TAXLA Services: Your One-Stop Solution for Financial and Compliance Needs!

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...

ITR STILL NOT FILED? Don’t worry — there is still time to act! The deadline for filing certain Income Tax Returns for FY 2025-26 (AY 2026-27) is approaching fast. For taxpayers whose applicable due date is 31st August 2026 , the clock is ticking. If you are a business owner, professional, trader, freelancer, or other eligible taxpayer who has not yet filed the Income Tax Return, now is the time to complete the process. Waiting until the last minute can increase the risk of missing important information, making errors, or facing unnecessary complications. At Taxla Services Pvt. Ltd., Chennai , we provide professional support for last-minute ITR preparation, review and filing so that taxpayers can complete their compliance requirements smoothly. Why Is 31st August 2026 Important? The Income Tax Return filing due date depends on the category of taxpayer and whether the taxpayer is subject to tax audit or other specific provisions. For certain taxpayers who are not required to get their ...

For professionals, managing tax compliance involves much more than simply filing an Income Tax Return (ITR). Maintaining proper books of accounts, calculating taxable income correctly, claiming eligible expenses and deductions, and understanding whether a tax audit is applicable are all important parts of financial compliance. One important threshold that professionals should keep in mind is ₹50 lakh in gross receipts . If the gross receipts from your profession exceed ₹50 lakh during the relevant financial year, a tax audit may become applicable under the Income-tax Act, 1961 , subject to the applicable provisions and circumstances. Doctors, lawyers, chartered accountants, architects, engineers and other specified professionals should therefore review their annual professional receipts carefully. Waiting until the ITR filing deadline to determine audit applicability can create unnecessary pressure and increase the risk of errors or delays. 📌 What Is a Tax Audit? A tax audit is an exa...

For many business owners, crossing the ₹1 crore turnover mark is an important milestone. It reflects business growth, increasing customer demand and expanding operations. However, higher turnover can also bring additional income tax compliance responsibilities. One of the most important questions business owners should consider is whether their business is required to undergo a tax audit under the Income-tax Act, 1961 . A common misconception is that once business turnover crosses ₹1 crore, a tax audit automatically becomes compulsory in every case. However, tax-audit applicability should not be determined based on turnover alone . The applicable provisions, nature of the taxpayer's business, method of income declaration and prescribed conditions relating to cash transactions must also be considered. In certain eligible cases, a higher turnover threshold of ₹10 crore may apply where the prescribed conditions regarding cash receipts and cash payments are satisfied. Therefore, befor...

Understanding the Growing GST Appeal Landscape The Goods and Services Tax (GST) framework has transformed indirect taxation in India by bringing multiple taxes under a unified system. However, with a vast number of taxpayers, evolving interpretations, assessments, demand orders, and compliance requirements, disputes under GST have also increased significantly. A major development in the GST litigation landscape is the growing number of appeals being filed before the Goods and Services Tax Appellate Tribunal (GSTAT). According to the latest figures provided, GSTAT has received 75,155 appeals , while only 83 cases have been disposed of so far . This highlights the substantial volume of pending matters and the increasing importance of handling GST disputes carefully from the very beginning. For businesses and taxpayers, these numbers send a clear message: GST compliance, documentation, reconciliation and timely filing of appeals are extremely important . Once a dispute arises, proper reco...