Bishtam Services Private Limited

Bishtam Services Private Limited Bishtam – Tax, Compliance & Digital Solutions Experts | GST, Income Tax, TDS, Business Registration & IT/Software Support.

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04/02/2026

📌 1) Enhanced TDS Thresholds & Limits:-

The government has increased TDS exemption limits for key income types — reducing compliance burden, especially for individuals:-

🧾 Interest Income (Section 194A)
• Senior citizens: Tax-free TDS up to ₹1,00,000 (previously ₹50,000).
• Others at bank/co-op/post office: Tax-free TDS up to ₹50,000.
• Other interest: Tax-free TDS up to ₹10,000 (revised from ₹5,000).

TDS rate remains 10% above these thresholds :

➤ 🏠 Rent Payments (Section 194I)
• Threshold raised from ₹2.4 lakh/year to ₹6 lakh/year (i.e., monthly ₹50,000).
• TDS @10% only if rent exceeds the new higher limit — giving relief to many landlords/tenants.

➤ 📊 Dividend & Securities Income :

• Threshold for TDS on dividend / mutual funds / securities units increased from ₹5,000 to ₹10,000.
• Helps small investors avoid unnecessary TDS.

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📌 2) New/Updated TDS Sections & Applicability :-

➤ Section 194T — TDS on Partner’s Remuneration :

✔ Partnership firms / LLPs must deduct 10% TDS on payments such as:
• Remuneration, salary, interest, bonus, commission paid to partners.
✔ Threshold: Total payments above ₹20,000 in a financial year trigger TDS.
✔ Effective: From 1 Apr 2025.
This brings partner payments under TDS compliance where earlier profits were typically exempt.

➤ Virtual Digital Assets — Section 194S :-

✔ 1% TDS applies on transfers or transactions of virtual digital assets (crypto, NFTs) over specified limits.
This ensures compliance for crypto income sources.

➤ Professional/Freelance Payments :

✔ For freelancers and professionals, TDS under Section 194J applies at 5% where payments exceed ₹50,000 (reduced threshold from earlier ₹1 lakh).
This increases coverage of professional payments.

➤ Section 206AB/206CCA Removal :

✔ Previous higher TDS/TCS rates for non-filers of income tax returns (Sections 206AB/206CCA) are being removed — simplifying TDS compliance.

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📌 3) TCS (Tax Collected at Source) Changes Impacting TDS Context
While TCS is separate from TDS, these changes affect individuals/firms:
✔ TCS on overseas tour packages & LRS (education/medical) reduced to 2% — easing tax collection burden.
✔ TCS on some high-value remittances is now simpler and with increased thresholds.
✔ TDS on property purchase from NRIs can now be paid using PAN (no TAN requirement) — simplifying compliance for individual/firm buyers.
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📌 4) Form 15G / 15H Simplification for Individuals
✔ Single Form 15G/15H submission (to depositories) now allowed for multiple securities — avoids TDS on dividends/interest for eligible taxpayers.
This reduces repetitive filings and prevents unwanted TDS.

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📌 5) Mandatory Compliance & Guidelines
✔ Budget 2026 proposes that CBDT guidelines on TDS/TCS must be followed strictly by both authorities and taxpayers responsible for TDS/TCS deduction/collection — improving uniformity and reducing disputes.
✔ Small taxpayers will be able to obtain lower/nil TDS certificates electronically, making compliance easier and reducing unnecessary TDS.

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ITR Filing & Audit Report Upload Deadlines :-📌 1. ITR Filing Deadlines (FY 2025-26 / AY 2026-27)🧾 A. Normal Taxpayers (N...
04/02/2026

