TAX UPADESH

⚡ 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...

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 ...