Satish K and Co

If Aggregate Turnover During FY 2025-26 exceeds the amounts specified below then following new compliances will be applicable w.e.f.01/04/2026

Budget 2026

Audit date extended

Gst registration changes after 56th GST Council meeting

Income Tax Bill passed in LS; individuals failing to file ITR in time can claim refunds

INCOME TAX BIG UPDATE:

On 166th Income Tax Day (July 24), FM Sitharaman directs CBDT to withdraw tax appeals below:
✅ ₹60L (ITAT)
✅ ₹2Cr (HC)
✅ ₹5Cr (SC)
within 3 months — big relief to reduce litigation & ease taxpayer burden.

For A.Y. 2025-26, the IT Department has introduced ITR-1 and ITR-4, featuring substantial modifications, especially for the Old Regime. The ITR utilities now necessitate new data fields and additional disclosures. Major changes comprise: *House Rent Allowances* Place of Work Actual HRA Received Actual Rent Paid Basic Salary *80C Deduction* Policy Number or Document Identification Number for investments (e.g., LIC, PPF) *80D Deduction* Name of Health Insurance Company Policy Number *In case of 80E (Interest on loan taken for higher education), 80EE (Interest on loan taken for Residential House Property) & 80EEA (Interest on loan taken for Certain House Property) Deduction* Loan taken from Name of bank from which loan is taken Loan account number of Bank Date of Sanction of Loan Total amount of Loan Loan outstanding as on 31st March.

Govt has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to *15th September 2025*.
Income tax Forms not released yet for AY 2025-26.