India

S. No	Due Date	Related to	Compliance to be made
1	11.09.2025	GST	Filing of GSTR-1 for August 2025.
2	13.09.2025	ISD	Filing for the month of Aug 2025
3	20.09.2025	GST	- Payment & filing of GST return for the Month of August 2025 - Form GSTR 3B
4	07.09.2025	TDS/TCS (Income Tax)	· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of August 2025. · Deposit TDS from Salaries deducted during the month of August 2025 • Deposit TCS for collections made under section 206C including sale of scrap during the month of August 2025, if any • Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of August 2025, if any
5	30.09.2025	Income tax	Filing of Income tax return for the Corporate assesses (or) Non-Corporate assesses (Whose books of accounts are required to be audited U/s 44AB of IT act 1964 (or) working partner (of a firm whose books of accounts required to be audit (in case of Assesses not having international or specified domestic transaction). (All Sasken Trust Returns must be filed) Due date of Filing Form 10B for exempted Institution
6	15.09.2025	Income Tax	Payment of Advance tax for the Corporate and Non Corporate assesses –Amount not less than 45% of tax payable respectively.

 

7.         30.09.2025       Income tax        Form 10BB of Charitable Trust         

8.         15.09.2025       Income Tax       ITR filing for  Trust with no audit. 

Understanding the Tax Mystery Around Voluntary ESOP Compensation in India

 Employee Stock Option Plans (ESOPs) are a popular way for companies, especially startups, to reward and retain employees. They give employees the right to buy company shares at a fixed price in the future. However, sometimes unexpected events—like a corporate restructuring—can reduce the value of these ESOPs even before employees get a chance to use them.

Ind AS 2nd Amendment Rules, 2025

 The Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2025, introducing significant updates across 12 Ind AS standards. These changes, effective from 1 April 2025, aim to align Indian accounting practices more closely with international norms (IFRS), while enhancing transparency and legal clarity in financial reporting.

How Foreign Travel Expenses Impact Your Taxes

 

If you’re planning an overseas vacation and spend more than ₹2 lakh on foreign travel, you must file an Income Tax Return (ITR)—even if you don’t have taxable income. This requirement, introduced under the seventh proviso to Section 139(1) of the Income Tax Act, ensures that high-value foreign transactions are disclosed to the tax department.

Presidential Assent Granted to Revised Income Tax (No. 2) Bill 2025 and The Taxation Laws (Amendment) Bill 2025

 The Government of India has completed a major step in overhauling direct tax legislation. The Revised Income Tax (No. 2) Bill, 2025 (Revised ITB 2025) and the Taxation Laws (Amendment) Bill, 2025 have both received Presidential Assent on 21 August 2025, making them law.

TP Compliance Chart FY 2024-25

 

Service Tax on Export of Services: End of an Era, Finally!!!

The levy of service tax in India, initially an unlisted subject under the Constitution, began as a selective tax in 1994 on a handful of services, expanding significantly to over 100 taxable services by 2012. In July 2012, to streamline the process and address ambiguities, the law transitioned to a 'negative list' regime, taxing all services unless explicitly exempted. However, this transition did not entirely resolve the complexities surrounding the "export of services".

ITAT Mumbai on Dividend Distribution Tax

 In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has addressed the complex issue of Dividend Distribution Tax (DDT) in the case of Polycab India Ltd. v. ACIT (2025). The matter revolved around dividends paid by Polycab India to the International Finance Corporation (IFC), an entity that enjoys complete immunity from Indian taxes under the IFC Act, 1958. The key question was whether DDT, though levied on the distributing company, could apply in situations where the shareholder itself is internationally tax-immune.

Key Highlights of International Taxation Case Law (April – June 2025)

The April–June 2025 quarter witnessed several important judicial rulings in international taxation, shaping the interpretation of Double Taxation Avoidance Agreements (DTAAs) and cross-border transactions. Courts and tribunals across India clarified the scope of royalty, fees for technical services (FTS), permanent establishment (PE), and capital gains taxation for foreign entities.

Revised Income Tax Bill 2026: Key Changes and Their Impact

 The Indian Parliament has replaced the previous Income Tax Bill with a revised version, aimed at removing ambiguities and aligning the law with the existing Income Tax Act. The new bill is expected to simplify the complex tax structure and reduce compliance burdens. Here's an overview of some important provisions in the revised bill, effective from April 1, 2026:

Mumbai ITAT Rules in Favor of Deduction for ESOP and ISOP Costs – A Landmark Decision

 On 31st July 2025, the Mumbai Income Tax Appellate Tribunal (ITAT) delivered a significant ruling in the case of Procter & Gamble Hygiene and Health Care Limited, which has far-reaching implications on the tax treatment of employee stock-based compensation.

Key Issue

Lupin Buyback Case: Tribunal Says No Tax Under Section 56(2)(viia)

In a recent case, the Mumbai Income Tax Tribunal ruled in favor of Lupin Investments Pvt. Ltd., stating that buyback of a company’s own shares is not taxable under Section 56(2)(viia) of the Income Tax Act.

🔍 Background

• In 2016, Lupin bought back its own shares from shareholders and cancelled them.

• The tax officer (AO) claimed the shares were bought at a lower value than their fair market value and tried to apply Section 56(2)(viia) to tax the difference.

• The officer calculated a tax addition of ₹34.71 crore.

🧾 Tribunal's View

• Section 56(2)(viia) applies only when a company or firm receives shares of another company at a lower value.

• Since Lupin bought back its own shares, the shares didn’t become its “property,” and they weren’t from another company.

• So, this section doesn’t apply to buybacks.

🏛️ Issue of Assessment Order

• The first tax order was issued in the name of Zyma Laboratories, which no longer existed after merging with Lupin.

• That order was unsigned and considered invalid.

• A second, signed order was issued in Lupin’s name and was accepted as valid.

✅ Key Takeaways

• Buybacks of own shares are not taxable under Section 56(2)(viia).

• Tax orders must be properly issued in the name of the correct and existing company.

India’s Supreme Court Ruling May Lead to More Taxes for Foreign Companies

India’s Supreme Court recently ruled that Hyatt International Southwest Asia Ltd., a company based in the UAE, has a "permanent establishment" (PE) in India. This means Hyatt may now have to pay taxes on its Indian income, even though it didn’t have a physical office or full-time staff in the country.

HC upholds validity of consolidated show cause notice issued for multiple financial years

 This Tax Alert summarizes the recent ruling of the Delhi High Court (HC) on validity of consolidated show cause notice (SCN) issued for multiple financial years.