TASK & Company

🚨 Changed Jobs During the Financial Year? Don't Make This Tax Filing Mistake! 🚨

If you've worked with two or more employers during FY 2025-26, ensure that all your salary income is correctly reported while filing your Income Tax Return (ITR).

✅ Include salary from all employers.
✅ Verify TDS credits from each employer in Form 26AS/AIS.
✅ Calculate the correct tax liability.
✅ Claim eligible deductions and exemptions.
✅ Report your previous employer's salary and TDS details to your current employer to ensure accurate TDS deduction and avoid tax demands later.

⚠️ One of the most common reasons for receiving an Income Tax Notice or Demand is non-disclosure of salary from a previous employer.

Before filing your ITR, reconcile:
📌 Form 16 from all employers
📌 Form 26AS
📌 AIS/TIS
📌 Salary slips and investment proofs
📌 Details of salary and TDS reported to your current employer

A small disclosure today can save you from notices, interest, and unexpected tax demands tomorrow.

Need assistance with your ITR filing or tax planning? Feel free to connect.



📞 CA Tarun Gupta
📧 [email protected]
🌐 www.taskandcompany.com
📱 +91 9990905006

🚨 CBDT Issues Complete Scrutiny Selection Guidelines for FY 2026-27 🚨

The Central Board of Direct Taxes (CBDT) has released guidelines for compulsory selection of Income Tax Returns (ITRs) for Complete Scrutiny during FY 2026-27.

🔍 Cases may be selected for scrutiny based on:

✅ Search & Survey proceedings
✅ Information received from Law Enforcement Agencies
✅ Tax Evasion Intelligence inputs
✅ Other credible evidence indicating possible income escapement

📌 Key Takeaway for Taxpayers & Professionals

Proper documentation and accurate reporting are no longer optional—they are essential.

✔ Maintain complete books of accounts and supporting documents
✔ Reconcile income with AIS, TIS, Form 26AS, GST and financial records
✔ Report all sources of income accurately
✔ Keep records readily available for verification
✔ Ensure timely compliance with notices and departmental communications

💡 A proactive compliance approach can significantly reduce scrutiny-related challenges and litigation risks.

As tax authorities continue to leverage data analytics and intelligence-based assessments, taxpayers should focus on transparency, consistency, and proper record keeping.



Tarun Gupta
📞 CA Tarun Gupta
🌐 www.taskandcompany.com
📧 [email protected]
📱 9990905006

🚨 CAPITAL GAINS TAXATION UPDATE – POST BUDGET 2024 🚨

Understanding capital gain taxation is now more important than ever after the latest Budget amendments. Here’s a quick snapshot of how different asset classes are taxed under the revised framework 👇

✅ Equity Mutual Funds / Stocks / ETFs
• LTCG after 12 months
• STCG Tax – 20%
• LTCG Tax – 12.5%*

✅ Gold ETFs
• LTCG after 12 months
• STCG – Slab Rate
• LTCG – 12.5%

✅ REITs / InvITs
• LTCG after 12 months
• STCG – 20%
• LTCG – 12.5%

✅ Listed Bonds
• LTCG after 12 months
• STCG – Slab Rate
• LTCG – 12.5%

✅ Debt Mutual Funds
• Purchased before 1 April 2023 → LTCG after 24 months @ 12.5%
• Purchased after 1 April 2023 → Taxed at slab rates

✅ Physical Gold / Gold MFs / Overseas MFs / FOFs
• LTCG after 24 months
• LTCG Tax – 12.5%

✅ Foreign Equity / International ETFs
• LTCG after 24 months
• LTCG Tax – 12.5%

✅ Real Estate
• LTCG after 24 months
• New provisions applicable based on acquisition date

📌 Proper tax planning can significantly reduce your tax burden while maximizing post-tax returns.

📞 Need assistance with Capital Gains Tax Planning, ITR Filing, or Investment Structuring?
Connect with me today.

⚠️ Don’t rush to file your ITR in May or early June!

Wait till around 15th June to verify:

✅ AIS/TIS
✅ Form 26AS
✅ Form 16
✅ Bank Interest
✅ Share/MF Transactions

📌 Correct filing is more important than early filing.

A business owner once told me:
“CA saab, GST toh bhar dete hain… ab ITC toh har expense par mil hi jaata hoga?”

That one line explained why so many businesses receive GST notices later.

Last month, I reviewed a company’s books where ITC was claimed on:
❌ Staff vacation expenses
❌ Gym membership
❌ Personal vehicle expenses
❌ Free gift distribution

Everything looked normal… until Section 17(5) entered the picture.

The result?
👉 ITC reversal
👉 Interest liability
👉 Unnecessary litigation

Most businesses focus on “How much ITC can be claimed?”
But smart businesses ask:
“Which ITC can become a future problem?”

A simple monthly review of blocked credits can save lakhs in disputes.

