GetSetTax™

We are a group of Chartered Accountants & Finance professionals providing services under Direct & Indirect Tax, Corporate law and business advisory services !!

[Abhas Halakhandi @AbhasHalakhandi]

CBDT Circular 6/2026 gives welcome condonation relief for Form 10AB in 80G renewal cases (and not 12A cases)

📌Application filed after the due date 30th Sep are condoned if filed till 31st Mar 2026

📌Reason : 12A has a condonation provision in the Act itself, but 80G does not!!

📌Still, similar blanket relief for 12A is needed to avoid discretion-based decisions by respected Commissioners

📌Also, Circular 5/2026 appears missing on the IT website.After Circular 4 directly Circular 6 is appearing/issued.

[Abhishek Raja "Ram" @abhishekrajaram]

Rule 86B: Whether the limit of 1% has to be checked individually (CGST, SGST & IGST) or the limit is cumulative?

1️⃣ Intent of Rule 86B

Rule 86B states:
“…the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability in cases where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds [₹50 lakhs]…”
The term “output tax liability” has not been split into CGST, SGST, IGST separately in Rule 86B; it refers to overall output tax liability for the period.
The Rule is worded to apply to total output tax liability, not individually for each tax head.

[Abhas Halakhandi @AbhasHalakhandi]

"Har din ek nayi Jung hai — For a GST Professional!"

📌 Applied Refund under SEZ Category-Got Deficiency Memo pointing out specific issues.
✅ Reapplied with all corrections, resolving every pointed deficiency.

🚫 Now, a new Generalised Deficiency Memo arrives — this time saying: "Documents are not legible / not attached/incomplete" without mentioning the documents which are not legible/not attached/incomplete⁉️

Only problem may be, I am sitting miles away from the Jurisdiction office

@cbic_india @cgstcushyd Please help in getting a clear and specific list of deficiencies, so that I can address them properly🙏

[Abhas Halakhandi @AbhasHalakhandi]

Recently came across the Administrative Handbook the Income Tax Dept – Rajasthan via @RASharma_CA.

Very useful – provides updated contact info of all officers across the state.
🔗 https://t.co/p4uJa6t1Tk

Also found this PAN-India 2025 Handbook (via Google) 🔗https://t.co/oDT4amk10t

#IncomeTax

[Abhas Halakhandi @AbhasHalakhandi]

Dear @theicai, a humble request as a member from Tier 2/3 CA community 🙏

📌 Most MSMEs in Tier 2/3 cities still prepare T-format financials without comparative data.

📌This format is legally valid, understood by stakeholders & does not compromise the true & fair view.

Mandating a vertical format with prior-year comparison imposes a disproportionate burden—especially on MSMES which are working with limited resources in highly competitive space without serving any meaningful/productive purpose

Please consider making the format recommendatory again!!

Request professionals and MSMEs to retweet the same if you share same opinion, otherwise enlighten about the 'actual' benefits of new format in comments 👍

[CA Himank Singla @CAHimankSingla]

BREAKING: UDIN PORTAL UPDATE: While generating UDIN for SRS 4410 (Provisional Financial Statements), please note:

✅ New fields like KAM, EOM, and Other Matters are now appearing.

Ensure these are reviewed and filled wherever applicable before submission.

This change is now live on the UDIN portal.

Note: I am still unclear what to select for Non-Corporate Provisional Statements : Listed Company or Unlisted Company.

Maybe @theicai will come up with some clarification.

[CA Harshil sheth @CA_HarshilSHETH]

CAPITAL GAINS MASTER CHART | FOR LAW POSITION AFTER 23-07-2024 🚨
Covers drastic regime changes in a single glance!

A Master chart for all types of capital assets— contanining all factors at one place-
📌 Types of Assets
📌 Period of holding (LT/ST)
📌 Applicable tax rates post 23-7-2024 reforms

Feedback welcome.
_________________________________

Like this, Get equipped with drastic changes in Capital Gain , slab rates and TDS TCS changes.

ITRR 4.0 ( my latest book) covers All Just in 120 pages covering key 35 Income Tax topics updated for AY 2025-26 & 2026-27.

Subscribe for the digital version by making a payment of Rs. 199 at this link – https://t.co/V3RmBReDfB - ITRR 4.0  - All updated for AY 2025-26 & AY 26-27

Very helpful resource for Coming ITR And Audit season

By CA Harshil Sheth

[CA Himank Singla @CAHimankSingla]

@Infosys_GSTN I have described the exact problem in your Portal. I don't have the necessary time and resources to lodge ticket for each and every case!
Do the research yourself and resolve the issue.

