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🚨 ITR Filed? Don’t Forget to Verify It!

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Filing your Income Tax Return (ITR) online is an important part of your annual tax compliance, but uploading the return is not the end of the process . Taxpayers must also complete the verification of the return within the prescribed time. The Income Tax Department states that the time limit for e-verification or submission of ITR-V is 30 days from the date of filing the return . If the return is not verified within the prescribed period, it can be treated as invalid, subject to the applicable rules and any condonation process available for genuine delays. This makes ITR verification an important step that every taxpayer should complete immediately after filing. What Is ITR Verification? When an income tax return is filed electronically, the taxpayer needs to confirm that the return has actually been submitted by them. This confirmation is called ITR verification . In simple terms: Prepare ITR → File ITR → Verify ITR → Return processing If you have filed your ITR but have not c...
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57th GST Council Meeting: Key Expectations, Important Dates and What Businesses Should Watch

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The Goods and Services Tax (GST) framework continues to evolve as the Government reviews tax policies, compliance requirements and industry concerns. The upcoming 57th GST Council Meeting , scheduled to be held in New Delhi on 12th September 2026 at 11:00 AM onwards , is therefore an important event for businesses, tax professionals, accountants and other stakeholders. The Officers’ Meeting is scheduled for 11th September 2026 at 11:00 AM onwards , ahead of the main GST Council meeting. These meetings are expected to facilitate detailed discussions on various GST-related matters before important issues are considered by the Council. For taxpayers, GST Council meetings are particularly significant because decisions taken by the Council can influence tax rates, exemptions, compliance procedures, input tax credit provisions, return filing mechanisms and other aspects of the GST system. What is the GST Council? The GST Council is the constitutional body responsible for making recomme...
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Missed Filing Your ITR? Don’t Worry – Belated ITR Filing for FY 2025-26

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Missing the original Income Tax Return (ITR) filing deadline can be stressful, especially when taxpayers are worried about penalties, interest, refunds, or loss of important tax benefits. However, missing the original due date does not necessarily mean that you have lost the opportunity to file your Income Tax Return. For Financial Year 2025-26 (FY 2025-26) / Assessment Year 2026-27 (AY 2026-27) , eligible taxpayers who could not file their return within the original deadline can generally file a belated Income Tax Return within the permitted time. The important point is simple: if you have missed the original deadline, do not ignore your ITR. File it at the earliest possible opportunity. What Is a Belated Income Tax Return? A belated return is an Income Tax Return filed after the original due date prescribed under the Income Tax Act but within the legally permitted period. Taxpayers may miss the original deadline for several reasons. They may not have received all the required docume...
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⚠️ Don’t Delay Tax Audit Filing: Avoid Penalties and Stay Compliant

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Tax compliance is an essential responsibility for businesses and professionals covered under the provisions of the Income-tax Act, 1961. Among the important compliance requirements is the timely completion of a tax audit and furnishing of the Tax Audit Report where applicable. Many taxpayers focus on filing their Income Tax Return (ITR) before the deadline but overlook the fact that, in cases where a tax audit is applicable, the audit process and prescribed reporting requirements must also be completed within the applicable timeline. Delaying your tax audit can result in unnecessary compliance pressure and may attract consequences under the Income-tax Act, including penalties under Section 271B , subject to the applicable provisions and facts of the case. For the relevant assessment year covered by this compliance calendar, the post highlights 30th September 2026 as an important date for taxpayers required to complete and furnish their tax-audit-related compliance within the prescribe...
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📊 Tax Audit Limit Up to ₹10 Crore: Is Your Business Eligible?

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For many business owners, the words “Tax Audit” can immediately raise questions about compliance, documentation, professional fees and deadlines. However, not every business with turnover above ₹1 crore necessarily has to undergo a tax audit. Under the tax-audit provisions applicable to business, the general threshold is ₹1 crore . However, a higher threshold of ₹10 crore is available for businesses that satisfy the prescribed low-cash transaction conditions. This provision is particularly relevant for businesses that operate predominantly through banking channels, UPI, cards, NEFT, RTGS and other non-cash modes. The Income Tax Department confirms that the ₹1 crore threshold is increased to ₹10 crore where cash receipts and cash payments each do not exceed 5% of the respective totals . For business owners, understanding this distinction can help in planning transactions, maintaining proper books and determining whether a tax audit is applicable. 🔎 What Is Tax Audit? A tax audi...
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