CA Lokesh Pratap Singh

FCA , FAFD, CCAB(ICAI), MCC (ICAI), GST (MSME), MCOM (F&T), BCOM (A&F)

[CA Lokesh Pratap Singh @calokesht3]

📢 MCA Update: Small Company Reform

• Paid-up share capital threshold increased to ₹10 crore.
• Turnover threshold increased to ₹100 crore.
• Revised limits expand eligibility for the Small Company classification.

#MCA #CompaniesAct2013 #SmallCompany #CorporateCompliance

[CA Lokesh Pratap Singh @calokesht3]

📄 AIS vs Form 26AS

• Form 26AS mainly reflects tax credits and TDS details.
• AIS provides a broader view of financial information.
• Reconcile both before filing your ITR.

#AIS #Form26AS #ITR #IncomeTax #TaxCompliance #AY202627

[CA Lokesh Pratap Singh @calokesht3]

📌 Section 44AD – Presumptive Taxation

• Eligible taxpayers may opt for the presumptive taxation scheme under Section 44AD.
• Tax liability depends on eligibility, declared income, and applicable provisions.
• Review the scheme carefully before opting.
#Section44AD #IncomeTax

[CA Lokesh Pratap Singh @calokesht3]

📅 ITR-3 & ITR-4 Due Date:

• Due date: 31 August 2026 (AY 2026–27).
• Applicable to eligible businesses, professionals, freelancers, firms, and LLPs.
• Keep books of account and supporting documents ready before filing.

#ITR3 #ITR4 #AY202627 #IncomeTax #TaxCompliance

[CA Lokesh Pratap Singh @calokesht3]

📋 ITR Filing Checklist (Non-Audit Cases)

• Keep business and income records ready.
• Verify GST, capital gains, and other income details.
• Ensure all supporting documents are complete before filing.

#ITR #IncomeTax #BusinessCompliance #AY202627 #TaxCompliance

[CA Lokesh Pratap Singh @calokesht3]

📅 ITR-1 & ITR-2 Due Date

• Due date: 31 July 2026 (AY 2026–27).
• Applicable to eligible individuals not liable for tax audit.
• Keep AIS, TDS, and supporting documents ready before filing.

#ITR #ITR1 #ITR2 #AY202627 #IncomeTax #TaxCompliance

[CA Lokesh Pratap Singh @calokesht3]

📊 Capital Gains Tax Update:

• Holding periods vary across different asset classes.
• STCG and LTCG rules depend on the type of asset.
• Check the applicable provisions before reporting capital gains.

#CapitalGains #IncomeTax #STCG #LTCG #TaxCompliance #FinanceAct

[CA Lokesh Pratap Singh @calokesht3]

📌 ITR Filing: Know When It's Mandatory

• ITR filing may be compulsory in specified situations under the Income-tax Act.
• Check your eligibility before the due date.
• File your return accurately and on time.

#ITR #IncomeTax #AY202627 #TaxCompliance #IncomeTaxReturn

[CA Lokesh Pratap Singh @calokesht3]

📢 MCA Update

• Additional fees for Form DPT-3 have been waived up to 31 July 2026.
• Relief has been provided due to MCA data centre restoration activities.
• Refer to MCA General Circular No. 02/2026 for details.

#MCA #DPT3 #CorporateCompliance #CompanyLaw #MCAUpdates

[CA Lokesh Pratap Singh @calokesht3]

📌 ITR AY 2026–27

• Accurate ITR filing supports financial compliance.
• May be required for loans, visas, and tenders.
• Verify all details before filing your return.

#ITR #AY202627 #IncomeTax #TaxCompliance #FinancialAwareness #IncomeTaxReturn

[CA Lokesh Pratap Singh @calokesht3]

📌 ITR-4 Update

• Eligible presumptive taxpayers may need to disclose specified investments.
• Keep investment records updated.
• Review your ITR carefully before filing.

#ITR4 #IncomeTax #AY202627 #TaxCompliance #IncomeTaxReturn

[CA Lokesh Pratap Singh @calokesht3]

📌 Income Tax Penalty Update

From April 2026, penalties for failure to provide required business information may increase from ₹1,000 to ₹25,000 under the Income Tax Act, 2025.

Timely compliance and proper documentation remain important.

#IncomeTax #TaxUpdate #Compliance

[CA Lokesh Pratap Singh @calokesht3]

📌 GSTR-3B Advisory Confusion

• Jan 2026 advisory mentioned 4 GSTR-3B changes
• Current portal reflects only 3 points
• ITC cross-utilisation update appears missing
• Error LG9079 and later clarifications added confusion

#GST #GSTR3B #GSTUpdate #ITC #TaxCompliance

[CA Lokesh Pratap Singh @calokesht3]

📌 HRA Claim Update
• Relationship with landlord to be disclosed in Form 124
• Applicable for rent paid to parents from 1 April 2026
• PAN required if annual rent exceeds ₹1 lakh
• Proper documentation remains important for HRA claims
#HRA #IncomeTax #TaxUpdate #SalaryIncome

[CA Lokesh Pratap Singh @calokesht3]

📌 Important GST Notices

• GSTR-3A – Return non-filing notice
• ASMT-10 – Return mismatch clarification
• REG-17 – GST cancellation notice
• REG-23 – Revocation application after cancellation
• Timely response helps avoid penalties & legal action
#GST #GSTNotice #TaxUpdate

[CA Lokesh Pratap Singh @calokesht3]

📌 GST Notice Types & Timelines

• CMP-07 – Composition tax issue notice
• RFD-08 / RFD-09 – Refund clarification & rejection matters
• DRC-01 – Tax demand notice requiring reply/payment
• EWB-03 – E-way bill mismatch clarification
• Delayed response may lead to penalties .

[CA Lokesh Pratap Singh @calokesht3]

📌 MCA Stakeholder Advisory

• Raise one ticket per issue for proper tracking
• Re-open unresolved tickets instead of creating duplicates
• Share complete details, screenshots & error messages
• Proper ticket handling helps faster query resolution
#MCA #MCAUpdate

[CA Lokesh Pratap Singh @calokesht3]

• MSME registration provides access to multiple business support benefits
• Includes collateral-free loans, TReDS & procurement support
• Certain subsidies and reimbursement schemes may apply
• Valid Udyam registration and updated details are important for eligibility

#MSME

[CA Lokesh Pratap Singh @calokesht3]

• Updated ITR filing deadlines announced for FY 2025-26
• ITR-3 & ITR-4 due date revised to 31 Aug 2026
• Revised return filing deadline extended to 31 Mar 2027
• Due dates for ITR-1, ITR-2 & audit cases remain unchanged
#ITR #IncomeTax #TaxUpdate #ITRFiling #Compliance

[CA Lokesh Pratap Singh @calokesht3]

• AI-related risks in banking are receiving regulatory attention
• Focus areas include data security and misuse risks
• Stronger oversight and cautious AI adoption are being discussed
• Technology risks are increasingly linked with compliance risks
#AI #Banking #Compliance