TAX UPADESH

GST ITC CHECKLIST GST Input Tax Credit Missing or Mismatched? Match purchase invoices, books and GSTR-2B before filing GSTR-3B. An invoice in your books is not enough The purchase register may contain GST, but the credit should be claimed only after checking the legal conditions, GSTR-2B status and business purpose. What is GSTR-2B? GSTR-2B is an auto-drafted, read-only Input Tax Credit statement generated from details furnished through specified returns and statements by suppliers and other reporting persons. It helps a business identify the invoice-wise credit appearing on the GST portal. It should be compared with the purchase register before the ITC amount is reported in GSTR-3B. Important eye-opener An invoice appearing in GSTR-2B is not, by itself, final proof that ITC is eligible. Blocked credit, personal expenditure, no...

  STARTUP COMPLIANCE GUIDE New Company Incorporated? Complete INC-20A Before Starting Business The incorporation certificate creates the company. It does not complete all the legal steps needed to begin operations. The 180-day requirement A company having share capital must generally file Form INC-20A within 180 days from incorporation , declaring that every subscriber has paid the value of shares agreed to be taken. What is Form INC-20A? INC-20A is the declaration for commencement of business under Section 10A of the Companies Act, 2013. It is filed by a director and professionally verified in the prescribed manner. ₹ Share capital Subscribers deposit the value of shares agreed in the incorporation documents. ▤ Declaration A director makes the prescribed commencement-of-business declaration. ✓ ...

  LLP ANNUAL COMPLIANCE LLP Form 8 Due on 30 October 2026: Check These Details Before Filing Inactive LLPs and LLPs with small turnover should not assume that annual filing can be skipped. Important deadline LLP Form 8 for FY 2025–26 is ordinarily required to be filed by 30 October 2026 . Do not wait until the last day to finalise the accounts or obtain signatures. What is LLP Form 8? Form 8 is the LLP’s Statement of Account and Solvency. It contains financial information and a declaration regarding the LLP’s ability to pay its debts in the normal course of business. ▤ Accounts Assets, liabilities, income, expenses and financial position of the LLP. ✓ Solvency Declaration on whether the LLP can pay its debts as they become due. ✎ Authentication The prescribed designated partners sign a...

PRACTICAL GST GUIDE Wrong Invoice in GSTR-1? Fix It Through GSTR-1A Before Filing GSTR-3B One careful review before filing GSTR-3B may prevent mismatches, customer complaints and future correction work. Important opportunity for businesses If you missed an invoice or entered certain sales details incorrectly in GSTR-1, you may use GSTR-1A to correct the same tax period before filing GSTR-3B. What is GSTR-1A? GSTR-1A is an optional return facility for adding missed outward-supply records or correcting certain records already reported in GSTR-1 for the same tax period. ＋ Add missed records Include an invoice, debit note or credit note missed while filing GSTR-1. ✓ Correct reported records Correct eligible details reported incorrectly in the current period’s GSTR-1. → Update GSTR-3B The corrected ...

IMPORTANT PROPERTY-TDS UPDATE Buying Property from an NRI? TAN Relief Starts—but TDS Still Applies A simpler PAN-based reporting process applies from 1 October 2026. Buyers should understand exactly what changed—and what did not. The biggest misunderstanding “TAN not required” does not mean “TDS not required”. The buyer must still calculate the applicable TDS correctly, deduct it, deposit it, report the transaction and provide the TDS certificate. What has changed? ✓ PAN-based reporting The specified resident individual or HUF buyer can use the new challan-cum-statement route without obtaining TAN only for this purpose. ▣ New Form 141 Schedule E Schedule E captures the property, buyer, non-resident seller, consideration, capital-gain and TDS details. ↗ Form 132 certificate The prescribed TDS certific...

  IMPORTANT MCA UPDATE No DIR-3 KYC Deadline Today? MCA’s New 3-Year Rule Explained Annual Director KYC has been replaced with a simpler three-year compliance cycle Important: Under the revised MCA rules effective from 31 March 2026, DIR-3 KYC is no longer required every year by 30 September. Many directors and businesses still remember 30 September as the annual DIR-3 KYC deadline. MCA has now replaced this annual requirement with a simpler KYC filing once every three years. This reduces repetitive filing, but directors must still keep their mobile number, email address and residential address updated. What exactly has changed? Particulars Earlier rule New rule Frequency Every year Once every three year...

CBDT DEADLINE UPDATE • AY 2026–27 Tax Audit Due Date Extended to 21 October 2026 Use the additional time to correct Form 3CD, GST, MSME and TDS issues TAX AUDIT REPORT 21 October 2026 Earlier: 30 September 2026 AUDIT-CASE ITR 21 November 2026 Earlier: 31 October 2026 Important clarification: CBDT announced this relief for the applicable regular audit cases for AY 2026–27. It should not be assumed that every audit form, transfer-pricing report or other statutory deadline has been extended. The extension gives businesses and auditors additional time, but it should be used for better verification—not for postponing the audit. Incorrect reporting in Form 3CD can affect the income-tax return and may create questions during assessment. What exactly has CBDT extended? ...