Taxation Updates (CA Mayur J Sondagar) @TaxationUpdates

💥BONUS SHARES CAN CREATE TAX LIABILITY EVEN WHEN YOUR ACTUAL PROFIT IS SMALL! 📌 Bought 100 shares @ ₹1,000 on 08-03-2024 📌 Received 100 bonus shares on 05-06-2025 📌 Market price after bonus: ₹600 📌 Sold all 200 shares @ ₹610 on 24-06-2025 ✅ Actual Economic Gain: ₹22,000 ✅ Taxable STCG on Bonus Shares: ₹61,000 💰 Tax Payable: ₹12,688 Why? 🤔 Because Bonus Shares have NIL cost u/s 55(2)(aa) and the LTCL of ₹39,000 on original shares cannot be set off against STCG. #IncomeTax #CapitalGains #TaxationUpdates

Directorate General of Taxpayer Services, Mumbai Zonal Unit (DGTS-MZU), in association with the Western India Regional Council of The Institute of Cost Accountants of India (ICMAI), is organizing a Webinar on “Best Practices for GSTAT: Do’s & Don’ts” on 29 June 2026 from 3:00 PM

⚠️ TRACES Challan Correction — Important Update for FY 2026-27 If you deposited TDS challan in FY 2025-26 (under old IT Act 1961) but it belongs to FY 2026-27 (new IT Act 2025) — here's how to correct it👇 ✅ The new TRACES portal for Income Tax 2025 compliance does NOT yet support challan correction. ✅ Use the OLD TRACES portal (IT Act 1961) to submit correction: • Go to Statement / Payment › Request for OLTAS Challan Correction • Existing FY: 2025-26 → New FY: 2026-27 • Confirm & Submit 📸 Screenshots of the process attached. @IncomeTaxIndia @FinMinIndia

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It will be helpful if 26AS and AIS give date like till which date all information were updated i.e.All 26Q,24Q,SFT,GSTR 3B, 26QB etc filed till 31st May were updated in AIS and 26AS @IncomeTaxIndia

@agarca_in Professionals pays taxes on behalf of so many client so chances that wrong year get selected like that so here easy to get data of all challan, some correction were allowed on portal within 7 days so easy to correct that data, no need to check all challan manually

🚀 FREE Tool for CAs, Tax Professionals & Businesses! 🧾 Convert Income Tax / TDS / TCS Challan PDFs into Excel in seconds. ✅ Supports ITNS 280 / 280N / 281 / 281N / 282 / 282N / 283 / 283N ✅ Bulk folder upload (100s of PDFs at once) ✅ Supports FY 2025-26 (AY 2026-27) & FY 2026-27 (Tax Year 2026-27). ✅ Exports clean Excel with Summary & Section-wise breakup ✅ 100% Browser-Based — No server upload, No data sharing 🔒 No more manual typing of CIN, BSR, Challan No., PAN/TAN, Amounts, Sections, Interest, Cess, etc. Perfect for: • Tax Audits • TDS Reconciliation • Challan Verification • Litigation & Assessments • Bulk Client Data Preparation Try it and share feedback👇 #IncomeTax #TDS #TCS #TaxationUpdates Tool Link taxationupdates.com/INCOME-TAX-CHA…

ITR 3 Update Excel Utility, Schema and Validation Rules issued for ITR 3 by @IncomeTaxIndia Now Full Fledged ITR Filing Session will starts

📢 Built a free AI Prompt Library for Tax Professionals. 500+ prompts. 28 categories. Zero paywall. No login. No ads. 1️⃣ THE PROBLEM. We waste hours drafting the same things from scratch every day. S. 148 replies. GSTR-9C reconciliations. Audit opinions. TP documentation. NCLT petitions. Board resolutions. FEMA applications. AI drafts all of it in 2 minutes — if you give it the right prompt. That's what this library is. 2️⃣ WHAT'S COVERED. 🔹 GST — ITC reversal, S. 74 demand reply, GSTR-9C, inverted duty refund, AAR strategy. 50+ prompts. 🔹 Income Tax — S. 148 reply, S. 263 revision, search & seizure, POEM, MAT, HUF, VDA/crypto, Form 15CA/15CB. 60+ prompts. 🔹 Audit — SA 705 qualified opinion, SA 570 going concern, CARO 2020, forensic checklist, NPA audit. 30+ prompts. 🔹 Company Law — Board resolutions, S. 185/186, director disqualification, NCLT amalgamation, CSR. 25+ prompts. 🔹 FEMA & RBI — FDI, FC-GPR, ECB, ODI, NRI RNOR planning, GIFT City. 🔹 Transfer Pricing — Master file, TNMM benchmarking, APA, CbCR, TPO reply, DEMPE. 🔹 Valuation — DCF, Rule 11UA, ESOP Black-Scholes, brand valuation. 🔹 IBC, Banking, RERA, NPO, Startup, M&A, Payroll, MIS, ESG, SEBI, Ind AS, Digital & more. 28 categories. All free. ───────────────── 3️⃣ HOW TO USE. 1. Search by keyword or browse by category 2. Click Copy 3. Paste into ChatGPT, Claude, or Gemini or other AI Tools 4. Add your client facts 5. First draft ready in 2 minutes ───────────────── 4️⃣ KEY FEATURES. 🔖 Bookmark prompts across sessions ✏️ Add & save your own custom prompts 📋 One-click copy 💬 Direct WhatsApp share 📤 Export as CSV, Word, JSON or Text 🌙 Dark mode 📱 Works on mobile — no app needed ───────────────── This Pormpt library is that translator — between your expertise and what AI needs to produce something practice-ready. ───────────────── 🔗 taxationupdates.com/CA-Prompt-Libr… 🔁 Retweet so every professionals finds this. 📲 Forward to your WhatsApp group. 🔖 Bookmark — you will come back to this. — CA Mayur J Sondagar | @TaxationUpdates #TaxationUpdates

