Sunil K. Khanna & Co.

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Sunil K. Khanna & Co.

Chartered Accountant in India having expertise in NRI Income Tax, NRI Capital Gains, Income Tax Comp

We render Income Tax, Goods & Services Tax, Companies Act Advisory in India for Indian and Foreign Companies. Our Expertise is in Foreign Company Registration, Non Resident Taxation, Capital Gains Tax for NRI, Financial Analysis & Advisory. Our Firm was established in 1976 and in the last span of over four decades we have gained expertise in handling Tax & Corporate Law Matters. Our Clientele incl

udes Companies from Manufacturing Sector, Services Sector, Wholesale Trading, BPO's, KPO's, IT Sector etc. Our Clients are spread across countries such as UK, USA, Germany, Australia, Singapore & Indonesia. We advise on tax compliances to Foreign Nationals & Foreign companies in India.

13/07/2026

📢 Filing Your ITR for AY 2026–27? Don't Click "Submit" Before Checking Your AIS!

Filing your Income Tax Return (ITR) is more than just entering your income details. One of the most important steps before final submission is reviewing your Annual Information Statement (AIS).

Even a small mismatch between the information reported in your ITR and the details available in your AIS can lead to:

✔️ Notices from the Income Tax Department
✔️ Delays in processing your return or refund
✔️ Increased scrutiny
✔️ Penalties for incorrect reporting

📌 What is the Annual Information Statement (AIS)?

The Annual Information Statement (AIS) is a comprehensive financial statement available on the Income Tax Department's portal. It provides a consolidated view of your financial transactions for the relevant financial year, including:

🔹 Salary Income
🔹 Interest Income
🔹 Dividend Income
🔹 Capital Gains
🔹 Securities Transactions
🔹 Tax Deducted at Source (TDS) & Tax Collected at Source (TCS)
🔹 High-value financial transactions
🔹 Other information reported to the Income Tax Department

Before filing your ITR, compare the information in your AIS with your Form 16, Form 26AS, bank statements, investment records, and other supporting documents. Identifying and resolving discrepancies beforehand can help ensure a smooth filing process and reduce the chances of future tax-related issues.

A few extra minutes spent reviewing your AIS today can save you from unnecessary complications tomorrow.

💬 Have you checked your AIS before filing your ITR this year? Share your experience in the comments.

13/07/2026

🚀 Gurugram Overtakes Bengaluru in Listed Startup Market Capitalisation

India's startup ecosystem is entering a new era, with Gurugram emerging as the leader in listed startup market capitalisation.

📊 Key Highlights:
✅ Gurugram: $63+ Billion | 15 Listed Companies
✅ Bengaluru: $46+ Billion | 15 Listed Companies
✅ Noida: $23+ Billion | 6 Listed Companies
✅ New Delhi: $1.8+ Billion | 4 Listed Companies

This milestone reflects the rapid growth of the Delhi-NCR startup ecosystem and the increasing strength of India's publicly listed technology companies. While Bengaluru remains a global innovation powerhouse, Gurugram's rise demonstrates how India's startup success is now being driven by multiple thriving business hubs.

A stronger, more diversified startup ecosystem means greater innovation, increased investor confidence, more employment opportunities, and sustained economic growth for India.

💬 Do you think Gurugram will continue to lead India's startup ecosystem, or will Bengaluru reclaim the top spot? Share your thoughts below.

10/07/2026

🚨 You filed your ITR… but did you verify it?

That one missed step could make your Income Tax Return INVALID.

Every year, thousands of taxpayers complete their ITR filing but forget the mandatory verification within 30 days. As a result, their return may be treated as if it was never filed, leading to delayed refunds, compliance issues, and even a late filing fee of up to ₹5,000 under Section 234F.

Here's what you need to know:

🔹 ITR verification is mandatory after filing your return.
🔹 If you don't verify it within 30 days, your ITR may become invalid under the Income Tax Act, 1961.
🔹 An unverified return will not be processed by the Income Tax Department.

What could happen if you miss the deadline?

❌ Delay in receiving your tax refund
❌ Late filing fee of up to ₹5,000 (subject to eligibility under Section 234F)
❌ Loss of the benefit to carry forward eligible losses
❌ Interest on outstanding tax dues may continue to accrue
❌ Increased compliance complications

Verify your ITR using any of these methods:

✅ Aadhaar OTP
✅ Net Banking
✅ Electronic Verification Code (EVC)
✅ Digital Signature Certificate (DSC)
✅ Physical ITR-V (where applicable)

💡 Pro Tip: Don't wait until the last day. Verify your return immediately after filing to avoid unnecessary delays and penalties.

At Sunil K Khanna & Co., we help individuals, professionals, startups, and businesses with seamless Income Tax Return filing, verification, and tax compliance.

