ATK and Associates

📢Attention Stakeholders!

Stakeholders are advised to file Form NDH-3 (Return of Nidhi Company for the half year ended) for the half-yearly period from October 2025 to March 2026 within the due date.

🗓 Last date for filing: 30th April, 2026

👉 Navigation Path for Filing Form NDH-3:

✅ Visit mca.gov.in, log in using your MCA V3 Business User credentials.

✅ MCA Services → Company e-Filing → Foreign company, Deposits & Nidhi services → NDH-3 - Return of Nidhi Company (Half year)

🚨 ITR Alert 2026!
Bank Balance disclosure is now MANDATORY in ITR-4 (AY 2026–27). Don’t risk notices or mismatches—file smart, stay compliant.

📊 For Sec 44AD & 44ADA taxpayers
📞 ATK and Associates | +91-9919568151

✅ New TDS Payment System (Effective 1 April 2026)

From 1st April 2026, the Income Tax Department has simplified PAN-based TDS payments.

🔄 What Changed?
Earlier, different forms were used:
Form 26QB → TDS on property purchase
Form 26QC → TDS on rent (non-business)
Form 26QD/QE → Other specified payments

👉 Now, ALL these are merged into one single form:
🆕 Form No. 141
Also called: Challan-cum-Statement u/s 393(1)
Applicable under Income Tax Act, 2025

📌 Where to File?
Steps on portal:
Login to Income Tax Portal
Go to → e-File → Income Tax 2025
Click → New Payment
Select → Form 141

🎯 Key Benefits
✔️ Single form for multiple TDS payments
✔️ Reduced confusion & errors
✔️ Simplified compliance
✔️ Better tracking & reconciliation

⚠️ Important Notes
Applicable only for PAN-based TDS transactions
TAN-based TDS (like salary, contractor payments) remain unchanged
Ensure correct section selection while filing Form 141

🚨Farmer clears his ₹50,000 loan.

Months later...
Bank sends notice for ₹9.34 outstanding.

Yes. ₹9 RS.

So he walks in, pays ₹10...

And calmly asks for 66 paise back.

His reply?

"If the bank can demand every rupee from us, shouldn't we ask for ours too?"

For the Financial Year 2025-26 (Assessment Year 2026-27), the Income Tax Department continues with the ITR-1 to ITR-7 framework, but with significant updates under the newly proposed Income Tax Act, 2025.
​📋 Key Form Highlights
​ITR-1 (Sahaj): For residents with income up to ₹50 lakh from salary, one house property, and other sources. Notably, draft rules suggest expanding eligibility to those owning two house properties.
​ITR-4 (Sugam): For individuals and firms opting for the Presumptive Taxation Scheme.
​Renaming of Forms: Starting April 1, 2026, familiar forms are expected to get new numbers. For example, Form 16 may become Form 130, and Form 26AS may transition to Form 168.
​New Deadline Logic: Your filing deadline now depends on the form used. While ITR-1/2 remains due by July 31, 2026, the deadline for ITR-3/4 (non-audit) is extended to August 31, 2026.

For queries contact
ATK AND ASSOCIATES
FINANCE TAXATION ACCOUNTS
7518626600

UPDATED RETURN (ITR-U) – COMPLETE PROFESSIONAL GUIDE
Section 139(8A), Income-tax Act, 1961

The Updated Return (ITR-U) is a voluntary compliance mechanism that allows taxpayers to correct errors, omissions, or disclose additional income even after the original and belated return deadlines have expired.

It is a powerful tool to avoid future notices, penalties, and litigation.

⏳ Time Limit to File ITR-U

ITR-U can be filed within 48 months (4 years) from the end of the relevant Assessment Year.

