Elizabeth

Qualified Professional.

[Elizabeth @ElizabethD5593]

@FCSJigarShah @imeerage But there will some issues in your phone and ask your friend to book the ticket, then?
The TT should have provision to check transaction ID and should block the ID if more than one person use the same id this will be caught.

[Elizabeth @ElizabethD5593]

@YashDhanuka14 True

[Elizabeth @ElizabethD5593]

@cadeepakgupta_ [email protected]

[CA Himank Singla @CAHimankSingla]

𝗛𝗨𝗚𝗘 𝗖𝗛𝗔𝗡𝗚𝗘𝗦 𝗜𝗡 @theicai 𝗨𝗗𝗜𝗡 𝗣𝗢𝗥𝗧𝗔𝗟 𝗙𝗢𝗥 𝗨𝗗𝗜𝗡𝘀 𝗥𝗘𝗟𝗔𝗧𝗘𝗗 𝗧𝗢 𝗧𝗔𝗫 𝗔𝗨𝗗𝗜𝗧𝗦! 🔥🔥

1. New checklist introduced when selecting Section 44AB(e) clause during UDIN generation to STRICTLY identify Section 44AB(e) applicability of Tax Audits and prevent misuse of 60 Tax Audits limit in other clauses.

2. New fields entered in UDIN particulars for clauses where presumptive scheme was not applicable.
a) Whether Audit Report is original or Revised ?
b) If Revised TAR, enter UDIN of original TAR.
c) Nature of TAR assignment - Head Office or Branch (in case separate UDINs each are being made for Head Office and Branch)

3. New UDIN Dashboard introduced showing UDINs Quota Count section, Separate display for Total Tax Audit Count & Remaining Tax Audit Count

[Income Tax India @IncomeTaxIndia]

Attention taxpayers!
The Excel utility and Online filing for ITR-1 and ITR-4 for AY 2026-27 has been enabled and is now available for taxpayers on the e-Filing portal.

@nsitharamanoffc @officeofPCM @FinMinIndia @PIB_India

[CAclubindia @CAclubindia]

🚨 Big change for every salaried Indian.

The Govt just introduced Form 122 under the #IncomeTax Act 2025. If you have multiple income sources, this form is now YOUR best friend.

Here's what you MUST know 🧵👇

[Elizabeth @ElizabethD5593]

4th installment of advance tax

[Hiren Bhandari @hirenbhandari_]

TDS Framework Changing from 01.04.2026

Under the Income Tax Act, 2025, the entire TDS structure is being reorganised.

• No change in rates or thresholds
• Old sections like 194C, 194J, 194H replaced by table-based references
• New payment codes (1001–1067) for challans & returns
This is a structural shift, not a tax change — but systems and accounting software will need updates.
I’ve prepared a simple transition reference note for professionals and finance teams.

Link - https://t.co/i6YSLIjYgB

PDF- https://t.co/CMzF1OPJKa

[Elizabeth @ElizabethD5593]

@cadeepakgupta_ [email protected]

[CA Akhil Pachori @akhilpachori]

#Budget2026 Highlights

- 🧾 New Income Tax Act, 2025 effective from 1 April 2026
- 🗂️ Simpler income tax forms to be notified soon

Revised ITR Filing Timelines

- 📄 ITR-1 & ITR-2: Due date 31 July
- 🏢 Non-audit business & trusts: Due date 31 August
- 🔁 Revised return filing allowed up to 31 March with nominal fee

Foreign Income & Asset Disclosure

- 🕕 One-time 6-month foreign asset disclosure scheme
- 👨‍🎓 Applicable to small taxpayers, students & NRIs
- 🛡️ Disclosure with immunity, subject to conditions

International Taxation & Incentives

- 🌐 Tax holiday till 2047 for foreign companies providing cloud services in India
- 📉 MAT exemption for non-residents opting for presumptive taxation

TCS Rationalisation

- 🧳 TCS on overseas tour packages reduced from 5%/20% to 2%, no limit
- 🏥 TCS on medical & education remittances reduced from 5% to 2%

TDS & Withholding Tax Changes

- 🧑‍💼 TDS on property purchase from NRIs using PAN instead of TAN
- 👷 Supply of manpower services under Section 194C

Exemptions & Relief Measures

- 🚗 MACT interest income exempt from tax for natural persons
- ❌ No TDS on MACT interest
- 🌾 Co-operative sector dividend income exempt, subject to conditions

Compliance Simplification

- ⏳ Safe harbour applications valid for 5 years
- 📘 Definition of “accountant” rationalised
- 🧾 Late Tax Audit Report submission treated as Late Fees

Capital Markets

- 📊 STT on Futures: 0.02% → 0.05%
- 📊 STT on Option Premiums: 0.10% → 0.15%
- 📊 STT on Option Exercise: 0.125% → 0.15%

Customs & Trade Facilitation

- 👟 Increased duty-free goods limit for inputs, leather & synthetic footwear

Penalty Provisions

- 🚨 Misreporting income attracts 100% penalty of tax amount
- 🛡️ Immunity schemes expanded to cover specified cases

[Elizabeth @ElizabethD5593]

@cadeepakgupta_ @PratibhaGoyal [email protected]

[Elizabeth @ElizabethD5593]

@cadeepakgupta_ AI

[Deepak Gupta @cadeepakgupta_]

AI is transforming GSTR-2B & 3B reconciliation.
No more VLOOKUP dependency, missing invoice issues, or manual cross-checks.
Interested in learning the workflow?
Share your email below.

