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Updates, analysis, and commentary on Indian taxation, compliance and corporate matters from Balakrishna & Co.

Union Budget 2026: Key Income Tax Proposals Impacting Taxpayers

The Union Budget 2026 places strong emphasis on stricter compliance by replacing discretionary penalties with mandatory fees for non-compliance or delay in compliance. Measures relating to non-disclosure of foreign assets and foreign income...

FAST-DS 2026: A Rare Second Chance for Small Foreign Asset Disclosure

Are you one of those resident Indian taxpayers missed reporting foreign income or foreign assets while filing Indian Income Tax return the past several years? If so, there is an immunity scheme launched by the government through Union Budge...

Reporting of Foreign Assets and Foreign Income in Income Tax Return of AY 2025-26

CBDT’s New Compliance Nudge on Foreign Assets: Why Taxpayers Should Review and Revise Their Returns

A Harsh TDS Rule Put to Rest Partially I New CBDT Circular Explained

Did you deduct TDS at a lower rate due to PAN-Aadhaar linking issues? The CBDT's new circular dated 21st July 2025 offers relief from the 20% TDS rule for inoperative PANs. Learn how it impacts past and future transactions, and what steps y...

Scrutiny Notice Under Section 143(2)? A Guide for Salaried Taxpayers

Each year, many salaried individuals claim deductions while filing their income tax returns ranging from HRA to Section 80C investments. However, a significant number of these returns are later flagged by the Income Tax Department for scrut...

Foreign Assets & Income Disclosure: Why You Received a Tax Compliance Reminder and What to Do Next

In July 2025, the Income Tax Department of India issued SMS and email advisories to numerous taxpayers, urging them to ensure proper disclosure of their foreign assets and income in their Income Tax Return (ITR) for Assessment Year (AY) 202...

Debt Mutual Fund Taxation in India AY 2025-26 | LTCG, STCG Rules Explained

Debt mutual funds are investment vehicles that predominantly invest in fixed-income instruments such as government securities, corporate bonds, treasury bills, commercial papers, and other money market instruments. They are considered relat...

Received Scrutiny Notice under Section 143(2) – What to Do Next

Regarding Intimation received by Assessee for Completion of Assessment in Accordance with the Procedure of Section 144B of the Income Tax Act and Notice under section 143(2) of the Income-tax Act, 1961 for AY 2024-25

Buy-Back of Shares Taxation Post-October 2024: Key Changes Under Finance Act 2024

Understand the implications of Section 2(22)(f) and the repeal of Section 115QA on your tax filings.

End-to-End GST Litigation Support Services | Balakrishna & Co. Chartered Accountants

Balakrishna & Co. brings deep subject‑matter expertise in Goods & Services Tax (GST), Customs, and Foreign Trade Policy (DGFT) and provides Litigation Management Services / Litigation Support Services under the GST Laws. Our Chartered Accou...

Received ITR-U Notice for A.Y. 2022-23? File Your Updated Return Before 31st March 2025 to Avoid Additional Tax Penalties

Many individuals are receiving emails and SMS messages stating that the Income Tax Department has noticed that there is no valid ITR filed and asking them to consider filing an updated return under Section 139(8A) of the Income Tax Act. Man...

Residential Status in India: A Simple & Clear Guide to Determine Your Tax Residency (2025)

Determining your residential status in India is important because it decides how much of your income is taxed in India. According to the latest rules under the Income Tax Act, 1961, Your residential status is based on how many days you stay...

Taxation for Deemed Residents in India: Rules, Examples & Taxability

Under Section 6(1A) of the Income Tax Act, an individual is considered a Deemed Resident if they are an Indian citizen and their total taxable income from Indian sources exceeds ₹15 lakh in a financial year while being a non-resident in Ind...