📩 Need expert assistance? Get in touch with us today and file with confidence.

What verification method do you prefer—Aadhaar OTP, Net Banking, or EVC? Share your experience in the comments. 👇

10/07/2026

ITR filing 2026: Income Tax Department releases Excel utility for ITR-5; check who can use it

ITR Filing 2026: The income tax department on Wednesday said it has released the Excel Utility for ITR-5 for the assessment year (AY) 2026-27, enabling eligible taxpayers to file their income tax returns through the e-filing portal. The ITR-5 form is meant for taxpayers such as companies, societies, trusts, limited liability partnerships (LLPs) and associations of persons (AOPs).

In a post on X, the department on July 7 said, “Kind Attention Taxpayers! The Excel Utility for ITR-5 for Assessment Year 2026-27 is now available on the Income Tax e-Filing portal.”

The utility can be downloaded from the Downloads section of the Income Tax e-Filing portal.

Who should file ITR-5?
ITR-5 is meant for entities such as:

▪ Firms and LLPs
▪ Association of Persons (AOPs)
▪ Body of Individuals (BOIs)
▪ Artificial Juridical Persons (AJPs)
▪ Estate of deceased or insolvent persons
▪ Business trusts and investment funds
▪ Other eligible entities that are not required to file ITR-7

However, individuals, Hindu Undivided Families (HUFs), companies filing ITR-6, and entities claiming exemption under provisions requiring ITR-7 cannot use this form.

With the release of the Excel Utility, eligible taxpayers can now download the form, fill in their details offline, validate the return, generate the JSON file, and upload it on the Income Tax e-Filing portal to complete the filing process

What Is the Last Date To File ITR 2026?
Even as the income tax department has enabled ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5 forms for the assessment year 2026-27 (financial year 2025-26), the due dates for the income tax return filing this year are July 31 for individual taxpayers, August 31 for non-audit business cases, and October 31 for business cases that require audit.

The deadline for businesses that require transfer pricing reports (international transactions or specified domestic transactions) is November 30, 2026.

Under which Act will the ITR for income earned during FY 2025 -26 be filed?
The ITR for income earned during FY 2025-26 will be filed for the assessment year 2026 -27 under the provisions of the Income Tax Act, 1961. Even though the filing will typically occur after April 1, 2026 (i.e., after the new Income Tax Act, 2025, has come into force), the return relates to a tax year beginning before April 1, 2026, and is therefore governed entirely by the old Act, the income tax department has said.

09/07/2026

📢 ITR 2026 Update: e-Filing Portal Now Displays Both Form 26AS & Form 168

The Income Tax Department has introduced Form 168 on the e-Filing Portal alongside the familiar Form 26AS, leading to questions among taxpayers about which form applies for the current filing season.

Here's what you need to know:

✅ For AY 2026-27 (FY 2025-26):
Continue using Form 26AS for filing your Income Tax Return.

✅ What is Form 168?
Under the Income Tax Act, 2025, Form 168 will replace Form 26AS from Tax Year 2026-27 onwards. It is designed to provide a more comprehensive Annual Information Statement by combining:
• Details available in Form 26AS
• Information from AIS
• Tax payments, TDS/TCS, refunds, and other financial transactions

Key Takeaways for Taxpayers:
✔️ Form 26AS remains the applicable document for the current ITR filing season.
✔️ Form 168 is not applicable for FY 2025-26 returns.
✔️ Verify TDS, tax payments, interest income, salary, and investment details before filing.
✔️ Reconcile all information with your records to avoid mismatches, delayed refunds, or notices.

As tax reporting continues to evolve, staying informed about these changes will help ensure a smooth and accurate filing experience.

💬 Have questions about Form 26AS, Form 168, or your Income Tax Return? Feel free to connect with our team.

09/07/2026

ITR 2026 refunds: Are income tax refunds getting credited faster this filing season?

Many taxpayers filing their income tax returns this year are reporting quicker refunds compared to previous assessment years. While the exact processing time varies from case to case, early trends indicate that refunds are being credited faster, particularly for salaried individuals with straightforward tax returns.

Tax experts say the improvement is being driven by greater automation at the Income Tax Department's Centralised Processing Centre (CPC), better use of pre-filled data, and faster validation of returns.

"There are signs that the refund process has become more efficient for many taxpayers. This can largely be attributed to greater automation at the Centralized Processing Centre (CPC), enhanced use of pre-filled return data, faster e-verification mechanisms, and improved data matching across systems," said Suresh Surana a Mumbai Based chartered accountant.

Industry experts say the pace of refund processing depends on the quality of the return, with correctly filed and promptly e-verified returns being processed the fastest.