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📘 GSTAT Appeals – Procedure & Practice Module Just went through this excellent 62-page practical guide by B. Venkateswaran, IRS (Retd.) It doesn't merely discuss law—it walks professionals through the entire GSTAT journey: ✔️ Maintainability & Bench Allocation ✔️ Limitation — The Transitional Rules ✔️ Pre-deposit Computation & Payment ✔️ Form APL-05 e-filing process ✔️ Drafting the Memorandum of Appeal ✔️ Document Compilation & Certification ✔️ Registry Scrutiny & Defect Cure ✔️ Stay of Recovery — Section 112(9) ✔️ Cross-Objections & Hearing Procedure ✔️ Orders, Rectification & Further Appeal ✔️ Common mistakes that lead to dismissal ✔️ Forms & Glossary — Quick Reference ✔️ GSTAT Filing Templates — Full Document Set A ready reckoner for every GST practitioner handling GSTAT matters. Kudos to Shri B. Venkateswaran Sir @beevenkat for converting complex GSTAT procedures into a practitioner-friendly handbook. PDF Link drive.google.com/file/d/1R6rSWP… #GST #GSTAT #GSTAppeals @FinMinIndia @cbic_india

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@RamaKri71208252 Yes right

ITR 1 & ITR 2 filers → Form 10-IEA = NOT required. Ever. ITR 3 & ITR 4 filers → Form 10-IEA filing required before due date u/s 139(1) whenever changing regime (AY 2026-27 is 3rd Year of Form 10-IEA so if you have opted for old regime in AY 2024-25 and then new regime in AY 2025-26 then you can't opt for old regime in AY 2026-27) Built a free tool covering all 64 scenarios. FY 2023-24 → 2024-25 → 2025-26 This tool will help in guiding applicability of Form 10-IEA and switching Restrictions along will tabular presentation of all 64 possibilities depend on previous year filing 🔗 taxationupdates.com/FORM-10-IEA-RE… #TaxationUpdates

