Rijo

🙏😊

[CA Akhil Pachori @akhilpachori]

Who is liable for Tax Audit under Income Tax Act, 2025

[Patrick Kidd @patrick_kidd]

And so the World Cup final will be between two teams who couldn’t beat Cape Verde in 90 minutes.

[CA Ruchita Vaghani @R_N_Vaghani]

ITR-1 = Salary + 2 House + LTCG 1.25 L (Total upto 50L)

ITR-2 = ITR 1 + Capital Gain + Crypto + Foreign Asset & Income

ITR-3 = ITR 2 + Business Profession + Freelance + Trading + FNO

ITR-4 = ITR 1 + Business under presumtive

[CA. Dhairya Keshri @Dhairya__tweets]

Dear salaried class, at least make one intraday transaction.

[CooperBaggs 💰🍞 @edgaralandough]

Uncommon advice: If you don't know what to pursue in life right now. Pursue yourself. Pursue becoming the healthiest, happiest, most healed, most present, most confident version of yourself. Then the right path will reveal itself.

(I’m advising myself too)

[The Footy Feed @TheFootyFeed]

Absolutely insane and 100% not a coincidence is it... 🤔

Do we stand a chance?

[CA Himank Singla @CAHimankSingla]

Many professionals may have missed this.

A new Business/Profession Code 21011 - OTHER SERVICES - Buying and Selling of Shares has been added in the Income Tax Return business code list.

Taxpayers engaged in the business of share trading can now opt for this specific code instead of a generic classification.

Personal Note: Despite this new code, I generally do not disclose buying and selling of listed shares under Profits & Gains from Business or Profession (PGBP).

One of the key reasons is ICDS-VIII relating to securities. It requires valuation of closing stock security-wise (in aggregate) at cost or net realizable value. In practice, obtaining the actual acquisition cost of the closing holdings from broker statements is often difficult. [Refer Detailed Thread in comments]

[قورجس @gorgeous4ew]

لقطة طريفة:

رد فعل لامين يامال عندما ظهر شقيقه الأصغر في شاشة الملعب الكبيرة. 😂 https://t.co/Oumna3PUMn

[Daniel Lloyd @daniellloyd1]

I'm going to stick my head above the social media parapit again, and say that I think what you are witnessing in cycling now is predominantly clean.

I believe in the pro cyclists now, even if they have management or directors who have doped in the past. They're answering the questions and suspicions from a previous generation of dopers, who I also don't think should (all) be condemned.

I'll write an X essay next week, if anyone is interested.

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

Excel File for Illustrative formats for Financial Statements of Non-Corporate Entities
Link https://t.co/ELHQtQIH2J

Excel File for Illustrative formats for Financial Statements of Limited Liability Partnership
https://t.co/l7OdC15P6L

Source @asbicai
@theicai

[Abhas Halakhandi @AbhasHalakhandi]

S.44AD & Unrealized Debtors - An important aspect which remains neglected!!

Sales corresponding to Debtors which have NOT BEEN REALIZED till the due date of filing ITR [i.e. 31st Aug 26 for FY 25-26] are NOT ELIGIBLE for 6%.

Profit @ 8% to be deemed even if the same is realized in prescribed mode (A/c Payee Cheque, NEFT,RTGS etc.) later on!

Mandatory ITR season post-Especially for Students 👨‍🎓 Follow for more such interesting #ITR related info👍 #ITRwithAbhas #Taxtrivia

[Renaissance Ventures Lab 🇪🇦 @disperxo_inv]

Tadej Pogacar es claramente superior a Jonas Vingegaard. Llevamos seis años viéndolo.

Hoy en el Tourmalet se ha vuelto a demostrar con claridad.

Pero lo que más mérito tiene no es Pogacar. Es Vingegaard.

El danés compite sabiendo que probablemente no va a ganar el Tour. Sabe que hay otro que es mejor. Y aun así se sacrifica al máximo cada día.

Esa actitud es mucho más difícil que ser el favorito.

Jonas Vingegaard lleva años siendo el segundo.

No es un segundo cualquiera. Es el que más cerca está de Pogacar. El que más le aprieta. El que más sufrimiento le genera al esloveno.

Y lo hace sabiendo que, en condiciones normales, no va a ganar.

Ese es el mérito real. No ganar cuando eres el mejor, sino seguir peleando al máximo cuando sabes que otro es superior.

Pogacar debutó en el Tour en 2020. Desde entonces, cada vez que se han enfrentado en condiciones similares, el esloveno ha sido superior.

Vingegaard ha ganado dos Tours (2022 y 2023), pero en el resto de grandes batallas ha sido claramente segundo.

Aun así, sigue ahí. Cada año. Cada etapa dura. Cada montaña.

Eso no es mediocridad. Eso es carácter.

Vingegaard tiene dos hijos pequeños.

Mientras Pogacar puede centrarse casi exclusivamente en ganar, Vingegaard tiene que gestionar familia, presión, entrenamientos brutales y la certeza de que probablemente no va a levantar el maillot amarillo en París.

Y aun así sigue.

Ese sacrificio familiar añadido hace que su esfuerzo sea aún más admirable.

Ser el mejor y ganar es relativamente fácil cuando tienes el talento y el equipo.