Form 26QB TDS Demand Notice Due to PAN-Aadhaar Non-Linking – How to Resolve It

Form 26QB is a crucial document for buyers of immovable property in India, as it pertains to the deduction and deposit of Tax Deducted at Source (TDS) on the purchase of property under Section 194IA of the Income Tax Act. Many taxpayers hav...

Section 89A Tax Relief on Income from Foreign Retirement Accounts

Are You a Returning Indian Resident with Foreign Retirement Accounts?

Tax implication on Foreign Entities dealing with Indian Clients

Indian Income Tax for Foreign Entities: Key Insights for Non-Resident Companies Dealing with Indian Clients

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)

It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country - a position that is factually incorrect

Be Mindful of Your Stay in India: NRI's Guide for Avoiding Residential Status Confusion

Being an NRI comes with its own set of perks, but it also brings a unique set of challenges—especially when it comes to your residential status in India. Whether you’re visiting family or conducting business, spending time in India could po...

All you need to know about payment to MSME

Have you ever found yourself in a situation where your actions, meant to benefit someone, inadvertently work against their interests? You might have said, “I did this with all good intentions to help you, I never thought it would backfire l...

Even the honest can come under the scrutiny of the Black Money Act.

Those reading this note may consider it as the final opportunity to rectify the errors or disclose the missing income or information in the Income Tax Return (ITR) for the Financial Year 2022-23 (i.e., financial year ending 31 st March 2023...

Impact of Increased Guidance Value on Real Estate Transactions in Karnataka

Effective from 1 st October, 2023 the Guidance Value of properties in Karnataka is increased by 10% to 30%.

All about tax department message on reported transactions in Form 60/61 for FY 2021-22

" Attention -----------, the Income Tax Department has received information about certain transactions reported by you in Form 60/61 for FY 2021-22. If you do not have a PAN Number, please apply for Form 49A immediately. Otherwise, submit y...

How to calculate Turnover for Future and Option (F&O) trading

As per Section 43(5) of the Income Tax Act 1961, derivatives, futures and options trading will be treated as normal business income (not speculative transactions) though such transactions are completed without actual delivery of shares or s...

Linking of PAN and Aadhar for NRI or OCI Cardholders in India

If you are holding an Indian PAN Card and have not linked your Aadhar to the PAN in the Income Tax Portal, there is a high chance of you getting a mail with the caption FW: NPXXXXXX0M – PAN-Aadhaar Linking Campaign

How to respond to Notice under 148A and 148 of the Income Tax Act

Notice u/s 148A is about assessing the taxpayer’s income for previous years which might have escaped the taxes. Before getting into this topic, It is better to understand the basics of return filing through illustrations.

Know about Updated Return under Income Tax Act

The Indian tax department is sending messages and emails stating that they have identified high-value transactions against your PAN number and if you have not considered it while filing the return, they are asking you to correct the errors ...

All about RoDTEP Scheme

The Department of Commerce has notified the rate under RoDTEP scheme on 17 th August 2021 vide Notification No. 19/2015-20 & the rates Schedule Appendix 4R.

Can foreigners buy property in India?

Who can buy property in India? Can foreigners also buy property in India?

New registration requirement for Charitable Trust and institutions

Union Budget 2020 brought major changes in compliance and registration procedures of Non-profit Organisations (NPOs). We have made efforts in simplifying the whole confusions in the form of QAs.

Registration of entities for undertaking CSR Activities

Ministry of Corporate Affairs through CSR policy amendments, 2021 has brought several changes to bring transparency and accountability of companies who undertake CSR activities.

Know about Karasamadhana Scheme 2021 to settle old dues under Karnataka State Taxes

If any assessment or reassessment is completed / to be completed

Applicability of GST on Real Estate Developer | Joint Development Agreement (JDA)

Are you a Real Estate Builder entering into a Joint development agreement with Landowner for constructing residential apartments/flats? Do you need assistance in Drafting a Joint development agreement or need assistance in accounting and ta...

Can an NRI set up a One Person Company in India?

