Mutual Credit Guarantee Scheme for MSMEs 

Union Finance has launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS – MSME) for facilitating loans upto Rs. 100 crore to MSMEs for purchase of machinery or equipment without collateral, in pursuance of the Union Budget 2024-25 announcement.

Understanding TDS on Salaries for FY 2024-25 

The Central Board of Direct Taxes (CBDT) has issued *Circular No. 3/2025, providing crucial updates on *Tax Deducted at Source (TDS) on salaries for the financial year *2024-25. This circular incorporates amendments from the **Finance (No. 2) Act, 2024, **Finance (No. 1) Act, 2024, and *Finance Act, 2023.

Extension of due date for filing of Form No. 56F under the Income-Tax Act, 1961

In light of the challenges reported by taxpayers and other stakeholders in meeting the deadline for filing the accountant’s report under sub-section (8) of section 10AA (Form 56F), read with sub-section (5) of section 10A of the Income-tax Act, 1961 (‘the Act’), and to prevent genuine hardship in such cases, the Central Board of Direct Taxes has extended the deadline for filing the accountant’s report for Assessment Year 2024-25.

Schedule A Demo