Year-End Tax Compliance Checklist: 31 March 2027
Why 31 March Is Not Just a Year-End Most taxpayers treat 31 March as the close of the financial year and nothing more. Tax professionals know it differently. The last day of the Tax Year is simultaneously: the advance tax final computation date, the Section 43B payment deadline, the MSME payment clearing deadline, the capital […]
CBDT Circular 02/2026 – Extension of Time Limit for Issuance of TDS Certificates
Circular-2-2026 The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2026 to provide relief to deductors facing technical difficulties in generating TDS certificates for the quarter ending 31 December 2025. The circular extends the due date for issuance of TDS certificates under Section 203 of the Income-tax Act, 1961. Further, CBDT has exercised […]
CBDT Circular 01/2026 on Delay in Form 10A
Circular-No-1-2026 Section 12A of the Income-tax Act prescribes the conditions for availing exemption under Sections 11 and 12 by charitable trusts and institutions. One of the mandatory conditions is timely filing of registration application in Form No. 10A. Earlier, trusts/institutions seeking registration under Section 12A(1)(ac)(i) were required to file Form 10A within the prescribed time […]
Penalty for Under-Reporting vs. Misreporting
Section 270A Penalty — Under-Reporting vs. Misreporting: Key Differences, Immunity Provisions & Landmark ITAT Rulings (2024–2025) Relevant Sections & Provisions Section 270A — Penalty for under-reporting and misreporting of income (w.e.f. AY 2017-18) Section 270AA — Immunity from penalty and prosecution Section 271(1)(c) — Penalty for concealment (applicable up to AY 2016-17) Section 274 — Procedure for penalty Section […]