CA Ravish Thakur

Office-People-Relations-Travel-Trekking-Mountains-Nature-Music. Be happy for this moment. This moment is your life. Views are Personal. RTs are not endorsement.

[CA Ravish Thakur @ravish107]

Charging Late fee again for Nil GST returns in respect of lockdown period is burdensome. Kindly Consider Following:
1. GSTR 3B Amnesty Scheme up to March 2021.
2. Late fee should be capped to 500/- till March 2021.
3. Immediate Revocation of cancelled GSTN upon application

[Mahadev Balgude @Mahadev_Balgude]

रायगडमधील कोंदिवडे गावच्या शाळकरी मुलींचा हा व्हिडीओ सध्या खूप चर्चेत आहे. एका बाजूला कुंभमेळ्यावर हजारो कोटी रुपये उधळले जातात तर दुसरीकडे मात्र विद्यार्थ्यांना शाळेत जायला धड रस्ताही नसतो. आपली समस्या मार्मिकपणे मांडणाऱ्या ग्रामीण महाराष्ट्रातील या alpha gen z पिढीचे कौतुक वाटते.

[CA Anupam Sharma @caanupam7]

If attach these recommendations are implemented, it will deal a crushing blow to medium and small CA firms across Tier-2, Tier-3 cities, and small towns in India, where statutory audit assignments serve as the primary lifeline of practice. Over the past few years, small-town practitioners have systematically lost crucial revenue streams with GST audit eliminated, bank audits drastically reduced, and tax audit thresholds raised shrinking the client pool to critical levels. Exempting private limited companies under the guise of "Ease of Doing Business" threatens to wipe out what little remains, compromising financial discipline and transparency in local businesses while crippling independent firms.

It is deeply concerning that our elected ICAI leadership has yet to take a strong, visible stand before the Parliamentary Joint Committee or the Ministry of Corporate Affairs on a matter of such critical importance to our profession.
As someone who has consistently spoken up against decisions that adversely affect our members and students even while facing multiple Disciplinary Committee (DC) notices for raising these issues.
I remain firm in my commitment. Such challenges will not deter me from voicing the genuine concerns of small-town practicing CAs.

Statutory audits are essential to preventing systemic financial discrepancies and maintaining overall stakeholder trust across the business ecosystem. If our Institute does not proactively present the ground realities and contest these recommendations right now, the future of thousands of independent CAs will be severely impacted. I will continue to advocate for the rights and sustainability of our fraternity, regardless of the personal challenges involved. @atulmodani @CAChirag @ruwatiaofficial @akhilpachori @CA_AkshatS @Thisissamarpit

[CA Ravish Thakur @ravish107]

@ShravakC 😀

[CA Akhil Pachori @akhilpachori]

#incometax season

[Abhas Halakhandi @AbhasHalakhandi]

💥 Bank Balance in AIS/TIS?

Today, while checking an assessee’s AIS, we noticed an amount of Rs. 1,52,824 appearing under “Balance in Account.”

Got worried if Bank balance would be matched with Fianncial Particulars in S.44AD/AE cases. Also similar information was not appearing in the AIS of other assessees!!

On checking further, we found that this was not regular bank-balance reporting for all taxpayers.

This information relates to cases where the customer has submitted Form 60 instead of PAN. The bank or reporting entity reports such transactions to the Income-tax Department through Form 61.

Form 61 contains 22 different transaction codes. Code 09 relates to the opening of an account other than a savings account or time deposit. The bank had reported the transaction with an amount of ₹1,52,824, and the same appeared in AIS under “Balance in Account.”

Conclusion
As of now, bank balances are not being universally displayed in AIS/TIS for all assessees.

However, the Income-tax Department receives extensive third-party information, much of which may not be immediately visible or obvious.

It is always better to make correct/complete disclosures inITR than to explain omissions later.

