GOYAL S and CO. -Chartered Accountants

As the new year begins, businesses should prioritise compliance hygiene:

Ensure December 2025 returns are filed correctly with proper ITC reconciliation (Books vs GSTR-2B) to avoid credit disputes.


Early review of AIS/TIS and major transactions helps prevent future mismatches and scrutiny issues.


This is the right time to internally review statutory records and filings to ensure smooth FY-end compliance.

A disciplined start in January reduces year-end compliance stress.

Everyone New Year

Update (Oct’25):
New “Import of Goods” section in IMS
View & accept Bills of Entry (auto-accepted if no action)
BoE amendment option
ITC reversal tools enabled

We are seeking B Com Graduates or CA CS CMA dropouts (1-2 years of experience) for a CA Firm in Gandhi Nagar East Delhi. The ideal candidate should possess a good knowledge of Tally, Ms Excel, Income Tax and GST. Contact: 9650104909 (WhatsApp only) or email [email protected]. Goyal S and Co.

New Article

Income Tax Filing Update: Key Changes in ITR-2 and ITR-3 Excel Utilities for AY 2025–26 With the Income Tax Department releasing the Excel utilities for all ITR forms, taxpayers and professionals must now focus on understanding the notable updates in ITR-2 and ITR-3 for Assessment Year (AY) 2025–26. These forms are not just routine filing formats—they incorporate several changes ba...

https://www.linkedin.com/pulse/tax-saving-meets-sustainability-ireda-bonds-now-under-goyal-bansal-zzr7c

Key Updates and Changes in ITR Forms

1. Expanded Eligibility for ITR-1 and ITR-4

Long-term capital gains (LTCG) of up to ₹1.25 lakh (under Section 112A) can now be reported on these forms, simplifying compliance for numerous taxpayers.

2. Removal of Aadhaar Enrolment ID Field

The enrolment ID is no longer accepted; only the Aadhaar number is accepted.

3. Tax Regime Disclosure

Taxpayers must explicitly declare their tax regime (old vs new) and provide Form 10-IEA details if applicable.

4. Mandatory TDS Section Specification

The utility now necessitates specifying the exact TDS section(s) under which amounts were deducted.

5. Enhanced Validations and Detailed Disclosures

The utilities encompass new validation checks (e.g., certain TDS codes invalidate ITR-1 eligibility), necessitate policy/document numbers for deductions, and mandate detailed reporting for HRA, 80C, 80D, etc.

Income Tax Department has activated its website incometax.gov.in for filing income tax returns using ITR-1 and ITR-4 forms. Eligible individuals can now submit their ITR via the e-filing portal for FY 2024-25 (AY 2025-26).

RBI has asked all banks to stop disbursing 500₹ notes by 30 sep from ATM. Target is 75% of all banks BANKS ATM & then 90% ATM
by 31 Mar26. ATM going forward will only
disburse only 200₹ and 100₹ notes

While filing your ITR Returns keep the below points in mind