Here’s a simplified guide on:
✔ ITC generally allowed
✔ ITC blocked under Section 17(5)
✔ Common mistakes businesses make
✔ Important checks before claiming ITC

If you handle GST compliance, this checklist may save you from your next notice.

What’s the most common ITC mistake you have seen in practice? 👇

🚨 INPUT TAX CREDIT (ITC) — A RIGHT, NOT A CONCESSION 🚨

Over the years, Courts across India have repeatedly protected genuine taxpayers from arbitrary denial of ITC.

Here are some landmark rulings every GST professional and business owner should know 👇

✅ Safari Retreats Pvt. Ltd. – ITC is a vested right.
✅ Filco Trade Centre Pvt. Ltd. – Buyer cannot suffer due to supplier’s registration issues.
✅ Inox Wind Ltd. – Minor procedural lapses cannot deny substantive ITC benefit.
✅ Mahindra & Mahindra Ltd. – Denial of ITC for supplier default can violate Article 14.
✅ Bharat Forge Ltd. – Once tax is paid in the chain, credit should flow seamlessly.
✅ Sunchem Pvt. Ltd. – No recovery from an innocent recipient.
✅ E-Way Bill Case – Procedural lapse ≠ automatic ITC denial.
✅ Adani Enterprises Ltd. – ITC denial must be based on evidence, not suspicion.

📌 The consistent judicial view is clear:
👉 A bona fide taxpayer should not be penalized for supplier’s fault or technical lapses beyond their control.

💡 Golden Principle of GST:
“If tax has reached the Government at any stage, seamless credit should flow through the chain.”

Businesses must maintain:
✔ Proper documentation
✔ Vendor due diligence
✔ Genuine transaction evidence
✔ Timely reconciliations

But authorities must also ensure that genuine taxpayers are not harassed merely on assumptions.



Tarun Gupta

🚨 Major Relief for Taxpayers in Reassessment Matters 🚨

The Gujarat High Court in the case of *Dimpal Hemang Desai v. Income-tax Officer* has quashed reassessment notices issued for AY 2015-16 after 01.04.2021, holding them as time-barred under the amended reassessment regime read with TOLA.

📌 Key Highlights:

✅ Notices issued u/s 148 / 148A after 01.04.2021 for AY 2015-16 were held invalid.

✅ The Court relied on the Supreme Court ruling in *Union of India v. Rajeev Bansal*.

✅ Entire reassessment proceedings, including reassessment order u/s 147, were quashed.

✅ Significant relief for taxpayers facing reassessment notices for old assessment years.

⚖️ Key Takeaway:
Limitation provisions under the amended reassessment regime cannot be stretched indefinitely through TOLA extensions. If notices are time-barred under the new law, the entire proceedings may fail.

Taxpayers who received reassessment notices for earlier years after 01.04.2021 should review their cases carefully.



Tarun Gupta

📌 ITR Filing FY 2025-26 (Non-Audit) Checklist is here!

Avoid last-minute stress by keeping your documents ready for Business Income, GST, Capital Gains, House Property, and Tax Deductions. Proper preparation ensures smooth, accurate, and hassle-free filing.

👨‍💼 CA. Tarun Gupta
📞 9990905006

One of my clients recently walked into my office with a GST demand order in hand and just one question:

“Sir… can we still file an appeal or is it too late?”

The problem was not the tax amount.

The real pressure was the mandatory pre-deposit and the fear of missing timelines.

And this is exactly what many businesses are facing right now.

With GSTAT becoming active, appeal filings are expected to rise sharply before 30 June 2026 — especially for older orders. Many taxpayers are waiting till the last moment, but delay can become expensive.
Here’s what businesses are ignoring:
🔹 Appeals can become time-barred
🔹 Delay condonation is limited
🔹 Around 20% funds may get blocked due to pre-deposit requirements
🔹 Last-minute filing often leads to technical mistakes & document gaps

The biggest risk?

Not the notice itself… but delaying the response.
If you have received any GST order and are still “thinking about it”, this is the right time to review your case calmly and strategically.

Early preparation always gives better legal and financial control.

“Refund toh aa hi jayega…”
The client sounded confident.

Returns were filed.
Documents were ready.
Everything looked perfect.

But then came a GST notice. ⚠️

Reason?
A small mismatch in Annexure-B and GSTR-2B reconciliation.

And suddenly:

❌ Refund delayed
❌ Working capital blocked
❌ Extra compliance burden

GST Refund filing is no longer just about uploading documents.
Now it’s about accurate reconciliation, Statement-3 linkage, Annexure-B reporting, and ITC validation.

The businesses getting faster refunds today are not filing faster…
They are reconciling better. 📌

Before filing your next refund application, review your data twice.

One small mismatch can cost weeks of delay.

Have you also noticed GST compliance becoming more system-driven lately? 👇



Tarun Gupta