Anup Gupta & Co.- Chartered Accountants

𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐒𝐮𝐦𝐦𝐚𝐫𝐲: 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟔

𝐈. 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱

𝟎𝟕 𝐉𝐚𝐧: 𝐃𝐞𝐩𝐨𝐬𝐢𝐭 𝐓𝐃𝐒/𝐓𝐂𝐒 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.
𝟏𝟒 𝐉𝐚𝐧: 𝐈𝐬𝐬𝐮𝐞 𝐓𝐃𝐒 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞𝐬 (𝟏𝟗𝟒-𝐈𝐀/𝐈𝐁/𝐌/𝐒) 𝐟𝐨𝐫 𝐍𝐨𝐯 𝟐𝟎𝟐𝟓.
𝟏𝟓 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐓𝐂𝐒 𝐑𝐞𝐭𝐮𝐫𝐧 (𝐅𝐨𝐫𝐦 𝟐𝟕𝐄𝐐) 𝐟𝐨𝐫 𝐐𝟑 (𝐎𝐜𝐭-𝐃𝐞𝐜 𝟐𝟎𝟐𝟓).
𝟑𝟎 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐂𝐡𝐚𝐥𝐥𝐚𝐧-𝐜𝐮𝐦-𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 (𝟏𝟗𝟒-𝐈𝐀/𝐈𝐁/𝐌/𝐒) 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.
𝟑𝟎 𝐉𝐚𝐧: 𝐈𝐬𝐬𝐮𝐞 𝐓𝐂𝐒 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞 (𝟐𝟕𝐃) 𝐟𝐨𝐫 𝐐𝟑.
𝟑𝟏 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐓𝐃𝐒 𝐑𝐞𝐭𝐮𝐫𝐧𝐬 (𝟐𝟒𝐐, 𝟐𝟔𝐐, 𝟐𝟕𝐐) 𝐟𝐨𝐫 𝐐𝟑.

𝐈𝐈. 𝐆𝐒𝐓

𝟏𝟎 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐆𝐒𝐓𝐑-𝟕 (𝐓𝐃𝐒) & 𝐆𝐒𝐓𝐑-𝟖 (𝐓𝐂𝐒) 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.
𝟏𝟏 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐆𝐒𝐓𝐑-𝟏 (𝐌𝐨𝐧𝐭𝐡𝐥𝐲) 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.
𝟏𝟑 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐆𝐒𝐓𝐑-𝟏 (𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲) 𝐟𝐨𝐫 𝐐𝟑 (𝐎𝐜𝐭-𝐃𝐞𝐜 𝟐𝟎𝟐𝟓).
𝟏𝟑 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐆𝐒𝐓𝐑-𝟔 (𝐈𝐒𝐃) & 𝐆𝐒𝐓𝐑-𝟓 (𝐍𝐨𝐧-𝐑𝐞𝐬𝐢𝐝𝐞𝐧𝐭) 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.
𝟏𝟖 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐂𝐌𝐏-𝟎𝟖 (𝐂𝐨𝐦𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧) 𝐟𝐨𝐫 𝐐𝟑.
𝟐𝟎 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐆𝐒𝐓𝐑-𝟑𝐁 (𝐌𝐨𝐧𝐭𝐡𝐥𝐲) 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.
𝟐𝟐/𝟐𝟒 𝐉𝐚𝐧: 𝐅𝐢𝐥𝐞 𝐆𝐒𝐓𝐑-𝟑𝐁 (𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲) 𝐟𝐨𝐫 𝐐𝟑 (𝐒𝐭𝐚𝐭𝐞-𝐰𝐢𝐬𝐞 𝐬𝐭𝐚𝐠𝐠𝐞𝐫𝐞𝐝).

𝐈𝐈𝐈. 𝐋𝐚𝐛𝐨𝐮𝐫 𝐋𝐚𝐰𝐬

𝟏𝟓 𝐉𝐚𝐧: 𝐃𝐞𝐩𝐨𝐬𝐢𝐭 𝐏𝐅 & 𝐄𝐒𝐈 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐃𝐞𝐜 𝟐𝟎𝟐𝟓.

