S M Das - Tax Consultant

18/04/2026

Big Change in Income Tax Compliance from 01.04.2026. Hardly Anyone is Talking About It. If you are maintaining books of accounts in electronic mode, this directly impacts you 👇 🔍 What’s the Rule? As per Rule 46(8) of the Income Tax Rules, 2026: ✔ Daily backup of books is mandatory ✔ Backup must be stored on physical servers in India ✔ Books must remain accessible in India at all times 👤 Who is Covered? 👉 Persons maintaining books under Section 62 👉 Persons liable for audit under Section 63 ☁️ Using Cloud Accounting? Read This Carefully If your data is stored on servers outside India, 👉 You must ensure India-based backup compliance 📑 Tax Audit Impact (Clause 14) Now reporting will include: 📌 Software used + server location 📌 Whether Rule 46(8) is complied with 📌 Address of backup server in India 👉 Auditor will also give observations ⚠️ Penalties 🚫 ₹25,000 for non-maintenance of books as per rules 🚫 ₹10,000 on CA for wrong certification ✅ Action Required Now ✔ Check your data storage location ✔ Implement India-based backup ✔ Keep documentation ready for audit ✔ Discuss with your CA & IT team 💡 This is not just a technical update. It is a compliance shift. Act before it reflects in your audit report. Prepared by Decode New Income Tax Law with me.


View C2PA information



30/10/2025

GOOD NEWS COME DATE EXTENDED
The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26, which is 31st October 2025 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to 10th December 2025.

The 'specified date' of furnishing of the report of audit under the provisions of the Income-tax Act, 1961, for the Previous Year 2024-25 (Assessment Year 2025-26) is further extended to 10th November 2025.

14/09/2025

MCTC Requests ITR & Audit Deadline Extension for AY 2025-26
https://taxguru.in/income-tax/mctc-requests-itr-audit-deadline-extension-ay-2025-26.html

30/07/2025

*Once GST Registration is Cancelled, TaxPayer is Not Obligated to Check GST Portal: High Court*

*Read more @*
https://taxreply.com/ui/1594

*GST Library* by:
*TaxReply India Pvt. Ltd.*

Once GST Registration is Cancelled, TaxPayer is Not Obligated to Check GST Portal: High Court

14/04/2025

Advisory on reporting values in Table 3.2 of GSTR-3B in April 2025


Don't forget to follow GST & INCOME TAX

24/01/2025

*Much Awaited Notification*

*New Notification No. 08/2025 – CENTRAL TAX New Delhi, 23rd January, 2025*

This notification, issued under Section 128 of the Central Goods and Services Tax Act, 2017, waives the late fee for filing GSTR -9C for the financial years 2017-18, 2018-19, 2019-20, 2020-21, 2021-22, and 2022-23.

The waiver applies to registered persons who were required to furnish a reconciliation statement in FORM GSTR-9C along with the annual return in FORM GSTR-9 but failed to do so.

They must submit the reconciliation statement in FORM GSTR-9C by 31st March 2025 to benefit from this waiver.

Note: No refund will be provided for any late fees already paid for delayed furnishing of FORM GSTR-9C for the mentioned financial years.

Tax Updates

19/07/2024

𝐖𝐡𝐢𝐥𝐞 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝 𝐰𝐚𝐬 𝐛𝐮𝐬𝐲 𝐰𝐚𝐭𝐜𝐡𝐢𝐧𝐠 𝐀𝐦𝐛𝐚𝐧𝐢'𝐬 𝐰𝐞𝐝𝐝𝐢𝐧𝐠, 𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 𝐤 𝐬𝐚𝐭𝐡 𝐤𝐡𝐞𝐥 𝐡𝐨 𝐠𝐲𝐚!

If you still haven't heard about the twist in Rebate u/s 87A, read the full post.

As per the proviso to 87A introduced in the Finance Act 2023, the assessee will get a rebate u/s 87A up to a maximum of ₹25,000.

While we were too busy beaming with joy at this trinket offered by our dear FM, we failed to understand how smartly they played with words.

Proviso to 87A starts like this, "Provided that where the total income of the assessee is chargeable to tax under section (1a) of section 115BAC."

The portal is taking the above line in a literal sense, where it is not allowing a rebate on the income chargeable at special rates such as STCG u/s 111A.

For example, if an assessee has a total income of ₹7 lakhs, out of which ₹4 lakhs is normal income and ₹3 lakhs is income taxable at special rates, the assessee will be able to enjoy the rebate only on ₹4 lakhs. On the balance income, he will have to pay full tax.

On the other hand, this loophole is a blessing for those having an income of more than ₹7 lakhs and having special rates income. For the purpose of ₹7 lakhs, the portal is calculating only the income chargeable at normal rates.

Example: Salary - ₹6,50,000
STCG u/s 111A - ₹2,50,000
Total income is more than ₹7 lakhs, still, the assessee will get the full rebate of 87A.

Crazy, isn't it?

Assesses and taxpayers are scratching their heads. All their tax planning have gone awry with this new twist.
While assesses falling under more than 7 lacs income & special rates income are happy with this, the whole idea of rebate loses its essence when it comes to small taxpayers.

The irony is that the income and tax estimator on the same e-filing portal is allowing the rebate on all income, but in the final calculation, it is disallowing the rebate on special incomes.

If what is happening in the portal was the real intention of the law, is it fair for small taxpayers? OR is it just another portal glitch which would lead to plethora of notices coming to clients citing incorrect calculation of rebate?

Let us know your view in the comments!

29/06/2024

CBDT issued Order vide F.No.173/03/2021-ITA-I(Pt.2) dtd 27-June-2024 under section 10 of the Direct Tax Vivad se Vishwas Act, 2020 ('DTVsV Act').