TAX ADVISOR - YOUR OWN TAX GUIDE

Posts

Tax Audit 2026 Crisis Reaches Parliament & High Court

Tax Audit 2026 Crisis Reaches Parliament & High Court: Extension Demands Peak & ITAT Delhi Delivers Vital Foreign Tax Credit Relief By CA Shivam Gupta | Published: September 26, 2026 EXECUTIVE SUMMARY With the statutory September 30 deadline for Tax Audit Reports under Section 44AB and Trust Audits under Section 12A/10(23C) less than 96 hours away, the professional accounting community across India is facing acute operational pressure. The escalating compliance strain has transcended tax bar memorandums to become a matter of formal parliamentary advocacy, with Members of Parliament directly petitioning Union Finance Minister Nirmala Sitharaman and a writ petition being instituted before the Madhya Pradesh High Court for judicial intervention. Meanwhile, in international taxation, the Income Tax Appellate Tribunal (ITAT) Delhi Bench has delivered a crucial taxpayer-friendly decision, holding that late filing of Form 67 cannot extinguish an assessee's statut...

Budget 2026 - Changes in Income Tax

Budget 2026: Important Tax Proposals 1. Failure to furnish audit report shall now invite mandatory fee of ₹75000/- for delay up to one month and Rs. 1.5 lacs thereafter. It has been replaced by penalty provisions. 2. No exemption on transfer of sovereign gold bonds where gold bond is not subscribed at the time of original issue and is held. 3. TDS limit for Interest to senior citizens increased from ₹50,000 to ₹1,00,000. 4. TDS limit for rent increased from ₹2.40 lakh to 6 lakh 5. TDS rate on supply of manpower services has been clarified to be covered by TDS on works being 1% when payment is made to individual /HUF and 2% in other cases. 6. TCS limit on remittance outside India being increased from 7 lakh to 10 lakh. Hence no TCS on remittance outside India up to Rs. 10 lacs 7. TCS on remittance for education on loan taken from specified financial institutions being exempted. General rate of TCS on remittance for education or medical treatment has been reduced from...

Expected Changes in Income Tax and GST from the Indian Budget 2025

Background :- The Union Budget 2025, which is set to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is highly anticipated, as it will address the pressing economic issues and outline the government’s fiscal strategy for the upcoming year. Given the current economic landscape, which includes post-pandemic recovery, inflation control, and a rising global economic shift, many expect significant reforms in both Income Tax and Goods and Services Tax (GST) structures. This article explores the anticipated changes in these two critical areas, which affect both individual taxpayers and businesses in India. India’s Growth in GDP has declined from last year growth percentage of 7-8% to 5-6% per annum. While for us to become Developed Nation, it is very important to achieve at least 10-12% growth rate per year. For achieving Such growth rate it is important that people have disposable income. The very Basic concept of taxation is Taking From Rich and Giving ...

GST council Meeting outcomes summary

🌺 *Summary of Outcomes from the 54th GST Council.* 🍎 *1. Rates Reduced* 👉 *1.1 Namkeens* and Extruded/Expanded Savoury Food Products: GST rate reduced *from 18% to 12%* for certain savoury food products. 👉 *1.2 Cancer Drugs*: GST rate reduced from 12% to 5% on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. 🍎 *2. Rates Increased* 👉 *Car and Motorcycle Seats*: GST rate increased *from 18% to 28%* on car seats to bring parity with motorcycle seats. 🫐 *3. New Section to be Inserted* 👉 *Section 128A of CGST Act, 2017*: Introduction of procedures for waiver of interest or penalty under section 73 for FYs 2017-18, 2018-19, and 2019-20. 🍒 *4. New Rule to be Inserted* 👉 *Rule 164 in CGST Rules, 2017*: Provides procedure and conditions for waiver of interest or penalty under section 128A of CGST Act, 2017. 🍋‍🟩 *5. Clarifications* 👉 *5.1 Roof Mounted Package Unit (RMPU)* Air Conditioning Machines for Railways: Classified under *HSN 8415 with 28%* GST. 👉 *5.2 Life a...

THINGS TO DO BEFORE 31st MARCH 2024

Financial Year 2023-2024 is about to close Let's see Things to Do Before 31st March 2024:- Basic checklist for 31st March, 2024. Income Tax: 1. Make necessary investments eligible for deductions thereby reducing taxable income for FY 2023-24 and ultimately save tax. (Eg: PPF, LIC, ELSS Mutual Funds, Health Insurance, etc..). 2. Calculate tax liability and pay necessary advance tax. 3. Last chance to file updated income tax return for FY 20-21 by paying 50% additional tax. 4. Last chance to file updated income tax return for FY 21-22 by paying only 25% additional tax; thereafter, it would increase to 50% additional tax. 5. Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises. Such payments have to be made within 45days/15 days as applicable. 6. If turnover for FY 2023-24 exceeds Rs. 10 Crores, then, TDS provisions under section 194Q, TCS provisions under section 206C(1H) will become applicable for FY 2024-25...

Artificial Intelligence Systems :- Revolutionizing the Future

Introduction: Artificial Intelligence (AI) systems have emerged as a transformative force, revolutionizing various sectors and reshaping the way we live, work, and interact. These intelligent systems have the ability to analyze vast amounts of data, learn from patterns, and make informed decisions without explicit human programming. From virtual assistants and autonomous vehicles to personalized healthcare and predictive analytics, AI is rapidly becoming an integral part of our daily lives. In this article, we will explore the incredible advancements in AI systems and their impact on different industries. 1. Understanding Artificial Intelligence: Artificial Intelligence refers to the simulation of human intelligence in machines that can perform tasks requiring human-like cognitive abilities. AI systems are designed to acquire knowledge, reason, and learn from experience, enabling them to adapt and improve over time. They employ various tech...