"Early trends suggest that income tax refunds are being processed faster this filing season, especially in simple salaried cases where the return is accurate, e-verified quickly, bank details are validated, and refund claims match Form 16, Form 26AS, AIS and TIS," said Sudhir Kaushik, Co-founder and CEO of Taxspanner.

Tax professionals attribute the improvement to a combination of technology upgrades and more robust data validation systems, which have reduced the need for manual intervention.

"The Income Tax Department has significantly accelerated refund processing this assessment year through greater automation at the CPC, Bengaluru. With improved portal efficiency and increasing use of AI-based validations, refunds in straightforward cases are being processed much faster than in previous years. In fact, we have seen salaried taxpayers with only salary income and bank interest receive their refunds within one hour of filing and e-verifying their returns where all information was accurately reported and matched the department's records," said Aarjav Jain, Executive Director and NRI Tax Expert, Dinesh Aarjav and Associates Chartered Accountants.

Why are some refunds taking longer?

One of the most common reason for refund delay, despite early filing, could be that the return has not been e-verified or has been e-verified late. Refund processing generally begins only after the return is duly e-verified by the taxpayer, and hence mere uploading of the ITR does not complete the process.
Read more at: https://lnkd.in/gqmJzWX4

06/07/2026

🚨 Filed the Wrong ITR Form? Don't Panic—You Can Still Fix It! 📑

Choosing the correct Income Tax Return (ITR) form is crucial while filing your return. Filing the wrong form can result in your return being treated as defective or invalid, causing refund delays, notices from the Income Tax Department, and even the loss of certain tax benefits.

✅ Can you correct a wrong ITR form?
Yes. If your original return has been filed and verified, you can file a Revised Return under Section 139(5) of the Income-tax Act. The revised return completely replaces the original return.

⚠️ However, if you receive a Defective Return Notice under Section 139(9), you must rectify the defect within the prescribed time. Simply filing a revised return may not be sufficient.

🔄 How many times can you revise your ITR?

Good news! There is no limit on the number of times you can revise your Income Tax Return, provided it is done within the permitted timeline.

💡 Best Practice: Instead of filing multiple revisions, carefully review your return and consolidate all corrections into a single revised return.

📅 Important Update for AY 2026–27

As announced in Budget 2026, the deadline to file a revised return has been extended:

🗓️ Revised Return Deadline: 31 March 2027 (Earlier: 31 December)

💰 Revision Fee:
✔️ Up to 31 December 2026 – No fee
✔️ 1 January – 31 March 2027 – Fee of ₹5,000
✔️ Fee reduced to ₹1,000 where total income does not exceed ₹5 lakh

❗ What happens if you don't correct the mistake?

Ignoring an incorrect ITR form may lead to:
🔸 Return being treated as defective or invalid
🔸 Delayed tax refunds
🔸 Income Tax notices
🔸 Interest and penalties
🔸 Loss of carry-forward benefits for eligible capital and business losses
🔸 Additional tax liability if you later need to file an Updated Return (ITR-U)

📌 Takeaway: Review your ITR carefully before filing. If you've made a mistake, revise it promptly instead of waiting for the Income Tax Department to identify the error.

Accuracy today can save you from unnecessary compliance hassles tomorrow.

03/07/2026

Tax refund: Want a quick tax refund? Here are 5 mistakes you must avoid

Tax Refund: It is crucial to keep certain important points in mind while filing your Income Tax Return (ITR). Providing incorrect information or skipping a necessary step can delay the processing of your return, which in turn can delay the receipt of your tax refund.

Let us look at five key things to consider when filing your ITR to ensure a speedy tax refund. We will also explore how to check your refund status.

1. PAN-Aadhaar Linking and Profile Updates

If you are filing your ITR for the first time, start by registering as a taxpayer on the Income Tax Department's e-filing portal. Next, ensure that your PAN and Aadhaar are linked.

Additionally, details such as your name, date of birth, and gender must match your PAN records. Keep your mobile number, email ID, and address updated so the tax department can contact you if necessary.

2. Validate Bank Account and Choose the Correct ITR Form

If you are eligible for a tax refund, it will be credited directly to your bank account. Therefore, validating your bank account on the income tax portal is essential.

Your bank account must be linked to your PAN, and the IFSC and bank details must be accurate. The name on your PAN and the name registered with the bank account must match. Also, select the correct ITR form based on your sources of income; choosing the wrong form can lead to delays in processing your return and refund.

3. Reconcile Tax Exemption and TDS Details

If you are claiming any tax exemptions or deductions, verify the relevant documents. Also, reconcile the TDS, TCS, and other tax credit details with those listed in Form 26AS, the Annual Information Statement (AIS), and the Taxpayer Information Summary (TIS).

