Posts

MSME Payment Rule 2026: Don’t Lose Your Business Tax Deduction by Missing This Deadline

By
Image
BUSINESS TAX-SAVING ALERT MSME Payment Rule 2026: Don’t Lose Your Business Tax Deduction by Missing This Deadline A valid business expense can be disallowed if payment to an eligible Micro or Small Enterprise is made late. Eye-opening point: Paying an eligible MSME supplier before the income-tax-return due date may not protect the deduction. The payment must satisfy the time allowed under the MSMED Act. Many businesses prepare an MSME creditors list only when their Chartered Accountant starts the tax audit. This is risky because the payment rule works invoice by invoice. Where an otherwise allowable amount payable to an eligible Micro or Small Enterprise is paid beyond the period specified under the MSMED Act, the deduction is generally available in the year of actual payment. What is the payment time limit? Situation ...
Post a Comment
Read more

Rental Income Tax Saving Guide 2026: 5 Legal Deductions Landlords Should Not Miss

By
Image
PROPERTY TAX PLANNING Rental Income Tax Saving Guide 2026: 5 Legal Deductions Landlords Should Not Miss Rental income is taxable, but the law allows important deductions when the calculation and documents are correct. Eye-opening point: The 30% standard deduction is calculated on the annual value after eligible municipal taxes—not necessarily on the total rent collected. Many landlords simply add twelve months’ rent and offer the full amount to tax. Others claim every property-related expense without checking whether it is legally allowable. Both approaches can be incorrect. Rental income from a building is generally calculated under the head “Income from house property” when the taxpayer is the owner and the property is not used for the owner’s business. How is taxable rental income calculated? Calculation Treatment ...
Post a Comment
Location: Bengaluru, Karnataka, India
Read more

Company Annual Filing 2026: Don’t Miss These AOC-4 and MGT-7 Checks After AGM

By
Image
ROC ANNUAL FILING 2026 Company Annual Filing 2026: Don’t Miss These AOC-4 and MGT-7 Checks Finishing the AGM does not complete your company’s annual compliance. The financial statements and annual return must also be filed correctly. Important: The filing deadline depends on the date of the AGM. It should not be assumed that every company has the same due date. Many directors believe that company compliance is completed once the Annual General Meeting is held. However, two important ROC filings normally remain: AOC-4: Filing of financial statements and related documents. MGT-7 or MGT-7A: Filing of the company’s annual return. These forms contain important financial, ownership, management and compliance information. They should be checked carefully before uploading them on the MCA portal. What are the normal filing periods? ...
Post a Comment
Location: Bengaluru, Karnataka, India
Read more

GST ITC Deadline 2026: Complete These Checks Before 30 November or Risk Losing Eligible Credit

By
Image
GST ACTION CHECKLIST GST ITC Deadline 2026: Complete These Checks Before 30 November A missing invoice, an incorrect GSTIN or unreconciled GSTR-2B may result in eligible input tax credit being left unclaimed. Important for every GST-registered business: Do not wait until 30 November 2026. Start checking FY 2025–26 purchase invoices, GSTR-2B and books now. Many business owners believe that GST input tax credit can be claimed whenever an old invoice is found. This is not always correct. Section 16(4) of the CGST Act provides a time limit for claiming ITC. For invoices and debit notes relating to FY 2025–26, the outer limit is generally 30 November 2026 or the date of filing the relevant annual return, whichever is earlier. This makes October and early November the right time to complete a detailed GST reconciliation. What should a business check? ...
Post a Comment
Read more

MSME Form I Due by 31 October 2026: Does Your Company Really Need to File It?

By
Image
COMPANY COMPLIANCE CHECK MSME Form I Due by 31 October 2026 Check whether your company has payments pending to micro or small enterprises for more than 45 days. First check applicability—do not file blindly Under the amendment dated 15 July 2024, only specified companies having payments pending to a micro or small enterprise for more than 45 days from acceptance or deemed acceptance are required to furnish MSME Form I. What is MSME Form I? MSME Form I is a half-yearly return filed with the Registrar of Companies. It gives prescribed information relating to payments made or remaining outstanding to micro and small enterprise suppliers. The reporting requirement arises under an order issued under Section 405 of the Companies Act, 2013. The form is presently available as a web-based form on the MCA V3 portal. April–September ...
Post a Comment
Location: Bengaluru, Karnataka, India
Read more

Q2 TDS Return Due 31 October 2026: 12 Checks Businesses Must Complete Before Filing

By
Image
INCOME TAX • OCTOBER 2026 Q2 TDS Return Due 31 October 2026: Do These 12 Checks Before You File A return can pass validation and still contain a wrong PAN, section, rate or challan mapping. A careful review now can reduce corrections and unwanted notices later. Important 2026 change: Under the Income-tax Rules, 2026, the current quarterly TDS forms are Form 138 for salary, Form 140 for non-salary payments to residents and Form 144 for non-salary payments to non-residents. These replace the familiar Form 24Q, Form 26Q and Form 27Q numbers. What is due on 31 October? The quarterly TDS statement for the period 1 July to 30 September 2026 is due on 31 October 2026 . This applies to deductors who must report TDS for Q2. Current form Earlier name Use Form 138 24Q Salary, and specified pension/interest reporting Form 140 26Q Non-salary payments to residents Form 144 27Q N...
Post a Comment
Location: Bengaluru, Karnataka, India
Read more

₹5 Crore+ Businesses: One Late E-Invoice Can Get Blocked After 30 Days

By
Image
GST E-INVOICE CONTROL ₹5 Crore+ Businesses: One Late E-Invoice Can Get Blocked After 30 Days Invoice prepared in your accounting software does not automatically mean a valid e-invoice exists. The IRN must be generated within the permitted reporting window. The rule businesses must remember From 1 April 2025 , taxpayers with annual aggregate turnover of ₹5 crore or more must report applicable e-invoices within 30 days from the document date . The restriction covers invoices, credit notes and debit notes. If the document is older than the permitted period, the Invoice Registration Portal restricts IRN generation. Why this is more than a billing issue A sales invoice may be entered in the books, shared with the customer and included in internal reports. But where e-invoicing applies, the document also needs a valid Invoice Reference Number and signed QR code generated through an authorised IRP. If the finance team discove...
Post a Comment
Location: Bengaluru, Karnataka, India
Read more