TAX UPADESH

⚡ Quick answer: Q2 TDS return due date Due date: 31 October 2026 for the July–September 2026 quarter (Tax Year 2026-27). New forms: Form 138 (salary, old 24Q), Form 140 (other resident payments, old 26Q), Form 144 (non-residents, old 27Q), Form 143 (TCS, old 27EQ). Late fee: ₹200 per day (section 427), capped at the TDS in the statement. Form 131 (old Form 16A) to deductees by 15 November 2026 . 👀 Eye-opener: the 1-month trap Many deductors still think “late is fine, just pay ₹200 a day”. Not any more. Penalty window shrank: the no-penalty cushion is now one month from the due date (it was one year until March 2025). Miss it and a penalty of ₹10,000 to ₹1,00,000 can apply (section 461). Hidden cost: your vendors and staff see no TDS credit in Form 26AS/AIS until you file. Expect calls, held payments and strained relationships. Weekend alert: 31 October 2026 is a Saturday . Don't leave it to the last evening. 💰 Saver tip: Fix PAN mismatches befor...

⚡ Quick answer: ROC filing due dates FY 2025-26 AOC-4 (all variants, incl. OPC): file by 31 Dec 2026 with no additional fee. MGT-7 / MGT-7A : file by 31 Jan 2027 with no additional fee. Source: MCA General Circular 05/2026 dated 24 Oct 2026. NOT covered: LLP Form 8 (still due 30 Oct 2026 ), ADT-1, DIR-12 and the AGM deadline. 👀 Eye-opener: this relief has a trap door Many owners will read "deadline extended" and relax. But the waiver is all-or-nothing . Miss 31 Dec (AOC-4) or 31 Jan (MGT-7) by even one day and the ₹100-per-day fee is counted from the original due date, not the new one. Hidden risk: LLPs are not in this circular. If your LLP's Form 8 is not filed by 30 Oct 2026, the fee clock starts on 31 Oct. For companies, three continuous years of non-filing can disqualify directors (Sec 164(2)). 💰 Saver tip: treat the old dates as your real deadline and the new dates as a safety net. Filing early also avoids the yea...

⚡ Quick answer: ITR due date for audit cases (AY 2026-27) 21 November 2026 (was 31 Oct) for taxpayers whose accounts must be audited. Tax audit report date moved to 21 Oct 2026. Source: CBDT press release, 28 Sep 2026. A formal order is to follow. Not extended: non-audit returns (31 Jul 2026). Silent on 234A interest . Pay tax by 31 Oct to be safe. 👀 Eye-opener: 21 more days to file is not 21 more days to pay 💸 The real cost: 1% a month on unpaid tax, so ₹1,000 a month per ₹1 lakh. 234B interest also runs until you pay. 🕳️ Hidden risk: one day late and the return is belated . Business and capital losses lapse, 80-IA to 80-IAC deductions go, and you cannot opt out of the new regime. 💰 Saver tip: pay tax by 31 Oct, file by about 15 Nov. You keep losses, cut interest and beat the portal rush. 🧾 Who gets the 21 November 2026 ITR due date? Taxpayer (FY 2025-26) ITR due date Company...

⚡ Quick answer: Diwali gifts tax rules 2026 Employee gifts: non-cash gifts/vouchers up to ₹15,000 a year are tax-free (was ₹5,000) from tax year 2026-27. Cash gifts / Diwali bonus: fully taxable as salary — no limit. Gifts to dealers, clients, agents: 10% TDS if the total to one person exceeds ₹20,000 in the year. GST: input tax credit on gifts is generally blocked ; employee gifts up to ₹50,000 a year are not a "supply". 👀 Eye-opener: the ₹15,000 rule is your best Diwali tax saver Pay a ₹13,000 Diwali bonus in cash and an employee in the 30% slab loses about ₹4,056 to tax. Give the same value as a gift voucher or hamper and the tax can be nil . Hidden risk: gifts to dealers and channel partners above ₹20,000 need TDS before the gift is handed over. Miss it and the business faces interest, a TDS default and possible disallowance questions. 💰 Saver tip: Track each employee's total gifts for the tax year (April–March) in one sheet, so festiva...

⏰ 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...