CA Shubham Agrawal Bhopal

Still confused about GST Invoice Numbering? 🤔 One of the most common questions from taxpayers is whether the invoice series must restart from "1" every new financial year.
The answer is NO. As per Rule 46(b) of the CGST Rules, 2017, there is no such legal requirement to reset your sequence. You have two practical choices:
1️⃣ Start Fresh: Begin a new series (e.g., FY26-27/001).
2️⃣ Continue Sequence: Simply keep the old numbering going (e.g., 500 → 501).
The only hard rules? Your numbers must be Unique within the financial year and Consecutive. Stay compliant and keep your business running smoothly! ✅

📢 IMPORTANT FOR PROPERTY BUYERS! 🏡
Buying a property worth ₹50 Lakhs or more? You MUST deduct TDS! Here’s everything you need to know 👇
What is TDS on Property Purchase?
Under Section 194-IA of the Income Tax Act, the BUYER is responsible for deducting TDS at the time of payment to the seller.
Key Points:
✅ TDS Rate: 1% of sale consideration
✅ Applicable when property value ≥ ₹50 Lakhs
✅ Deduct TDS on each payment (including advance)
✅ Must be deposited using Form 26QB within 30 days from end of month of deduction
✅ Issue Form 16B to the seller within 15 days of filing Form 26QB
What if you DON’T comply?
❌ Interest @ 1%–1.5% per month
❌ Penalty up to ₹1 Lakh under Section 272A
❌ May face demand notice from Income Tax Dept.
Agricultural Land is EXEMPT from TDS 🌾

CA shubham Agrawal
Chartered accountant
081097 74382

Section 58 – Presumptive Taxation (Income-tax Act, 2025)

A Simplified & Merged Framework for Small Taxpayers

The Income-tax Act, 2025 introduces Section 58, consolidating earlier presumptive provisions (44AD, 44ADA & 44AE) into a single streamlined framework for businesses, professionals and transport operators.

🔹 1️⃣ Business (Small Taxpayers)
✔ Eligible: Resident Individual / HUF / Firm (other than LLP)
✔ Turnover Limit:
• Up to ₹2 Crore
• Up to ₹3 Crore where cash receipts ≤ 5%
✔ Presumptive Income:
• 6% (Digital receipts)
• 8% (Cash receipts)
• Or Actual Profit (whichever is higher)
✔ 5-Year Lock-in applies

🔹 2️⃣ Goods Carriage (Transporters)
✔ Condition: Maximum 10 vehicles at any time
✔ Income Deemed as:
• ₹1,000 per ton/month (Heavy vehicles >12,000 kg)
• ₹7,500 per month (Other vehicles)
✔ Part of month treated as full month
✔ No 5-year lock-in

🔹 3️⃣ Specified Professionals
✔ Gross Receipts:
• Up to ₹50 Lakhs
• Up to ₹75 Lakhs where cash ≤ 5%
✔ Income: 50% of Gross Receipts or Actual Profit (higher)

🔹 Common Provisions
• No separate expense deduction
• Depreciation deemed allowed (WDV adjusted)
• Sections 26–54 overridden
• Chapter VI-A deductions permitted

📌 Key Insight:
Section 58 enhances compliance simplicity, encourages digital transactions, and creates a uniform presumptive taxation regime with clearer thresholds and conditions.

CA shubham Agrawal
081097 74382