CA Rohit Gupta Kalayat

ICAI ASB Announcement (31.03.2026) : The Guidance Note on Financial Statements of Non-Corporate Entities & LLPs is now moving to phased applicability.

✅ From FY 2025–26, it applies to entities with turnover > ₹5 crore, and from FY 2026–27, it extends to all entities.

Deposit of TDS/TCS - Timelines and Compliance

Please ensure you clearly understand the applicable Act and the relevant sections for making TDS/TCS payments for March 2026 and for April 2026 onwards, as they differ, and avoid any errors while making payments.

Major Income Tax Forms Renumbered under the new IT Rules 2026 to be effective from 1st April 2026, onwards.

Tax Audit: 3CA/3CB/3CD ➝ Form 26
Transfer Pricing Audit: 3CEB ➝ Form 48
MAT: 29B ➝ Form 66
TRC: 10FA ➝ Form 42
DTAA Info: 10F ➝ Form 41

Charitable Trust / NGO Forms:
Provisional Registration: 10A ➝ Form 104
Registration/Renewal: 10AB ➝ Form 105
Accumulation: Form 10 ➝ Form 109
Audit Report: 10B/10BB ➝ Form 112
Donee Statement: 10BD ➝ Form 113
Donor Certificate: 10BE ➝ Form 114

TDS/TCS & Compliance:
Lower TDS: Form 13 ➝ Form 128
Salary TDS Certificate: Form 16 ➝ Form 130
TDS Return Salary: 24Q ➝ Form 138
TDS Return (Residents): 26Q ➝ Form 140
TDS Return (Non-Residents): 27Q ➝ Form 144
TCS Return: 27EQ ➝ Form 143

Others:
26AS ➝ Form 168
Foreign Remittance: 15CA ➝ Form 145
CA Certificate: 15CB ➝ Form 146
SFT Filing: 61A ➝ Form 165

The Income Tax Return utility has introduced new codes under "Nature of Business/Profession" to better get data to analyse according to the business segment.

Some major additions include:

09029 – Commission agents - Kachcha Arahitya
16021 – Social Media Influencers
21009 – Speculative Trading
21010 – Futures and Options Trading
21011 – Buying and Selling Shares

More breakup wrt Equity and derivative transactions is incoporated in new ITR.

Kind Attention Taxpayers!

CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025

With effect from 10th October 2024, the renting of commercial property by any unregistered person to any registered person is liable to GST under RCM

Revised definition of MSMEs has been notified.

It shall be applicable from 01-04-2025.

Your email and social media account can be accessed by income tax officers starting financial year 2026-27 in these cases

Remember Section 43B(h) - Payment to MSME suppliers within 15 days (if no agreement) or 45 days (as per agreement).

It remains applicable for FY 2024-25. Start working on it.