- with @hirenbhandari_ 👍

[CA Ravish Thakur @ravish107]

@CAChirag Piyush Goyal to be new Finance Minister

[CA Ravish Thakur @ravish107]

@carajendra89 Such a Great Client..😊

[Income Tax India @IncomeTaxIndia]

Kind Attention Taxpayers!
CBDT notifies the Cost Inflation Index (CII) for FY 2026-2027 vide Notification No. 85/2026.
The Cost Inflation Index for FY 2026-27 relevant to tax year 2026-27 is 384.
CII for FY 2026-27 available at : https://t.co/81sfEaP5Yo

[Pratibha Gupta @PratibhaGoyal]

Businesses not eligible for Presumptive Taxation Scheme u/s 44AD

[Anuja Jaisswal @AnujaJaiswalTOI]

#Breastcancer #survival in #India has steadily improved over the years, yet only about two in three #women diagnosed with the disease survive for at least five years, according to the World Health Organization's first country-wise survival estimates, underscoring the need for earlier diagnosis and timely treatment.
India's estimated five-year breast cancer survival for women diagnosed during 2017-2021 stands at 65.7%, compared with a global median of 77.8%, according to the WHO estimates published in #NatureMedicine. Survival reaches 87.3% in high-income countries, 88.5% in the WHO Region of the Americas and 84% in the European Region, highlighting wide disparities in outcomes across regions and income groups. @timesofindia @WHO @ShankarAbhishek @aiims_newdelhi @MoHFW_INDIA

[Anuja Jaisswal @AnujaJaiswalTOI]

#Cancer will touch almost every #family in the world. While one in five people will develop cancer during their lifetime, nearly 92% of the global population will be affected by the disease at least once, either through their own diagnosis or that of a close family member, according to the #WorldHealthOrganization's Global Status #Report on Cancer 2026. @timesofindia @WHO @MoHFW_INDIA @JPNadda

[CA Akhil Pachori @akhilpachori]

Foreign Income Data to be Auto-Populated in AIS

CBDT has issued an important order authorising the Director General of Income-tax (Systems) to upload information received under the Automatic Exchange of Information (AEOI) framework into the Annual Information Statement (AIS) - Form No. 168.

This may include information relating to:

Foreign bank accounts
Overseas investments
Foreign dividend/interest income
Foreign securities
RSU & ESPO
Other reportable financial assets and income shared under AEOI.

Taxpayers having foreign assets or foreign income should ensure proper disclosure in:

Schedule FA (Foreign Assets)
Foreign source income schedules
Relevant ITR disclosures

[FinTaxPro @fintaxpro_CA]

🚨 CBDT Update: Foreign Income Data to be Auto-Populated in AIS

CBDT has issued an important order authorising the Director General of Income-tax (Systems) to upload information received under the Automatic Exchange of Information (AEOI) framework into the Annual Information Statement (AIS) - Form No. 168.

What does this mean?

✅ Foreign financial information received by India from partner countries under international information-sharing agreements will now be reflected in your AIS.

This may include information relating to:

Foreign bank accounts
Overseas investments
Foreign dividend/interest income
Foreign securities
RSU & ESPO
Other reportable financial assets and income shared under AEOI

Key Highlights

📌 CBDT Order issued under Section 239 of the Income-tax Act, 2025 read with Rule 245(2) of the Income-tax Rules, 2026.

📌 DGIT (Systems) has been authorised to upload AEOI information into AIS.

📌 Information must be uploaded within 90 days from the end of the month in which it is received by the department.

📌 DGIT (Systems) will prescribe the procedure, format and standards for uploading this data.

Why is this important?

🔹 Taxpayers having foreign assets or foreign income should ensure proper disclosure in:

Schedule FA (Foreign Assets)
Foreign source income schedules
Relevant ITR disclosures

🔹 Any mismatch between your ITR and the information available in AIS may invite scrutiny or notices.

Practical Impact

✔️ Transparency in foreign income reporting will increase.
✔️ Non-disclosure of overseas assets or income will become much easier for the Income Tax Department to detect.
✔️ Before filing your ITR, always reconcile your AIS with your foreign income disclosures.

Note: This order primarily creates the mechanism for uploading AEOI data into AIS. It does not introduce any new tax on foreign assets or change the existing reporting requirements. However, taxpayers should expect much better visibility of overseas financial information in AIS.

#IncomeTax #CBDT #AIS #ForeignAssets #ForeignIncome #AEOI #ScheduleFA #ITR #ITRFiling #TaxUpdate #InternationalTax #FinTaxPro

[CA Ravish Thakur @ravish107]

@mumbaitak विकास जन्माला आलाय….