𝐈𝐕. 𝐌𝐂𝐀 (𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞)

𝟑𝟏 𝐉𝐚𝐧: 𝐄𝐱𝐭𝐞𝐧𝐝𝐞𝐝 𝐃𝐮𝐞 𝐃𝐚𝐭𝐞 𝐟𝐨𝐫 𝐟𝐢𝐥𝐢𝐧𝐠 𝐀𝐎𝐂-𝟒 & 𝐌𝐆𝐓-𝟕/𝟕𝐀 𝐟𝐨𝐫 𝐅𝐘 𝟐𝟎𝟐𝟒-𝟐𝟓 (𝐫𝐞𝐟𝐞𝐫 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐂𝐢𝐫𝐜𝐮𝐥𝐚𝐫 𝐍𝐨. 𝟎𝟖/𝟐𝟎𝟐𝟓).

𝐑𝐞𝐠𝐚𝐫𝐝𝐬
𝐂𝐀 𝐀𝐧𝐮𝐩 𝐆𝐮𝐩𝐭𝐚
𝐌𝐨𝐛. 𝟗𝟔𝟓𝟒𝟐𝟕𝟔𝟗𝟖𝟔

🚨 URGENT: Income Tax Notices on Foreign Assets (Action Required by 31st Dec)
​The Income Tax Department has launched a targeted "Nudge Campaign" for Assessment Year 2025-26, sending SMS and email alerts to resident taxpayers who have flagged high-value foreign transactions but failed to disclose them in Schedule FA (Foreign Assets).
​Why is this happening?
Through the Automatic Exchange of Information (AEOI), the department now receives real-time data on your foreign bank accounts, immovable properties, and financial interests (like US Stocks, RSUs, or ESOPs). If this data mismatches your ITR, you are at risk.
​The Risk: Black Money Act
Non-disclosure of foreign assets is treated severely under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
​Penalty: A flat penalty of ₹10 Lakh can be imposed for non-reporting, even if the asset has zero balance or generated no taxable income.
​Prosecution: Willful evasion can lead to prosecution.
​Immediate Steps to Take:
​Check AIS: Review your Annual Information Statement for any "Foreign Asset" flags.
​File Revised Return: If you missed reporting any asset, you must file a Revised ITR (u/s 139(5)) on or before 31st December 2025.
​Professional Advice:
Reporting in Schedule FA requires precise conversion of foreign currency to INR based on specific SBI telegraphic transfer rates. It is highly recommended to consult a practicing CA to ensure accurate disclosure and avoid defective return notices.

Buying a Property? Don’t Forget the "1% Rule"

Buying a new home or a plot of land is a massive milestone. But before you pop the champagne and start planning the interior design, there is one crucial tax responsibility you need to handle.
It’s called TDS (Tax Deducted at Source).

If you are the buyer, the Income Tax Department legally expects you to deduct tax from the seller’s payment. If you forget, the tax notice comes to your door, not the seller’s.

Here is a plain-English guide to staying safe and compliant for FY 2024-25 and 2025-26.

1. The Golden Rule (Section 194-IA)
The basics are simple: If you are buying a property worth ₹50 Lakhs or more, you cannot pay the seller the full amount. You must keep 1% back and deposit it with the government.
* Who does this? You, the Buyer.
* Whose money is it? The Resident Seller's (it’s deducted from their total).
* The Rate: 1% (It jumps to 20% if the seller doesn’t have a valid PAN card).
> Relax: If the property value is under ₹50 Lakhs, you can ignore this entire article. No TDS is required.

2. What Counts as the "Property Value"?
This is a common stumbling block. You might think, "The apartment is ₹48 Lakhs, so I'm safe." But wait.
The government looks at the Total Consideration. This includes all the extras you pay to the builder or seller, such as:
* Club membership fees
* Car parking charges
* Electricity/Water facility fees
* Maintenance advances
The Rule: If the Basic Cost + All Extras crosses ₹50 Lakhs, you must deduct TDS on the entire amount.

3. Watch Out for These "Gotchas"
A. Buying with a Spouse? (The Joint Owner Trap)
In the past, people argued that if a husband and wife bought a ₹80 Lakh flat (₹40L each), they didn't need to deduct TDS because their individual share was under ₹50L.