ITR Filing & Audit Report Upload Deadlines :-

📌 1. ITR Filing Deadlines (FY 2025-26 / AY 2026-27)
🧾 A. Normal Taxpayers (Non-Audit Individuals)
✔️ Deadline: 31 July 2026
This is the usual last date for salaried individuals, pensioners, professionals, etc., whose accounts do not require statutory audit.
______________________________________________________________________
🏢 B. Extended Filing for Businesses (Non-Audit & Trusts)
✔️ Extended Deadline: 31 August 2026
Under the amended Income-Tax Act, non-audit business entities and trusts can file returns up to 31 August 2026 instead of 31 July.
This extension applies only to non-audit business cases and Trusts — salaried individuals must file by 31 July.
____________________________________________________________________
📊 C. Audit Cases (Accounts Subject to Statutory Audit)
✔️ ITR Filing Deadline: 31 October 2026
This is typical for taxpayers whose books require audit under Section 44AB.
❗ Note: Sometimes tax authorities may extend these audit ITR deadlines by official notification — but unless extended by CBDT, 31 October 2026 is the standard.
_____________________________________________________________________
🌍 D. Transfer-Pricing / International Cases
✔️ Deadline: 30 November 2026
This applies to taxpayers with international transactions or specified domestic transactions requiring a transfer pricing report.
____________________________________________________________________
🗓 E. Belated & Revised Returns
Return Type Last Date
Belated Return (after missing original deadline) 31 December 2026
Revised Return (corrections after original filing) 31 March 2027 (with small penalty if after Dec)
_____________________________________________________________________

📌 2. Tax Audit Report Deadlines (Form 3CA/3CB + 3CD)
📑 A. Standard Rule
For taxpayers required to get accounts audited (e.g., business entities), the audit report must be furnished before the ITR filing deadline — generally 1 month earlier.
So, for FY 2025-26 / AY 2026-27:
• 📌 Tax Audit Report Due: 30 September 2026
If you are required to audit your accounts under Section 44AB, you must complete and upload the audit report by 30 Sep 2026 before filing your ITR by 31 Oct 2026.

🧾 *Income Tax Slabs for FY 2025-26 (AY 2026-27)*✅ *New Tax Regime Slabs (optional regime)*(Used for income earned Apr 20...
03/02/2026

🧾 *Income Tax Slabs for FY 2025-26 (AY 2026-27)*

✅ *New Tax Regime Slabs (optional regime)*

(Used for income earned Apr 2025 – Mar 2026)

Up to ₹4,00,000: Nil

₹4,00,001 – ₹8,00,000: 5%

₹8,00,001 – ₹12,00,000: 10%

₹12,00,001 – ₹16,00,000: 15%

₹16,00,001 – ₹20,00,000: 20%

₹20,00,001 – ₹24,00,000: 25%

Above ₹24,00,000: 30%
👉 Rebate under Section 87A: Income up to ₹12 lakh can be effectively tax-free (new regime) after rebate.

📌 Standard Deduction (if opted for new regime): ₹75,000 (for salaried/pensioners).

✅ *Old Tax Regime Slabs (optional):*

Old regime has different slabs with higher basic exemption but allows many deductions/exemptions like 80C, HRA, etc. (Typical example below — final numbers depend on age):

Up to ₹2,50,000: Nil

₹2,50,001 – ₹5,00,000: 5%

₹5,00,001 – ₹10,00,000: 20%

Above ₹10,00,000: 30%
(Senior citizens get higher basic exemption e.g., ₹3 lakh or ₹5 lakh).

🧾 *Income Tax Slabs for FY 2026-27 (AY 2027-28)*

✅ *New Tax Regime Slabs (continued)*

As per Budget 2026, the slabs for FY 2026-27 are unchanged from FY 2025-26:

Up to ₹4,00,000: Nil

₹4,00,001 – ₹8,00,000: 5%

₹8,00,001 – ₹12,00,000: 10%

₹12,00,001 – ₹16,00,000: 15%

₹16,00,001 – ₹20,00,000: 20%

₹20,00,001 – ₹24,00,000: 25%

Above ₹24,00,000: 30%
👉 Rebate under Section 87A continues — possible zero tax up to ₹12 lakh taxable income under the new regime.

📌 Standard Deduction remains ₹75,000 for salaried/pensioners in the new regime.

Old Tax Regime Slabs: Same structure continued for FY 2026-27 as well —

Basic exemption up to ₹2.5 lakh (below 60 yrs),

₹2.5 – ₹5 lakh taxed at 5%,

₹5 – ₹10 lakh taxed at 20%,

Above ₹10 lakh at 30% (with higher thresholds for senior citizens).

💡 *Important Notes*

✔ 87A rebate can make income up to ₹12 lakh effectively tax-free under the new regime.
✔ New regime standard deduction is ₹75,000 for salaries/pension.
✔ Old regime still offers various deductions (80C, HRA, LTA) but may result in higher tax if slabs/deductions aren’t maximized.
✔ Budget 2026 confirmed no change in slabs for FY 26-27 — same rates continue.