📅 Last Date Chart
Assessment Year Last Date for ITR-U
AY 2021-22 31 March 2026
AY 2022-23 31 March 2027
AY 2023-24 31 March 2028
AY 2024-25 31 March 2029
AY 2025-26 31 March 2030
⚖️ Key Legal Conditions

ITR-U can be filed only once per Assessment Year

Allowed only for declaring additional income

Mandatory payment of:

Tax

Interest (234A/B/C)

Additional tax (25%–70%)

Updated return must be accompanied by ITR-U Form + applicable ITR

❌ When ITR-U Cannot Be Filed

ITR-U is not allowed in the following cases:

To claim a refund

To reduce tax liability

To increase loss

To convert profit into loss

If assessment/reassessment is completed

If search, survey or prosecution proceedings are initiated

For filing NIL return when taxable income exists

💰 Additional Tax on Updated Return

Additional tax is levied on tax + interest amount:

Delay Period Additional Tax
Within 12 months 25%
12–24 months 50%
24–36 months 60%
36–48 months 70%

(As amended by Finance Act, 2023)

📌 When Should You File ITR-U?

File Updated Return if:

Interest income missed

AIS/TIS mismatch noticed

Capital gains / F&O / crypto income omitted

Business income underreported

Original return not filed

Wrong claim or omission discovered later

🧾 Professional Compliance Insight

Filing ITR-U proactively:

Reduces risk of scrutiny & notices

Avoids prosecution exposure

Demonstrates voluntary compliance

Saves heavy penalty & litigation cost

Correcting tax mistakes voluntarily is always safer than responding to a notice later.

⚠️ Expert Note

Once ITR-U is filed, revision is not allowed again.
Hence, reconciliation with AIS/TIS and 26AS is strongly recommended before filing.

📊 Presumptive Taxation vs Tax Audit – Simple Samajh Mein Samjho

Income Tax mein 2 tareeke hote hain return file karne ke:

1️⃣ Simple Method (Presumptive Taxation)
2️⃣ Detailed Method (Tax Audit)

Aaiye simple language mein samajhte hain 👇

🔹 Section 44AD – Chhote Business ke liye (Simple Tax)

👉 Agar aapka small business hai
👉 Turnover ₹2 crore tak hai
👉 Aap Individual / HUF / Partnership firm (LLP nahi) hain

Toh government maan leti hai ki:

8% profit (cash sales par)

6% profit (digital sales par)

Bas isi amount par tax lagega.

📌 Faayda kya hai?
✔ Books maintain karna compulsory nahi
✔ Tax audit nahi
✔ Simple return filing

🔹 Section 44ADA – Professionals ke liye

👉 Doctors, Lawyers, CA, Architects, Consultants, Freelancers
👉 Gross receipts ₹75 lakh tak

Government maan leti hai ki:

Aapka 50% profit hai

Example:
Agar ₹20 lakh receipt hai → ₹10 lakh income maan li jayegi.

📌 Faayda
✔ Books compulsory nahi
✔ Audit nahi
✔ Calculation simple

🔹 Section 44AE – Transport Business

👉 Agar aap goods vehicle owner hain
👉 10 tak gaadiyan hain

Toh income per vehicle per month fix tareeke se calculate hoti hai.

📌
✔ No books required
✔ No tax audit

🔹 Section 44AB – Tax Audit Kab Zaroori?

Audit tab lagega jab:

❌ Turnover limit cross ho jaye
❌ Presumptive scheme leke bhi kam income dikhaye
❌ Law ke hisaab se audit mandatory ho

Isme Chartered Accountant aapke accounts check karta hai aur report file karta hai.

🎯 Simple Formula Yaad Rakho:

✔ Kam turnover + simple calculation chahte ho → Presumptive
✔ Zyada turnover ya kam profit dikhana hai → Audit

⚠ Important Advice

Presumptive scheme lene se pehle check karein:

Kya aap eligible hain?

Future years mein regular books maintain kar paoge?

Kya actual profit presumptive se kam hai?

Galat section choose karne se notice aa sakta hai.

👉 Sahi section choose karna = Kam tension + Kam paperwork + Safe compliance

Agar aapko apne case mein confusion hai, comment kare ya message kare.

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