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Accountancy, auditing, corporate laws, taxes • Jaipur, RJ / Rohini, DL

[ً @shivamb96]

all union budget 2026-27 links:

budget speech:
https://t.co/gHz8LCNT6O

finance bill fy2026-27:
https://t.co/u06j8ork1N

tax reforms:
https://t.co/mjNa3aNBYi

memorandum:
https://t.co/wHvbhTqYSy

key to budget documents:
https://t.co/0R7vvzrz7H

#Budget2026

[ً @shivamb96]

@HumaSehrish best wishes.

[CA.Himalaya Bohra @CaHimalaya]

Dear

@IncomeTaxIndia
@FinMinIndia
@nsitharaman

₹0 tax liability. ₹3.54 lakh interest demand. 🤔

CIT(A) decides the appeal in favour of the taxpayer. AO gives effect u/s 250. The computation shows net tax liability = NIL.

But then the system charges ₹3,54,168 u/s 234B and creates a demand of the same amount.

And this is not a one-off. I have personally come across ~20 such cases.

Is this a simple computation mistake, a system issue, or something that needs a deeper investigation?

@IncomeTaxIndia — taxpayers deserve a clear explanation.
#IncomeTax #TaxAdministration #TaxpayerRights

[V S Vadivel FCA ACS @vsvadivelfca]

Suzlon Energy (SEBI's Penalty Order: May 29, 2026)

Penalty: SEBI imposed a total penalty of ₹28.95 crore.

Period: FY14–FY18 (during Suzlon’s heavy debt crisis years).

Irregularities:

(1) Misrepresentation of financial statements through complex intra-group transactions,

(2) Slump sale of OMS (Operations & Maintenance) business,

(3) improper accounting,

(4) circular transactions,

(5) inadequate related-party disclosures, and

(6) failure to present a "true and fair view" of profitability, net worth, leverage, and risk profile.

[ً @shivamb96]

@ParveenKum24013 @rjrmvenkatesh kitna hi samjhalo...

[ً @shivamb96]

@anonymousp3zu @ritikgpt22 Inox India Ltd

https://t.co/0OFBYS5DYc

[Ritik Gupta @ritikgpt22]

3/ Inox India #inoxindia

[CA (Adv) Manjot Singh 🇮🇳 @Manjot_1313]

MCA has amended Ind AS 101, 107, 109, 110 and 7, introducing significant changes to financial instrument classification, measurement and disclosures.

New requirements cover contingent cash flows, electronic payment settlements, hedge accounting and nature dependent electricity contracts.

Most amendments apply to financial years beginning April 1, 2026, impacting FY27 reporting. Companies will need to reassess accounting policies, financial instruments and disclosures to ensure compliance.@theicai

[Ashok Agarwal @socialjurist]

MCD school में आज भी बच्चे जमीन पर बैठकर पढ़ते है। world class school इसी को कहते है!

[Ashok Agarwal @socialjurist]

highway के साथ बिना boundrywall वाला राजस्थान सरकार का स्कूल जहा कभी भी कोई घटना हो सकती, राजस्थान CMO Rajasthan को 7 जुलाई 2025 को email करके बताया लेकिन भी तक कोई कार्यवाही नही की गई।

[CA Chirag Chauhan @CAChirag]

Respected @nsitharaman ma’am, one request on FAST-DS. Scheme for Disclosing Small Foreign Assets.

If someone bought a foreign asset from tax paid money and only forgot to fill Schedule FA, that is a paperwork mistake. No tax has escaped.

₹1 lakh fee for this is too much. ₹10,000 is fair.

Most of these are students who worked abroad, employees with a few RSUs, NRIs with one old account lying dormant. They will pay ₹10,000 and sleep peacefully. At ₹1 lakh many will just keep quiet and hope nobody checks.

Please reconsider the fee for this category. Request to Notify revise fees and consider this matter @nsitharamanoffc @FinMinIndia @IncomeTaxIndia @PMOIndia

[Income Tax India @IncomeTaxIndia]

Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS) Rules, 2026.

As part of its continued efforts to enhance taxpayer awareness and facilitate a better understanding of The Foreign Assets of Small Taxpayers Disclosure Scheme & Rules, 2026 CBDT has issued a comprehensive FAQ document on the scheme and rules.

The FAQs provide clear and concise explanations of the for the benefit of taxpayers and other stakeholders.

The FAQ document can be accessed here:

https://t.co/3MGJFhfizi

[TAX CONNECT ADVISORY SERVICES LLP @TaxConnectLLP]

GST Instruction 1 of 2026: Why Mine Owners Need Better Accounting & Transparency

GST Instruction 1 of 2026 brings renewed focus on robust accounting and greater transparency for mine owners. In this short, we discuss why better accounting tools,

Team @TaxConnectLLP

#GST

[Abhijit Mukherjee @Abhijit55445194]

@the_hindu Any change / upgradation of EPFO is actually causing more complications, confusion and error due to incompetence of EPFO staff! EPFO 3.0 is worse than earlier version as there are severe data mismatch ( like reduction in pensionable service periods and total PF corpus). Blunder!

[Najafgarh Confessions @najafgarhconfes]

@dtptraffic najafgarh firni par traffic police nahi or puri tarah jaam hai kaamchor traffic police or TI kaha hai kawad ki arrangement nhi kiye nikammepan ki had hai

[ً @shivamb96]

@rohitjain2021 @sktajsant First in my bloodline to be about to witness cash on the liability side of a signed balance sheet.

[ً @shivamb96]

@rohitjain2021 Just read the first para. We all have to wait for the subordinate legislations.

They are talking about some kind of "balance" between ease of doing business vis-a-vis preservation of financial discipline, transparency.

[ً @shivamb96]

@CASameerIKhan @Ravisutanjani In my locality, general store owners stopped accepting credit cards long ago. They either ask buyers to pay extra to cover the charges or don't accept credit cards at all.

I believe, UPI would probably meet the same fate too after this MDR charges news.

[DEEP JAIN @deepjainca]

@AbhasHalakhandi One more issue...If by mistake any Individual or HUF deductee is reported in section 1024..Demand of 1% is raised, without checking the PAN by the system

[Vikram Goel @VikramGoel13]

We need a Tax Payers Association which audits government spending. An investor has the right to know where and how their funds are being spent

[ً @shivamb96]

@HumorousC67002 @Dhairya__tweets hahaha, good one.

[Gurmeet Chadha @connectgurmeet]

A senior tax partner shared this

Direct investments in US -Situs assets (including stocks or ETFs) above $60,000 at the time of an investor's death are subject to Federal ESTATE tax for non-US residents and non-citizens (This tax can go upto 40% of portfolio value)

US-Situs Assets: This rule applies to direct holdings of US corporate stocks, US-domiciled ETFs & property.

Be careful with your overseas allocation n consult a tax export while doing it. I am reconsidering my existing investment in NASDAQ and FANG stocks. Don’t intend to tax by children upto 40% when they inherit the portfolio..

All is not Hunky- Dory!!

Any input on this is welcome ..