TAX UPADESH

⏰ FY 2025-26 (AY 2026-27): what you can still do Not filed yet? File a belated return by 31 December 2026 Filed with a mistake? Revise up to 31 March 2027 (new, by Finance Act 2026) Revising after 31 December 2026 costs a ₹1,000 / ₹5,000 fee Miss both? Only the costly updated return (ITR-U) remains 👀 Eye-opener: what late filing really costs you A belated filer generally loses the old tax regime for that year, which means no 80C, 80D or home-loan interest deduction on a self-occupied house. Business and capital losses cannot be carried forward from a belated return. A loss you could have set off next year is gone. Interest under section 234A runs at 1% per month or part of a month , so even one day into a new month adds a full month's interest. 💰 Saver tip: file or revise before 31 December 2026 . It is the cheapest option: no 234I fee, and you avoid the 25% to 70% extra tax of ITR-U. ⚖️ Belated vs revised vs updated return Return When to use Las...

⏰ GSTR-9 due date for FY 2025-26: 31 December 2026 Turnover up to ₹2 crore : GSTR-9 is optional Turnover above ₹2 crore : GSTR-9 is mandatory Turnover above ₹5 crore : GSTR-9 + GSTR-9C Cannot be revised, so reconcile first, file later 👀 Eye-opener: why this matters to your business GSTR-9 puts your whole year's sales, ITC and tax on one page. Mismatches the department could not see month by month become visible here. A wrong figure cannot be corrected later by revising the return. You can only pay extra tax through DRC-03, never reduce it. Many businesses had GST rate changes from 22 September 2025 . Wrong HSN or rate in the annual return is a common scrutiny trigger. 💰 Saver tip: spend one day reconciling now. It costs far less than replying to a mismatch notice next year. 📋 Who must file GSTR-9 and GSTR-9C? Aggregate turnover (PAN level) GSTR-9 GSTR-9C Up to ₹2 crore Optional* No ₹2 crore – ₹5 crore Yes No Above ₹5 crore Yes Yes (self-certifie...

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 ...

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 ...

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? ...

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? ...