In the course of business, it is not uncommon to find outstanding balances in the names of trade creditors that remain unclaimed or where the supplier becomes untraceable. Many entities, after a reasonable period, choose to write off such balances by transferring them to the Profit & Loss Account. While the income-tax implications of such write-offs are well-settled under Section 41(1) of the Income-tax Act, 1961, the question arises—does such a write-off attract GST?
Yes, the Income Tax Return (ITR) of a deceased person must be filed, if that person had taxable income up to the date of death.
The Income-tax Act, 1961 clearly requires that legal heirs or representatives take responsibility for filing it. Here’s a structured explanation:
As the due dates for filing Income Tax Returns (#ITRs) for Assessment Year (AY) 2025–26 approach, taxpayers and professionals alike must ensure that returns are filed accurately, timely, and in compliance with the latest regulatory changes. Despite increased awareness and digitization, several common errors continue to recur each year—some of which may lead to notices, penalties, or delayed refunds.
Here are the top five mistakes to avoid while filing your ITR this year:
चार्टर्ड अकाउंटेंट (#CA) या कोई भी व्यक्ति जो बौद्धिक कार्य करता है — जैसे अकाउंटिंग, लॉ, टैक्सेशन, फाइनेंस, कंसल्टिंग — उसके लिए उत्तर-पूर्व दिशा (ईशान कोण) का विशेष महत्व है।
क्यों?
Section 144B of income Tax Act 1961 provides the statutory framework for faceless (electronic) income-tax assessments — i.e., assessments done through a National Faceless Assessment Centre (NaFAC) and assigned to remote units without any physical, face-to-face interface.
I am givng here Step-by-step flow that is 'what happens and where to look' when for faceless assessment:-
· GST स्लैब को सिर्फ दो प्रमुख दरों में घटाकर 5% और 18% किया गया।
· उच्च दर (28%, 12%) को कम कर मुख्य रूप से उपभोक्ता वस्तुओं पर टैक्स कम किया गया।
· उद्देश्य: टैक्स व्यवस्था सरल बनाना, उपभोक्ता वस्तुओं की कीमतें कम करना, घरेलू मांग बढ़ाना और अर्थव्यवस्था को बढ़ावा देना।
Next-generation GST reforms, as announced by Prime Minister Shri Narendra Modi from the ramparts of Red Fort on 15th August 2025, represent a strategic, principled, and citizen-centric evolution of a landmark tax framework, which will enhance the quality of life of every last citizen
GST Council approves reforms with a multi-sectoral and multi-thematic focus on improving the lives of all citizens and ensuring ease of doing business for all, including small traders and businessmen
If you have created HUF and want open Bank Account with Bank ,Bank may ask Declaration to submit .below is given a format for that :-