* The Update: As of October 1, 2024, the government has closed this loophole. It is now clear: If the total property value is over ₹50 Lakhs, TDS applies, regardless of how many buyers or sellers there are.
B. The "Stamp Duty" Twist
Sometimes, the actual deal price is lower than the government’s Circle Rate (Stamp Duty Value).

* Example: You got a great deal and bought a shop for ₹60 Lakhs, but the government says the value (Circle Rate) is ₹65 Lakhs.

* The Fix: You must calculate the 1% TDS on the higher value (₹65 Lakhs).
C. Is the Seller an NRI? (STOP!)
Everything written above applies only if the seller is a Resident Indian.
If the seller lives abroad (NRI), Section 194-IA does not apply. Instead, you fall under Section 195.

* Why it matters: The process is harder (you need a TAN number) and the tax rate is much higher (usually 20% plus surcharges). Consult a CA immediately if buying from an NRI.

4. Your 3-Step Action Plan
You don't need a specialized tax ID (TAN) for this; your standard PAN card works fine.

Step 1: Deduct the Money
When you pay the seller (or the builder), cut 1% from the payment. If you are paying in installments (like a construction-linked plan), you must deduct 1% from every single installment.

Step 2: Deposit it (Form 26QB)
Go to the Income Tax portal and fill out Form 26QB.
* Deadline: You have 30 days from the end of the month in which you made the payment.
* Real-life example: If you paid the seller on July 15th, you must file the form and pay the tax by August 30th.

Step 3: Give the Receipt (Form 16B)
About a week after you file Form 26QB, log into the TRACES portal. Download Form 16B and email it to the seller. This is their proof that you actually paid their tax to the government.

5. Why You Shouldn't Delay
Ignoring this is surprisingly expensive. The penalties are strict because the government wants to track high-value transactions.

* Late Filing Fee: ₹200 per day (yes, every single day you are late).
* Interest: If you deduct the tax but delay depositing it, you pay 1.5% interest per month.
* The "Ouch" Penalty: If you simply refuse to file, the penalty can go up to ₹1 Lakh.
Quick Cheat Sheet
| If you are... | You need to know...

| Buying > ₹50 Lakhs | Deduct 1% TDS. |

| Buying < ₹50 Lakhs | No TDS needed. |

| Buying from NRI | Stop. Different rules apply (Section 195). |

| Paying Installments | Deduct 1% on each payment. |

| Filing the Form | It's called Form 26QB. |
Can I help you further?
Form 26QB can be a little tricky if you've never seen it before. We Can help you in this. You may connect Anup Gupta & Co.- Chartered Accountants @9654276986

If you are still waiting for your tax refund this year, you are not alone—and there is a specific reason why it’s taking longer than usual for many people.
Here is the situation in brief:
The Main Reason: Stricter "Red-Flag" Checks
This year (Assessment Year 2025-26), the Income Tax Department has significantly tightened its processing filters. The system is automatically "red-flagging" returns that claim high refunds or suspicious deductions (like inflated HRA, 80C, or 80D claims) that don't match their internal data. If your return was flagged, it pauses the automatic processing to allow for a manual review.
Other Common Delays
* Data Mismatch: The AI-driven system is cross-verifying your return against the AIS (Annual Information Statement) and Form 26AS more rigorously. Even a small difference between what you declared and what the government sees in its records can stall the refund.
* Bank Validation Issues: Refunds often fail simply because the bank account isn't "validated" on the portal, or the name on the bank account doesn't match the PAN card exactly.
* Defective Returns: Many taxpayers have received emails asking them to file a "Revised Return" because the system detected errors or omitted income.
The Good News
The CBDT Chairman recently acknowledged these delays and stated that the department aims to clear most of the pending legitimate refunds by December 2025.
What You Should Do:
Log in to the e-filing portal and check for any "Work Item" or "Defective Notice" under the Pending Actions tab. If the status just says "Under Processing" with no notices, it is likely just stuck in the queue due to the backlog and should clear soon.