Lo realmente difícil es levantarte cada mañana, entrenar como un animal y competir al límite **sabiendo que otro es mejor que tú**.

Esa es la posición de Vingegaard en los últimos años. Y esa es la posición que más respeto merece.

Elon Musk contó una vez que, cuando SpaceX y Tesla estaban al borde de la quiebra, se levantaba por las mañanas y vomitaba del estrés.

Lo hacía porque tenía una visión más grande: que la humanidad llegara a Marte.

Vingegaard no va a “llegar a Marte”. Pero está haciendo algo parecido en su escala: sacrificarse al máximo por un objetivo que sabe que es muy difícil de alcanzar.

Esa mentalidad es la que realmente mueve las cosas.

Hay dos tipos de competidores:

Los que ganan porque son claramente superiores y lo tienen todo a favor.
Los que, aun sabiendo que lo tienen todo en contra, se niegan a rendirse y siguen peleando.

Los primeros son espectaculares.
Los segundos son los que realmente inspiran.

Vingegaard pertenece al segundo grupo.

En el deporte, en la empresa y en la vida hay mucha gente que solo quiere estar en el bando ganador.

Pero el progreso real lo empujan los que están dispuestos a darlo todo incluso cuando las probabilidades están en contra.

Vingegaard es el ejemplo perfecto en el ciclismo actual.

No gana siempre. Pero su actitud hace que el nivel general suba. Y eso beneficia a todos.

Pogacar es un fenómeno. Probablemente el mejor ciclista de su generación.

Pero sin Vingegaard (y sin otros que le aprieten), su dominio sería menos interesante y probablemente menos exigente.

El segundo que se niega a rendirse es el que obliga al primero a seguir mejorando.

Y esa dinámica es la que hace avanzar cualquier disciplina.

Al final del Tour sabremos quién se pone el maillot amarillo.

Pero el mérito de Jonas Vingegaard ya está escrito:

Ha decidido que, aunque probablemente no gane, va a competir como si pudiera. Va a sufrir como el que más. Y va a seguir intentándolo año tras año.

Esa mentalidad —luchar con todo sabiendo que puedes perder— es mucho más difícil y mucho más valiosa que ganar cuando eres el favorito.

Y es exactamente la que hace que la humanidad avance.

[Daniel Lloyd @daniellloyd1]

So far in 2026, Tadej Pogačar has amassed 15 wins in 22 race days, but it's not stats like that which astound me most.

The one that always stands out to me is this:

Since his first year junior in 2015, he's started 46 UCI ranked stage races, a total of 376 days. Not once has he DNF'd. Not once has he got sick enough or crashed hard enough to withdraw from a stage race in almost 12 years.

In a sport as dangerous, unpredictable and brutal as cycling, that is mind boggling. It's one of his strongest assets but rarely talked about.

#tdf2026

[Mohamed Salah @MoSalah]

أنا عارف إنكم لسه زعلانين، بس وعد مني إني هعمل كل اللي في قدرتي عشان أضمن إن دي تكون بداية جديدة للكورة المصرية على الساحة الدولية. التأهل لكأس العالم مش هيكون كفاية، والمشاركة كمان مش كفاية. الفريق ده يستاهل ثقتكم

[CA Ruby Ansari @RubyAnsari_RA]

They're still releasing utilities and AIS gets updated only after 15 June. So I don't understand the rush to file ITRs and complete audits.

These are compliance tasks that require time, accuracy n caution. Why should the due dates be over by September when the underlying data and utilities themselves take so long to stabilize?

Why not permanently shift the due dates to December or January? It would allow us professionals to work with complete information, reduce unnecessary pressure, n improve the quality of compliance rather than encouraging a race against time.

#taxseason #ITR #CA #taxaudit #incometax

[𝗙𝗜𝗔𝗚𝗢 🇩🇪 @fiago7]

As a German this sounds weird but I lowkey fuck with this France team there‘s nothing you can hate about these guys. Humble, likeable players & coach. They play unbelievable football. I wouldn‘t mind at all if they win the World Cup.

[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

[CA Ruchita Vaghani @R_N_Vaghani]

🚨 BIG UPDATE | CBDT Order Dated 08.07.2026

The Income Tax Department is getting more global financial data than ever before.

CBDT has authorized DGIT (Systems) to upload information received under the Automatic Exchange of Information (AEOI) framework into the Annual Information Statement (AIS).

📌 What this means for taxpayers:
✅ Foreign bank account information may now reflect in AIS.
✅ Overseas investments, interest, dividends and other reportable foreign financial assets will be easier for the Income Tax Department to match.
✅ Cross-border tax compliance is becoming increasingly data-driven.

💡 If you have foreign income or assets, ensure your ITR disclosures are complete and accurate.

Transparency is no longer optional.

[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 Himank Singla @CAHimankSingla]

INCOME TAX MAJOR DEVELOPMENT: CBDT has paved the way for reporting AEOI/CRS information in the Annual Information Statement (Form 168). 🔥🔥

Going forward, taxpayers with overseas bank accounts, investments, interest, dividends or other reportable foreign financial assets should reconcile these with their Income Tax Return and foreign asset disclosures.

Any mismatch between the reported information and tax filings could lead to verification or scrutiny.

#IncomeTax #CBDT #AIS #AEOI #CRS