TDS Correction Deadline 31 March 2026 Guide
Introduction The Central Board of Direct Taxes (CBDT) has announced that 31st March 2026 will be the final cut‑off date for filing correction statements for past TDS and TCS returns, covering financial years 2018–19 to 2023–24; after this date, no further rectifications will be permitted, making it imperative for deductors and collectors to review their […]
Advisory on compulsory confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B for Feb 2026 tax period!
Introduction The Goods and Services Tax Network (GSTN) has introduced a procedural update in Form GSTR-3B to ensure accurate reporting of tax liabilities across periods. This change directly impacts how taxpayers confirm liabilities that pertain to previous tax periods but are discharged in the current one. Understanding this update is crucial for compliance and avoiding […]
Depreciation Rates FY 2025-26 – Income Tax Act
Introduction Depreciation is a critical concept in taxation and accounting. Under Section 32 of the Income Tax Act, 1961, depreciation allows taxpayers to claim a deduction for the gradual wear and tear of tangible and intangible assets used in business or profession. It ensures that the cost of assets is spread across their useful life, […]
TDS Rates FY 2026-27 – Complete Guide
Introduction Tax Deducted at Source (TDS) is a vital compliance mechanism under the Income Tax Act, ensuring tax collection at the point of income generation. For FY 2026-27, the Income Tax Department has notified updated rates applicable to residents and non-residents. While the overall framework remains consistent with FY 2025-26, there are important clarifications and […]
GSTN Advisory: Key Enhancements in GSTR-3B Filing Effective from February 2026 Tax Period
Introduction The Goods and Services Tax Network (GSTN) had earlier announced that several important enhancements in the filing of GSTR-3B returns would take effect from the January 2026 tax period. However, it has now been clarified that these changes will be implemented starting from the February 2026 tax period. The enhancements are aimed at […]
Advance Tax Calculation FY 2025-26 (AY 2026-27) – Things to Remember!
Introduction Advance tax is one of the most important compliance requirements under the Income Tax Act. It ensures that taxpayers pay their dues in instalments as income is earned, rather than waiting until the end of the financial year. This “pay-as-you-earn” system prevents a heavy burden at year-end and helps the government maintain steady revenue […]
GST Update: Withdrawal from Rule 14A from 21 Feb 2026
Introduction On February 21, 2026, GSTN rolled out a new online facility allowing taxpayers to withdraw from the option availed under Rule 14A of the CGST Rules. This is a significant compliance update, as it provides clarity and a structured process for opting out through the filing of Form GST REG-32 on the GST Portal. […]
Income Tax & Surcharge Rates for FY 2025-26 (AY 2026-27)
Income Tax & Surcharge Rates for FY 2025-26 (AY 2026-27) Income tax planning requires a clear understanding of applicable tax rates, surcharge slabs, and rebates. For FY 2025-26 (AY 2026-27), taxpayers can choose between the old regime with exemptions and deductions, or the new regime with simplified slabs and higher exemption limits. Below is a […]
Income Tax Act 2026: Complete Form Number Changes
Introduction: The transition from the Income Tax Act, 1961 to the Income Tax Act, 2026 has brought significant structural and procedural changes, including comprehensive renumbering, consolidation, and rationalisation of statutory forms. While the core compliance framework such as audit reports, TDS/TCS statements, certificates, declarations, and applications continues in substance, the form numbers and corresponding section […]
Budget 2026: What It Means for MSMEs in India
Introduction The Union Budget 2026–27, presented by Finance Minister Nirmala Sitharaman, has once again placed Micro, Small, and Medium Enterprises (MSMEs) at the center of India’s economic growth narrative. MSMEs are vital engines of employment, exports, and supply-chain resilience, and the Budget reflects this by introducing new schemes, strengthening liquidity frameworks, and expanding professional support. […]