Why Creating a HUF (Hindu Undivided Family) is a Powerful Tax Planning Tool

A HUF – Hindu Undivided Family – is a legally recognized separate tax entity under the Income Tax Act. It is one of the most effective and legitimate structures for Indian families to optimise taxation and build long-term wealth.

1. Separate PAN & Separate Tax Benefits

Once created, a HUF gets its own PAN and is treated as an independent taxpayer.
This means:

Separate basic exemption limit

Separate slab benefits

Separate deductions under Section 80C, 80D, etc.

Thus, the family can enjoy multiple tax exemptions and deductions – one for individual members and another for the HUF.

2. Ideal for Family Assets & Ancestral Property

Income generated from:

Ancestral property

Joint family business

Rental income from family property

Capital gains from inherited assets

…can be taxed in the HUF instead of any one individual.
This helps distribute income and reduces individual tax burden.

3. Effective Tool for Wealth Segregation

HUF allows you to:

Keep family assets under one entity

Maintain clear separation between personal and family wealth

Ease future planning, inheritance, succession, and asset management

It is simple to operate and provides a structured family-based ownership model.

4. Tax-Efficient Investments

The HUF can invest in:

Mutual funds

Shares

FDs

Property

All returns are taxed in the HUF’s hands at its own slabs, enabling overall tax optimisation for the family.

5. Gifts Received by HUF – Tax Advantage

A HUF can receive:

Gifts from members (exempt)

Gifts up to ₹50,000 in a year from non-members (exempt)

Gifts from specified relatives (fully exempt)

This helps build a tax-efficient capital base for the HUF.

6. Easy to Create & Operate

Creating a HUF is simple:

Identify Karta (generally senior-most male/female)

Add coparceners & members

Execute a declaration

Apply for PAN

Open a bank account

No registration with any authority is required.

---

Conclusion

A HUF is a legitimate, low-cost, and high-benefit tax planning tool for Hindu families. It helps: ✔ Reduce tax liability
✔ Enable wealth distribution
✔ Manage family assets collectively
✔ Enjoy dual tax benefits (Individual + HUF)

For families with ancestral assets, rental income, capital gains, or investments, forming a HUF is one of the smartest ways to optimise taxes while strengthening long-term financial planning.

For more Details call Anup Gupta & Co.- Chartered Accountants Mob. 9654276986.

Trademark Registration in India – Quick Guide

Registering a trademark in India is a simple 5-step process managed by the CGPDTM through the IP India portal.

1. Trademark Search
Check the IP India database to ensure your name/logo/slogan is unique. This optional step helps avoid objections and saves time and cost.

2. Filing Application (Form TM-A)
Choose the correct class (1–45), submit applicant and business details, upload the mark, and pay fees — ₹4,500 for individuals/startups/SMEs and ₹9,000 for others (per class). After filing, you can start using the ™ symbol.

3. Examination
A Trademark Officer reviews the application. If issues arise (similarity, generic terms, incorrect details), an Examination Report is issued. You must respond with a formal reply.

4. Publication
Once accepted, the mark is published in the Trademark Journal for a 4-month opposition period where third parties can object.

5. Registration
If no opposition occurs (or you win the dispute), the trademark is registered and a certificate is issued. You may now use the ® symbol.

A registered trademark is valid for 10 years and can be renewed indefinitely.

For new entrepreneurs in India, a Sole Proprietorship is the most practical and cost-efficient business structure. It’s simple, affordable, and ideal for testing a business idea before scaling up.

1. Ease of Formation:
A proprietorship is the easiest to start—no separate registration is needed. The business legally exists once operations begin. Basic registrations like GST, Udyam Aadhaar, or a current account in the business name are enough for recognition.

2. Minimal Compliance:
It’s not governed by the MCA, so no filings like AOC-4 or MGT-7 are required. No mandatory audit unless turnover exceeds the Section 44AB limit, saving both cost and effort.

3. Tax Advantages:
Profits are taxed as personal income of the owner under individual slab rates, allowing use of the basic exemption and lower tax brackets. There’s no fixed corporate tax, making it tax-friendly for small or early-stage ventures.

4. Full Control:
The proprietor enjoys 100% ownership and decision-making power, ensuring agility, flexibility, and quick response to business challenges.

