Tax, GST, TDS, financial reporting and practical accounting guidance — explained clearly.
For FY 2025-26 tax audits, companies follow Schedule III where applicable, while non-corporate entities may fall under ICAI's phased Guidance Note. This guide separates the frameworks.
A practical tax depreciation chart for common assets under the Income-tax Act, 1961 for AY 2026-27, including buildings, furniture, plant, motor cars, computers and intangibles.
Section 17(5) blocks ITC on specified goods and services even when they are used in business. This guide covers common expense categories accountants frequently misclassify.
Rule 37A requires reversal where supplier invoices were reported in GSTR-1/IFF but the supplier did not file the corresponding GSTR-3B by the statutory cut-off.
GST Rule 37 requires proportionate ITC reversal where value plus tax is not paid to the supplier within 180 days, subject to specified exceptions and re-availment rules.
Section 16(4) generally blocks ITC after 30 November following the financial year or filing of the annual return, whichever is earlier, subject to special statutory relief provisions.
GSTR-9 errors often come from unreconciled books, incorrect treatment of prior-period adjustments and incomplete ITC review. Use this practical checklist before filing.
A practical year-end GST checklist for reconciling revenue, tax liability, credit notes, ITC and financial statements before filing GSTR-9 and GSTR-9C.
GSTR-9C is a self-certified reconciliation statement for registered persons crossing the prescribed ₹5 crore aggregate-turnover threshold, subject to applicable exclusions.
GSTR-9 is the annual return under Section 44. Understand the standard applicability, statutory exclusions, 31 December due date and why FY-specific exemptions must be checked.
TDS corrections can still be filed after 1 April 2026, but the applicable form depends on the period being corrected. Old-period corrections remain in the old framework.
Quarterly TDS/TCS return due dates continue on the familiar 31 July, 31 October, 31 January and 31 May cycle under the new Income-tax Act forms.