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Income Tax Calculator that covers EVERYTHING — FY 2025-26 (IT Act, 1961) AND Tax Year 2026-27 (IT Act, 2025). Here's what's inside — tab by tab 👇 ━━━━━━━━━━━━━━━━━━━━━━ 🧮 TAB 1 — CALCULATOR ━━━━━━━━━━━━━━━━━━━━━━ ✅ Old Regime vs New Regime — computed side by side, instantly ✅ Inputs: Salary, House Property, Business/Profession, Other Income, STCG (S. 111A @ 20%), LTCG (S. 112A @ 12.5%) ✅ Deductions: S. 80C (₹1.5L cap auto-applied), S. 80CCD(2) — NPS employer, S. 80D — Mediclaim ✅ Colour-coded input cells: 🟢 Valid | 🟡 Zero (missed?) | 🔴 Exceeds legal cap Auto-calculated — no entry needed: → Std. Deduction: ₹50,000 (Old) / ₹75,000 (New) → 30% std. deduction on rent income → LTCG exemption ₹1.25L u/s 112A → Unused basic exemption set-off vs STCG/LTCG → Rebate u/s 87A (Old: ₹12,500 up to ₹5L | New: ₹60,000 up to ₹12L) → Marginal Relief at ₹12L rebate cliff — correctly computed → Surcharge @ 10% / 15% / 25% / 37% with 15% cap on CG tax + marginal relief at every threshold → 4% Health & Education Cess 📊 Insights Panel (below calculator): → 3D bar chart: Gross Income | Deductions | Taxable Income | Tax | Effective Rate — Old vs New → 💬 WhatsApp Share | 🖼️ Image Export | 📋 Copy Summary — in one click ━━━━━━━━━━━━━━━━━━━━━━ 💰 TAB 2 — ADVANCE TAX ━━━━━━━━━━━━━━━━━━━━━━ ✅ Advance tax liability u/s 207 (threshold: ₹10,000 net of TDS) ✅ 4-instalment schedule: 15 Jun / 15 Sep / 15 Dec / 15 Mar — with cumulative % ✅ ✅ / ⚠️ badge per instalment — paid enough or short? ✅ S. 234C interest: deferment of each instalment — computed separately ✅ S. 234B interest: overall shortfall — month-wise working shown ✅ Auto-populates from Calculator tab — override if your estimate differs ✅ Capital Gains exception (S. 234C) — no interest if CG arises after earlier due dates ━━━━━━━━━━━━━━━━━━━━━━ 📋 TAB 3 — TAX TABLE ━━━━━━━━━━━━━━━━━━━━━━ ✅ Ready-made New Regime tax amounts for every ₹1L of income — from ₹1L to ₹1 Crore ✅ All figures include: S. 87A rebate + surcharge with marginal relief + 4% cess ✅ 🔍 Search: type ₹25L or just "25" → nearest row highlights automatically ✅ Click any row → copies a ready-to-share line directly for WhatsApp / email ━━━━━━━━━━━━━━━━━━━━━━ 🏷️ TAB 4 — TAX SLABS ━━━━━━━━━━━━━━━━━━━━━━ ✅ Complete slab-wise rates: Old Regime (age-wise: <60 / 60-79 / 80+) + New Regime ✅ Surcharge table: 10% / 15% / 25% / 37% by income band ✅ Special rates: STCG u/s 111A @ 20% | LTCG u/s 112A @ 12.5% ✅ Perfect for client meetings — no data entry, instant reference ━━━━━━━━━━━━━━━━━━━━━━ 📂 TAB 5 — DEDUCTIONS ━━━━━━━━━━━━━━━━━━━━━━ ✅ All major Chapter VI-A deductions listed with statutory limits ✅ Colour pills: 🟢 New Regime allowed | 🔵 Old Regime only | ⚪ Both regimes ✅ Eligible expenses/investments listed for each section ✅ Helps identify missed deductions before regime choice ━━━━━━━━━━━━━━━━━━━━━━ 📅 TAB 6 — ITR DUE DATES ━━━━━━━━━━━━━━━━━━━━━━ ✅ Filing deadlines for AY 2026-27 — by assessee category ✅ Applicable ITR form + who it's for + due date — all in one row ✅ Covers: Individuals (non-audit), Audit cases, Firms, Companies, Trusts ✅ Belated return (S. 139(4)) & Revised return (S. 139(5)) deadlines included 🔧 GLOBAL FEATURES 🔄 Year Toggle — switch between IT Act, 1961 (AY 2026-27) & IT Act, 2025 (Tax Year 2026-27): all section references, labels, due dates, slab notes update automatically across every tab 🌙 Dark Mode — full dark theme across all tabs 📄 Save to PDF — direct download: [Name]_Tax_Computation_AY2026-27.pdf 🖼️ Save to JPEG — high-resolution image, ready for WhatsApp or social 🔄 Reset — clears all inputs instantly 🔗 Try it now → taxationupdates.com/INCOME-TAX-CAL… #TaxationUpdates

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ITR 1, ITR 2 and ITR 4 Filing Count Crossed 32 Lakh #IncomeTax

@d_sugandhi done

How AI is Helping in our Profession AI is converting our ideas into probable solutions AI is helping us to complete difficult task with simplicity Our use of AI in last 4 month Generated our own website taxationupdates.com Tool for TDS/TCS Section Code taxationupdates.com/TDS-SECTION-CO… CA Prompt Library taxationupdates.com/CA-Prompt-Libr… Income Tax , TDS, TDS Challan PDF to Excel Summary taxationupdates.com/INCOME-TAX-CHA… Compliance Calendar taxationupdates.com/Compliance_Cal… Form 10-IEA Helper taxationupdates.com/FORM-10-IEA-RE… Otherthen Above Invoice Management tool for Raising service invoice GST Reconciliation tool Useful Link tool Tool for checking sale and purchase invoice duplication Bank summary tool for ITR filing TDS Acknowledgement to excel converter Income Tax Client Communication, Documents, Filing Record and Fees Tracker tool GST Monthly filing and accounting tracker tool Income Tax Calculator All of above with basic knowledge of technology we have, but helping us in our day to day practice and automation of routine works So many other automation possible with AI, AI is helping us to the extent possible in doing our work with more perfection and with more automation. Learn AI to Adopt the changes as change as rule of nature #TaxationUpdates #AI

All are waiting for availability of ITR 3 for filing and final update of AIS/TIS/26AS ITR Filing Due Date AY 2026-27 31st July - Non Audit (Non Business Income) 31st August - Non Audit (Business Income) 31st August - Partner of Non Audit Firm 30th September - Tax Audit Report 31st October - Audit ITR 31st December - Belated ITR 31st March - Revised ITR @IncomeTaxIndia #TaxationUpdates