[Amit Sharma 🇮🇳 @amitca]

@KasturiSH11 @abhishekrajaram Please go into the reason for the question and not the question that is posted.
For a person who is into this profession , it's not a Inter / Final level question, it's an observation.

[CA Akhil Pachori @akhilpachori]

AI in ICAI launches the AI powered ICAI GPT: Guide for Non Corporate, LLP, NPOs

Designed to simplify the preparation and presentation of financial statements for:

✅ Non-Corporate Entities
✅ LLPs
✅ NPOs
🔗 Explore now: https://t.co/tA4WqzMdx2

@AIinICAI #ICAI

[CA Harshil sheth @CA_HarshilSHETH]

DUE DATES SCHEDULE -
31st July – Non-audit ITRs (file with half-cooked Lately issued utility!)
30th Sept – Tax Audit (sprint begins in August)
31st Oct – Audited ITRs & their partner's ITR (Only one month we get. Also Navratri and Diwali around)
31st Dec – GSTR 9/9C (Again only two months)

Why not just shift everything by 45 days... PERMANENTLY?

No, not because we love extensions.

It’s because somehow, we’re expected to transform into superheroes right after TDS returns end on 31st May, juggling in between the above due dates coming one after another - with no Time Stone! Right now, due dates are clashing like Bollywood blockbusters on Diwali – and we’re the ones stuck doing all the stunts , without a body double and almost Overworked, under-slept!

At least superheroes deserves Family time , Sundays and their festivals

So let’s save Tax professionals (and our sanity).
Give us time to Tax professionals

[CAclubindia @CAclubindia]

Checklist of Documents Required For #GST Registration! 📃

[Taxology India @taxologyin]

🚨 Advisory on reporting values in Table 3.2 of GSTR-3B

In the interest of taxpayer convenience and to facilitate smooth filing, it has been decided that Table 3.2 shall remain editable for the time being.

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

Extend GSTR 1 Due Dates

[Income Tax India @IncomeTaxIndia]

The Hon’ble FM in Budget 2024-25 announced a comprehensive review of the Income-tax Act, 1961 to simplify it for taxpayers, reduce disputes, and ensure greater tax certainty.

CBDT has formed a committee to oversee this review and invites public inputs in following areas:
1️⃣ Simplification of Language
2️⃣ Litigation Reduction
3️⃣ Compliance Reduction
4️⃣ Redundant/Obsolete Provisions

Please submit suggestions at: https://t.co/vfIU84RXmC

Details in the Press release at: https://t.co/S7KQwci6ig

[GST Tech @Infosys_GSTN]

𝗚𝗦𝗧 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗡𝗼𝘄 𝗚𝗦𝗧 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗰𝗮𝗻 𝗯𝗲 𝗺𝗮𝗱𝗲 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝟮𝟵 𝗕𝗮𝗻𝗸𝘀

Net Banking and Over-the-Counter payments are now available with two new banks: @bandhanbank_in and @IDFCFIRSTBank

#GST #GSTN #GSTUpdate #GSTPayments #Netbanking #OTCPayments #Newupdates

[CA Vivek Narsinghani @CAVivek_N]

🌊Sea of notices from the #GST Department.

Dear @cbic_india, enough is enough! 🚨Clients are drowning in a sea of GST notices:

1️⃣ Notice by Department from X circle/range/division
2️⃣ Notice for similar issues from Y circle/range/division
3️⃣ Intimation of shifting of case to another Division
4️⃣ Intimation for endorsement of case to another officer
5️⃣ Multiple intimations for next hearing dates
6️⃣ Re-issue of updated notices previously issued by previous officers
7️⃣ Intimation for reminders to appear
8️⃣ Others - Demand Orders, dropping of orders, etc.

With so many cases running simultaneously, there's zero coordination or segregation between departments, even within the same division. This chaos needs to be streamlined! 🛑🗂️

Please share your experiences. @abhishekrajaram @snagachandra @Basappamv @NarenReddyE

[CS Jigar Shah @FCSJigarShah]

Power to register foreign companies are delegated to CRC from the respective RoCs.

#CSTwitter https://t.co/C57gk4Erdw

[Pratibha Gupta @PratibhaGoyal]

Resignation of Auditor because Company has not increased the Audit Fees.

[CA Vivek Narsinghani @CAVivek_N]

🚨 DEFECTIVE NOTICES EVERYWHERE!

🚫Incorrect processing of ITRs by the #IncomeTax department.

📛Gross receipts are being compared with Net income under each head amongst other glaring mistakes.

‼️IIt’s like comparing the selling price of a product with its profit/loss.

⏲️Professionals workload increasing? Damn, right it is!!!

#incometaxfiling #incometaxsiteissues @snagachandra @AbhasHalakhandi