TAX UPADESH

  ⚡ Quick answer: Advance tax due date 15 December 2026 By 15 December 2026 , at least 75% of your estimated tax for Tax Year 2026-27 must be paid as advance tax. Applies if your tax for the year, after TDS/TCS, is ₹10,000 or more (section 404, Income-tax Act, 2025). Shortfall = 3% interest on the gap (section 425, old 234C). Paying under 90% by 31 March adds 1% a month (section 424, old 234B). Presumptive business/professionals (section 58) pay 100% by 15 March 2027 instead. Resident seniors (60+) with no business/professional income are exempt (section 403(3)). 👀 Eye-opener: "But my employer deducts TDS…" Salary TDS usually covers only salary. FD interest, rent, capital gains, freelance fees or dividends can leave a gap above ₹10,000, and the law charges interest on that gap even if you pay every rupee with your return. Hidden risk: interest under sections 424 and 425 is automatic. It is calculated and added when you file, whether or not you knew ...

  ⚡ Quick answer: Form 124 (old Form 12BB) for Tax Year 2026-27 Form 12BB is now Form 124 (Rule 205, Income-tax Rules 2026, under section 392 of the Income-tax Act 2025). You give it to your employer , not the tax portal, so HRA, LTA, home-loan interest and investments reduce your salary TDS. New: landlord PAN if rent is over ₹1 lakh a year plus your relationship with the landlord . HRA at 50% of salary now covers 8 cities: Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad (old regime). No fixed legal date: your employer's proof cut-off (often Dec–Feb) is your real deadline. 👀 Eye-opener: miss the cut-off, pay now, wait for refund If you don't submit Form 124, your employer must deduct TDS without your deductions. The extra tax is usually recovered from your January–March salaries . You can still claim in your ITR, but your money stays locked until the refund comes. Hidden risk: paying rent to a parent or spouse? The form now as...

⚡ Quick answer: GST on post-sale discounts from 1 Nov 2026 From 1 November 2026 , a discount given after the sale can reduce GST even if it was not agreed in advance or linked to specific invoices. Two conditions remain: the supplier issues a GST credit note (Section 34) and the buyer reverses the matching ITC . Inverted duty refunds can now get 90% provisional refund . The ₹1,000 minimum refund limit no longer applies to IGST-paid exports. 👀 Eye-opener: the GST you may have paid on money you never received Year-end rebates and dealer schemes are usually decided after the sale, so they failed the "agreed before supply" test. Many suppliers issued only a commercial credit note and paid GST on the full invoice value. On a ₹10 lakh rebate at 18%, that is ₹1.8 lakh of GST on income the supplier never kept. 🚩 Hidden risk: if the buyer rejects your credit note or does not reverse ITC, your tax cut can be questioned. 💰 Saver tip: For rebates you gi...

⚡ 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...