | Last Date 20 May | Avoid Late Fees!

19/05/2026

SIP kya hai?

28/07/2025

The MCA responded to a question in the Lok Sabha on July 21, 2025, explaining what action is being taken against companies that delay payments to Micro and Small Enterprises (MSMEs).
⚖️ What does the law say?
Although the Companies Act, 2013 does not directly deal with settling dues between companies and creditors (like MSMEs), it does require certain companies to report any pending dues to MSMEs.

📝 MSME Form-1 Requirement
Companies that have unpaid bills to micro or small businesses must file a form called MSME-1 with the government.

How often?
Twice a year:

By April 30 (for dues as of March 31)

By October 31 (for dues as of September 30)
What does the form show?
It lists all outstanding payments that are over 45 days old and not yet paid to MSMEs.
🚫 What if companies don’t comply?
If a company fails to file MSME-1 on time:

The company and the responsible officers will be fined:

₹20,000 (one-time penalty)

Plus ₹1,000 per day until they comply (up to a maximum of ₹3,00,000)
🔍 What is MCA doing?
MCA is monitoring companies’ compliance with this rule. If companies delay payments to MSMEs and don’t file the MSME-1, they can face penalties under the law.

18/07/2025

🚨 No GST on UPI payments over ₹2,000 – Govt Clarifies! 🇮🇳💸

There’s been some confusion recently, but the Finance Ministry has officially cleared the air:
👉 No GST will be charged on UPI transactions, even for amounts above ₹2,000.

✅ UPI payments remain 100% GST-free
✅ No Merchant Discount Rate (MDR) = No GST
✅ Govt continues to promote digital payments in India

With ₹260 lakh crore worth of UPI transactions handled last year alone, India remains a global leader in real-time digital payments! 🌐📲

14/07/2025

*IT dept raids underway at 200+ premises for fake deductions under political donations, tuition, medical claims*

The Income Tax Department on Monday launched large-scale search operations across the country targeting individuals and entities accused of facilitating fake tax deductions.

Raids are currently underway at more than 200 premises linked to people who allegedly helped taxpayers claim false deductions under various heads, including political donations, tuition fees, and medical expenses.
Investigators allege that several intermediaries have been arranging bogus donations—sometimes routed through unregistered or dubious entities—to help taxpayers artificially lower their tax liability.

Apart from political donations, the raids are also targeting networks accused of enabling fraudulent claims on tuition fees, medical reimbursements, and other deductible expenses.

14/07/2025

CAPITAL GAINS DISCLOSURE MANDATORY!