[Deepak Gupta @cadeepakgupta_]

10 AI Skills you need in 2026

If you want to stay relevant, not replaceable.

Want to learn these AI skills ?

Join my FREE masterclass on How to Automate CA Practice

Comment "AI" and I"ll share the link

[CA Bimal Jain @BimalGST]

Very Important Judgment for Genuine & Honest Taxpayers” ⚖️

🏛️ HC: Reading down Section 16(2)(c) allows ITC availed by bona fide recipient despite supplier’s default

📌 Five Key Takeaways from the Tripura High Court ITC Ruling:

🔹 Denial of ITC solely due to supplier’s default is unjust for bona fide buyers: The Court held that Section 16(2)(c) fails to distinguish between bona fide purchasing dealers who have complied with all statutory requirements and those involved in non-genuine transactions. ⚖️ Penalising compliant buyers for a supplier’s failure to remit GST amounts to an unfair and unintended consequence of the provision.

🔹 Purchasers cannot be expected to perform the impossible: The Court recognised the practical impossibility for a purchaser to verify whether a supplier will ultimately deposit GST with the Government. 🚫 Since the law provides no mechanism for such verification, denying ITC on this basis alone is unreasonable.

🔹 Section 16(2)(c) must be read down, not struck down: While upholding the constitutional validity of Section 16(2)(c), the Court read it down 📖 to apply only in cases of non-bona fide, collusive, or fraudulent transactions, thereby protecting genuine taxpayers from automatic ITC denial.

🔹 ITC denial leading to double taxation is contrary to GST’s design: The Court observed that denying ITC to a purchaser who has already paid tax to the supplier effectively results in double taxation 🔁. Since GST is designed to eliminate cascading tax effects, such denial defeats the very purpose of the ITC mechanism.

🔹 Judicial consistency with earlier High Court and Supreme Court-approved principles: Relying on established jurisprudence (including Delhi and Gauhati High Court rulings affirmed by the Supreme Court) 🏛️, the Court affirmed that ITC should not be denied to bona fide purchasers without evidence of fraud, collusion, or revenue loss caused by the buyer.

🚀 Practical Impact: This ruling significantly strengthens the position of genuine taxpayers and provides a strong defence 🛡️ against ITC denial notices issued solely due to supplier non-compliance—especially where transactions are well-documented and bona fide.

Tripura HC - Sahil Enterprises v. Union of India & Ors. [WP(C) No.688 of 2022]

#GST #GSTUpdate #GSTCaseUpdate #AdvBimalJain #GSTwithBimalJain #a2ztaxcorpllp #GSTUpdate #GSTcaseLaw

[Abhishek Raja "Ram" @abhishekrajaram]

Rule 33: Pure agent reimbursements excluded

Conditions:
➤Payment to 3rd party on recipient's authorisation
➤Separately indicated in invoice
➤Additional to supplier's own services

Pure Agent: Contractual, no title/own use, recovers ONLY actual amount.

Eg: Recovering statutory RoC fees from client – pure disbursement, not taxable!

[Abhishek Raja "Ram" @abhishekrajaram]

Determination of Valuation Under GST Rules.

Rule 27: Value of supply of goods or services where consideration is not wholly in money

Key Points / Method of Valuation:
➡️Value = Open market value (OMV)

➡️If OMV not available → Value of supply of like kind and quality

➡️If not determinable → Rule 30 or Rule 31 (cost-based or residual method)

[Ajay Gupta @ajayguptaca]

Thanks @MCA21India for removing annual DIR-3 KYC 👍

Earlier:
✔️ DIR-3-KYC or DIR-3-KYC-WEB
✔️ Annual filing every year

Now (w.e.f. 31-03-2026):
🔹 Filing once every 3 years (by 30 June)
🔹 Mandatory update within 30 days of any change

A welcome rationalisation. ✔️

[Deepak Gupta @cadeepakgupta_]

Dear CAs — stop wasting hours on manual balance confirmations. ⏱️

With AI, you can sync party data, auto-draft SA 505 emails, and send confirmations in bulk — in minutes.

It’s time for smart auditing.

Free masterclass on 11 Jan, 11 AM.
Comment your email — I’ll share the link. 🚀

[Taxation Updates (CA Mayur J Sondagar) @TaxationUpdates]

31/12/2025 - Due Date to file Belated/Revised ITR for FY 2024-25

16/09/2025 - Due Date to file Original (Non Audit) ITR for FY 2024-25

10/12/2025 - Due Date to file Original (Audit) ITR for FY 2024-25

Kindly extend the Due Date for Belated/Revised ITR by 1 month to 31/01/2026 - After 31/12/2025 tax payer can filed Updated ITR but through Updated ITR he cant claim Tax Refund and also Additional 25% Tax will be there on Tax Liability

This year due to extension of original dates the time period for Revision of ITR get Reduced

@IncomeTaxIndia