Amendment in TCS Provisions TCS on Liberalised Remittance Scheme reduced from 5% to 2% TCS on Overseas Travel Package reduced from 5% to 2% #Budget2026 #BudgetSession2026

Updated Return (ITR-U) can now be filed even after reassessment proceedings have been initiated! 🔹 The Assessing Officer (AO) will consider the Updated Return only for assessment purposes 🔹 However, Additional tax @ 10% will be payable

TCS rates rationalised to 2% on alcohloic liquor for human consumption and on sale of scrap! #BudgetSession2026

STT on Futures hiked to 0.05% from 0.02% #BudgetSession2026 #Budget2026

ITR 1 & 2 continue to be filed by 31st July The timeline for filing tax returns will be staggered. - Individuals filing ITR-1 and ITR-2 will continue to have a deadline of 31 July - ⁠Non-audit business cases and Charitable Trusts will have an extended filing deadline until

Reform in MAT Provisions - Minimum Alternate Tax to be the Final Tax - ⁠No further MAT Credit from 1 April 2026 - ⁠MAT Rate reduced from 15% to 14% - ⁠Brought Forward MAT Credit to the extent of only 1/4th is allowed to be set-off in New Regime #BudgetSession2026

A major change that was not announced by the FM in her speech! - Employee Contribution (PF & ESI) will be allowed as deduction if deposited before the filing of Income Tax Return. Earlier, the payment was to be allowed if it was deposited before due date of the respective Act!

Another major change! - To simplify compliance, a joint committee will merge the Income Computation and Disclosure Standards (ICDS) into the Indian Accounting Standards (Ind AS). - From the 2027-28 tax year, the need for separate accounting for tax purposes will be eliminated,

Retrospective amendments in section 151A on JAO-FAO and Section 292B on DIN issues! (Bombay HC decision in Hexaware overruled!) #Budget2026

New ITR due dates w.e.f. Tax Year 2026-2027 #BudgetSession2026 #Budget

Small foreign asset holders get immunity from penalty! - The Government has announced that individuals who do not report foreign assets (other than immovable property) worth less than ₹20 lakh will not face prosecution. - This exemption will apply retrospectively from October

New due date for Revised ITR: It is proposed to amend section 263(5) of the Act so as to *increase the prescribed time limit for filing the revised return from its existing time limit of nine months to twelve months from the end of the relevant tax year.* Further, a fee is also

Allowability of filing ITR-U in case of Loss Return - where Losses in ITR-U are less than Losses claimed in Previous ITR: It is proposed to amend section 263(6) of the Act, so *as to allow filing of updated return in such cases where taxpayer reduces the amount of loss in

Budget Proposal : Updated Return Tightened during Reassessment Proceedings Now, if an updated return is filed after receiving Notice u/s 280, it must be filed only in the manner specified in the notice, no alternative route allowed. Further, such updated return will attract

Even a single day delay in filing Tax Audit report will now attract late fee of Rs. 75,000 and delay of more than 1 Month will attract Rs. 1,50,000 as Late Fees.

Big change in Sovereign Gold Bonds : Union Budget 2026 Tax-free maturity benefit on SGBs will now apply only if you buy directly from RBI at original issue and hold till maturity. ❌ Buying SGBs from the secondary market = NO capital gains exemption.

The government has proposed that TDS on the sale of immovable property by non-residents will now be deducted and deposited through resident buyers using their PAN-based challan, eliminating the need for a TAN (temporary accounting number) and simplifying compliance. Amendment

One-time 6-month Foreign Asset Disclosure Window - Budget 2026 ✅ Undisclosed overseas income/assets up to ₹1 crore → 30% tax + 30% penalty ✅ Tax already paid, but disclosure missed (assets up to ₹5 crore) → ₹1 lakh fixed penalty

A well-established Chartered Accountant firm based in Panchkula invites applications from Qualified Chartered Accountants and Semi-Qualified Chartered Accountants. Candidates from nearby locations or those willing to relocate will be preferred. Interested candidates may share

Always an honor and enriching experience to meet my principal CA Rattan Kaur mam at Jain & Associates.. 🥺 I always make sure to visit her compulsorily and take her blessings whenever I go to Chandigarh! ❤️🥹 A teacher’s blessings remain the greatest strength in one’s journey.