In short, a Sole Proprietorship offers simplicity, tax efficiency, and full control—perfect for any entrepreneur, CA, or startup beginning their business journey under GST.

Form 15G & 15H – A Smart Way to Avoid Unnecessary TDS

Many taxpayers face deduction of TDS on interest income from banks, post offices, or corporate deposits even when their total income is below the taxable limit. To avoid this, they can submit Form 15G or 15H to the payer.

Form 15G is for individuals below 60 years, HUFs, and trusts whose total income is below the basic exemption limit and whose tax liability is nil.
Form 15H is for senior citizens (60 years or above) having no tax liability after considering eligible deductions.

Once these forms are submitted at the beginning of the financial year, banks or institutions will not deduct TDS on interest earned. However, if the income exceeds the basic exemption limit or false declarations are made, penalties may apply.

These forms must be furnished separately for each financial year and each bank or institution where interest is received.

In short: Form 15G & 15H help small taxpayers and senior citizens ensure that tax is not deducted when their income is genuinely below taxable limits — avoiding refunds and improving cash flow.

📋 Documents Required for GST Registration (India)

1. PAN Card of the business or applicant.

2. Aadhaar Card of proprietor/partners/directors.

3. Proof of Business Registration – Partnership deed, Incorporation Certificate, or registration document.

4. Address Proof of Principal Place of Business – Rent agreement, electricity bill, or ownership papers (not older than 2 months).

5. Photographs of proprietor/partners/directors.

6. Bank Account Proof – First page of passbook, cancelled cheque, or bank statement.

7. Authorization Letter/Board Resolution – For authorized signatory.

8. Digital Signature (DSC) – For companies and LLPs.

9. Additional Documents (if applicable) –

Company: MOA, AOA, and incorporation certificate.

LLP/Partnership: LLP Agreement/Partnership Deed.

Trust/Society: Registration certificate and PAN of trustees.

Tax Audit in simple words.

A Tax Audit is simply a mandatory check-up of your business or professional financial accounts by an independent Chartered Accountant (CA). It's required by the government to make sure that people with a high volume of transactions are honestly and correctly reporting their income and paying the right amount of tax.

Think of it as a required, independent review for bigger players.
Who is Required to Get This Check-Up?
The requirement depends on how much money your business or profession handles, which is called turnover (for business) or gross receipts (for profession).

1. For People Running a Business
| Scenario | Audit Required? | Simple Rule of Thumb |
|---|---|---|
| Normal Business | YES, if your total sales (turnover) for the year exceed ₹1 Crore. | If your shop or company rings up more than ₹1 crore in sales, you need an audit. |

| Business with Mostly Digital Sales | NO (Audit limit is raised to ₹10 Crores), if less than 5% of your total transactions (both receipts and payments) are in cash. | If your business mostly uses banks, UPI, or cards, the audit limit is much higher to encourage digital payments.

2. For Professionals (Doctors, Lawyers, CAs, Architects, Consultants, etc.)
| Scenario | Audit Required? | Simple Rule of Thumb |
|---|---|---|
| Standard Professional | YES, if your total fees/receipts for the year exceed ₹50 Lakhs. | If your total professional income is more than half a crore, you need an audit. |

3. For Small Businesses/Professionals Opting for a "Simple Tax" Scheme
The government has a simple scheme (called Presumptive Taxation) where small taxpayers can declare a fixed percentage of their turnover as profit without maintaining detailed books.
| Simple Tax Scheme Users | Audit Required? | Why? |
|---|---|---|
| Declares Lower Profit | YES, if you are using the simple scheme but you declare a profit lower than the minimum percentage required by the scheme, AND your total income is more than the basic tax-free amount (currently ₹2.5 lakh or ₹3 lakh). | If you want to declare a very low profit (less than what the simple scheme expects), the government asks you to get an audit to prove the lower profit is real.

Summary
You need a Tax Audit if your business or professional turnover/receipts cross a high limit, or if you claim a lower profit percentage under the simplified tax schemes.

Disclaimer:- Consult with Your CA for the current position before taking any decision. We do not hold any responsibility for any action taken solely based on this information. It's for an educational purpose only.