[CA Ravish Thakur @ravish107]

@abhisanket This is a hidden treasure 👌🏻

[Atul Modani @atulmodani]

Important Judgement for #Incometax act 1961 , Section 87 A rebate

The #IncomeTax Appellate Tribunal, Jaipur Bench, has clarified that all resident taxpayers whose total income is below the Section 87A threshold can claim the full tax rebate (up to Rs. 25,000), even on short-term capital gains from listed shares taxed at special rates under Section 111A. This applies to those filing under the new tax regime as well.

Key DetailsAssessment Year: 2024-25

Appellant: Priyamvada Singhal (represented by Sh. Mukesh Soni, Adv. & Sh. Vikas Gupta, Adv.)

Respondent: DCIT, Circle 7, Jaipur

Impugned Order: CIT(A) order dated 04.08.2025 u/s 250 of the Income Tax Act

Main Issue (from available public records)The appeal primarily concerns the denial of rebate under Section 87A (up to ₹25,000) against tax payable on short-term capital gains (STCG) taxable at special rates under Section 111A, even though the assessee had opted for the new tax regime under Section 115BAC and her total income was below the threshold for the rebate. The CPC (while processing the return u/s 143(1)(a)) and the CIT(A) had restricted the rebate to tax computed at normal slab rates only.

The assessee relied on consistent ITAT precedents (e.g., Jayshreeben Jayantibhai Palsana vs. ITO [2025] 177 https://t.co/sn9LgWdCum 411 (Ahmedabad-Trib.)) holding that the rebate should be available on the entire tax liability (including on STCG u/s 111A) under the new regime when total income is within the limit.

[CA Ravish Thakur @ravish107]

@FCSJigarShah @mansidamania भावपूर्ण श्रद्धांजली 💐💐🙏🏻

[Atul Modani @atulmodani]

Very very important Judgement for salaried classes by Mumbai ITAT

In a very important and far reaching judgement, Bench held that if an employer doesn't deposit the TDS he deducted from Salaries paid to his employees, still employees will get the credit of that TDS.

The employee produced all the documents evidencing the TDS deducted and the bench ordered the #Incometax officer to grant him credit.

In India, many companies fail to deposit the amount of TDS they deduct from salaries paid to employees including the likes of Kingfisher Airlines, Maytas, Satyam and many other companies gone into liquidation, their employees faced misery and incurred huge losses as even these companies didn't paid salaries and IT dept did not allowed credit of TDS deducted by them also levying penalities.

There are many favourable judgements in this regard from the Supreme court and High courts, still the Finance ministry should ensure a mechanism to grant the credit to employees in case the employer doesn't deposit these taxes or PF, ESIC as approaching ITAT or Courts is a very lengthy and costly affair for salaried class. This will ensure good governance.

Article credits @LubnaKtoi

[CA Anupam Sharma @caanupam7]

📢 ICAI CA Intermediate May 2026 Results Declared!
A huge congratulations to all the students who cleared the Chartered Accountants Intermediate Examination held in May 2026. The official results and data have just been released.

A special shoutout to the All India Rank (AIR) toppers who have demonstrated exceptional brilliance (as seen in ⁠image 👇🏽👇🏽

🥇 AIR 1: Shardul Shekhar Vichare (Dombivali) – 531/600 (88.50%)

🥈 AIR 2: Abhinav Satheesh (Kochi) – 530/600 (88.33%)
🥉 AIR 3: Teerth Jain (Mumbai) – 519/600 (86.50%)

A quick look at the performance statistics this term .

Group I: 91,237 appeared | 9,350 passed (10.25% pass rate)

Group II: 64,381 appeared | 10,372 passed (16.11% pass rate)

Both Groups: 33,304 appeared | 2,820 passed (8.47% pass rate)

Hats off to the dedication, late nights, and hard work that went into these results. For those who didn't get the desired outcome this time, keep your chin up—the journey continues, and your hard work will pay off.

#ICAI #CAResults #CAIntermediate #CAStudents #CharteredAccountant #May2026

[CA. Rajesh Sharma @RajeshSharmaBJP]

Beloved CA Students,
Group 1 - 10.25%
Group 2 - 16.11%
Both Group - 8.47%
CONGRATULATIONS to all who passed.
Best wishes for future to those who could not make it this time.