Any discrepancies found can delay the processing of your return. Rectifying these issues in time will help you avoid complications.

4. File ITR Early
Avoid waiting until the last minute. Filing your ITR early allows you to double-check all information and correct any errors.

5. Do not forget e-verification after filing
Filing the ITR is not the final step. It is mandatory to e-verify the return within 30 days of uploading it.

This can be done using an Aadhaar OTP, a digital signature, or other available methods. If e-verification is not completed within the stipulated time, the ITR will be considered invalid, and consequently, the tax refund will not be issued.

How to check ITR refund status
Log in to the Income Tax Department's e-Filing portal.

Go to the 'e-File' menu and click on 'Income Tax Returns'.

Select the 'View Filed Returns' option.

Select the assessment year for which you wish to check the refund status.

You will then be able to view the ITR status, processing stage, and refund-related details.

02/07/2026

ITR filing 2026: 5 common income tax return mistakes that could delay your refund

ITR Filing 2026: Income tax filing requires focus and patience. It is common for people to make mistakes while filing ITR. It is important to note that several common ITR mistakes could delay processing, trigger notices, or postpone your refund. For Assessment Year (AY) 202627, covering income earned during Financial Year (FY) 2025-26, the Income Tax Department is relying extensively on automated data matching with the Annual Information Statement (AIS), Form 26AS, TDS records, and bank account details. As a result, ensuring accuracy while filing your income tax return is more important than ever.

ITR Filing 2026: 5 common income tax return mistakes that could delay your refund

1. Opting for the wrong ITR form
Choosing the wrong income tax return form is one of the most common errors. An incorrect form can result in a defective return notice and delay processing.

2. Filing ITR too early before tax-related data is updated
For salaried taxpayers, filing the return before receiving Form 16, ensuring that AIS details are updated, and confirming that TDS information is reflected in Form 26AS can lead to avoidable discrepancies. Such mismatches may require filing a revised return later.

Tax experts have advised many taxpayers to wait until mid-June, when income and tax-related data is generally more complete and accurately updated.

3. Not reconciling AIS, Form 26AS, Form 16, and your records
Several taxpayers rely only on Form 16 and fail to check interest from savings accounts and FDs, dividend income, capital gains, and other reported transactions appearing in AIS. Mismatches are among the biggest reasons returns get flagged for review.

4. Deduction claim without proper eligibility
Common examples include claiming excess deductions under Section 80C, reporting incorrect health insurance deductions under Section 80D, or claiming deductions that have already been considered by the employer. Such errors can result in discrepancies and may lead to tax demand notices later.

5. Filling in incorrect personal details

Errors in PAN, date of birth, address, email, and mobile number can create processing issues and communication problems.

02/07/2026

Filed your ITR? Complete this step within 30 days of filing or it may be rejected

Filing your Income Tax Return (ITR) is a big milestone during the tax season, but it is not the finish line. Many taxpayers believe that once they click the 'Submit' button, the job is done. In reality, there is one more important step that cannot be ignored, i.e., verifying your return.

If you do not verify your ITR within the prescribed time, the Income Tax Department can treat your return as if it was never filed. The good news is that verification is quick, completely online in most cases, and can be completed in just a few minutes.

WHY ITR VERIFICATION IS SO IMPORTANT
Think of e-verification as your digital signature. It confirms that the return filed on the Income Tax e-filing portal genuinely belongs to you and that you have authorised its submission.

Once you file your return, you must verify it within 30 days. Missing this deadline can create unnecessary complications, as the department may consider your return invalid.

Although taxpayers who miss the deadline can file a condonation of delay request explaining the reason for the delay, the verification becomes valid only if the Income Tax Department accepts the request. That is why it is always better to complete the verification immediately after filing your return.

DIFFERENT WAYS TO VERIFY YOUR ITR
The Income Tax Department allows taxpayers to verify their returns through several digital methods, making the process convenient for different types of users.

One of the easiest options is Aadhaar OTP, where an OTP is sent to the mobile number linked with your Aadhaar.

You can also verify your return through net banking by logging into your bank account and accessing the Income Tax e-filing portal from there.

Another option is using an Electronic Verification Code (EVC) generated through a pre-validated bank account. Similarly, taxpayers with a pre-validated demat account can generate an EVC for verification.

Those who use a Digital Signature Certificate (DSC), such as professionals and businesses, can verify their returns using the emSigner utility and their DSC token.

A less commonly used option is generating an EVC at the ATM of a participating bank and then entering that code on the e-filing portal.

WHAT YOU SHOULD KEEP READY
Before starting the verification process, make sure you have the required details based on the method you plan to use.

If you are choosing Aadhaar OTP, your PAN should be linked with your Aadhaar, and your Aadhaar-linked mobile number should be active.
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