All of us have heard the word ‘proprietor’ (the sole owner of the business enterprise). In fact, the majority of the private companies, where husband and wife are the shareholders, work like a proprietory concern!

How to handle e-Campaign - Non-filing of Income Tax Return for AY 2020-21

You may get the following message like this from the Tax department.

Is your business registered as MSME? If not, do it right away

Definition of Micro Small or Medium Enterprise (MSME)

Can OCI cardholders sell property in India without RBI permission?

Tax audit requirement for F&O trading for FY 2024-25 AY 2025-26

I am a salaried employee; I also trade in future and options but incur a loss, and my turnover is less than one crore. Do I require a tax audit from a chartered accountant to carry forward the loss?

Launch of auto-drafted ITC statement - GSTR 2B

Goods and Service Tax Network (GSTN) on Saturday launched GSTR-2B for the month of July 2020 as an auto-drafted input tax credit (ITC) statement. The launch of this GSTR-2B is expected to reduce the time taken for preparing return, minimise...

Scan google pay QR code to make payment to Balakrishna and Co

Bank Name: HDFC Bank, Wilson Garden Branch, Account No. 17482320000085 IFSC: HDFC0001748 Google Pay: 9448744812@okbizaxis In favour of Balakrishna & Co.

Choosing old or new concessional tax under sec 115BAC

With effect from the assessment year 2021-22, section 115BAC provides an option to an individual or HUF to opt for new tax regime to pay taxes at concessional tax rates which is available without claiming specified exemptions or deductions.

A note on Gift Tax in India

Once upon a time, there was an Act by name - The Gift Tax Act, 1958 and the same was repealed in 1998. As on date – there is no Gift Tax in India.

FAQ on Reduction in PF rate from 12% to 10%

Q.1: What is revised rate of EPF contribution announced by the Central Govt. under Atmanirbhar Bharat package?

How companies are managing their cashflows in this hour of crisis?

Dear Everyone – Hope you and your beloved members are doing well. None of us had a clue of a pandemic disease of this kind and magnitude. As an afterthought, many people have suggested/ forwarded to watch Bill Gates talk / Contagion movie. ...

LLP settlement Scheme, 2020 for submitting pending documents

As non-compliance or late filing of statutory forms with MCA was liable for an additional fee, it was becoming a huge financial burden on Limited Liability Partnership (LLP). The government has introduced a one-time settlement scheme for Li...

Madras High Court Decision - Interest on delay payment of GST

In some good news for businesses, the Madras High Court in the Refex Industries Limited v. Sherisha Technologies (P) Limited case held that the interest on delayed payment under the Goods and Services Tax (GST) can be levied only on the ‘ca...

Chartered Accountant Certificates under GST

Institute of Chartered Accountants of India (ICAI) has published a guide to Chartered Accountants to help them furnish CA certificates as per various provisions of the Good and Service Tax (GST). The GST and Indirect Taxes Committee has com...

Tax Audit and ITR filing for F&O Loss | CA required for reporting F&O transactions

Comprehensive Guide to Tax Audit and Income Tax Return Filing for Salaried Individuals Trading in Equity and F&O

Filing of e-form DIR 3 KYC for all DIN allotted before 31-03-2018

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new e-form viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or be...

purchase of immovable property from Non-Resident Indians and NRI and TDS provisions

Purchase of property in India from Non-Resident Indians (NRI) is a bit tricky when compared to buying it from Resident Indians.

TDS and GST on Rent from property for NRIs

Non-Resident Indians (NRI) who are letting out the properties in India have to know two basic tax information, namely Income Tax and GST

Acquisition or transfer of immovable property in India by NRI/PIO

The Foreign Exchange Management Act, 1999 (FEMA) empowers the Reserve Bank to frame regulations to prohibit, restrict or regulate the acquisition or transfer of immovable property in India by persons residents outside India. The regulations...

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