Penalty for Tax Audit Report Default📌 1) Penalty for Tax Audit Report Default (Missing Deadline)Under the new system eff...
03/02/2026

Penalty for Tax Audit Report Default
📌 1) Penalty for Tax Audit Report Default (Missing Deadline)
Under the new system effective 1 April 2026, the Income Tax law introduces a fixed fee / graded penalty instead of discretionary penalties for audit defaults:
📍 If a taxpayer fails to get accounts audited or fails to file the audit report on time:
✔ ₹75,000 fee even if delayed by 1 day (up to 30 days delay).
✔ ₹1,50,000 fee if the delay continues beyond 30 days.
This means: no matter when within that first month you delay, the base fee is ₹75,000, and it doubles to ₹1,50,000 after 30 days of delay.
👉 This is a fixed charge (not a % of income) so even a small audit miss can carry a big fee.
________________________________________
📌 2) Conversion of Penalties into Fees for Technical Defaults
Alongside audit default fees, the Budget proposes that many minor/technical defaults (including audit non compliance) will be treated as fees (fixed charges) instead of discretionary penalties.
This means **tax authorities cannot arbitrarily vary the penalty — it’s a set fee based on the type and duration of default.
Examples include:
✔ Not furnishing transfer pricing audit reports
✔ Failing to furnish statement of financial transactions (SFT) or other required audit related statements
These defaults now attract predetermined fees rather than percentage based penalties.
________________________________________
📌 3) Decriminalisation and Rationalisation of Other Defaults
The Budget also rationalises enforcement to reduce litigation:
✔ Some offences like non production of books or certain TDS defaults will no longer attract criminal prosecution; now they are subject to monetary fines.
✔ Minor offences will be dealt with through fines rather than imprisonment.
✔ Penalty interest (interest on the penalty amount) won’t apply while an appeal is pending before the first appellate authority, reducing financial pressure for taxpayers who contest penalties.
________________________________________
📌 4) Larger Tax Compliance Philosophy Change
The new penalty structure as part of the Income Tax Act 2025 is designed to:
✔ Replace discretionary penalties with fixed fees so taxpayers know the exact cost of non compliance.
✔ Reduce litigation by decriminalising technical defaults and aligning penalty proceedings with the assessment order itself.
✔ Provide a graded, proportionate framework where serious offences still attract meaningful consequences but minor defaults are dealt with by fees or fines.
________________________________________
🧠 *Summary — Key Penalty Changes* (Effective 1 Apr 2026)
Issue New Penalty/ Fee Applies From
Missing Tax Audit deadline / audit non compliance ₹75,000 up to 30 days delay → ₹1,50,000 after 1 Apr 2026
Technical defaults & reporting defaults Fixed fees instead of discretionary penalties 1 Apr 2026
Decriminalised minor offences Only fine / graded consequences, not jail 1 Apr 2026
Interest on penalties during appeal No interest while appeal pending 1 Apr 2026
________________________________________
📌 *Example: How It Works*
👉 If your audit report for FY 2025 26 (filed in Oct/Nov 2026) is submitted even 1 day late, you could be charged:
👉 Due date of submit Audit Report is : 30th September, 2026

👉 Audit Report Submit : After 30th Sep, 2026 to 30th Oct, 2026 than fine Charged ₹ 75,000 fee, i.e if filed within 30 days;

👉 Audit Report Submit : After 30th Oct, 2026 to any date than fine Charged ₹ 1,50,000 fee, i.e. if filed after 30 days of deadline.

CENTRAL BOARD OF DIRECT TAXES EXTENDED DUE DATE 31ST JUL, 2025 TO 15TH SEP, 2025 :The Central Board of Direct Taxes (CBD...
30/05/2025

CENTRAL BOARD OF DIRECT TAXES EXTENDED DUE DATE 31ST JUL, 2025 TO 15TH SEP, 2025 :

The Central Board of Direct Taxes (CBDT) has extended the due date for filing Income Tax Returns (ITRs) for the Assessment Year (AY) 2025-26. The original deadline of July 31, 2025, has been extended to September 15, 2025, for taxpayers not requiring an audit.

IMPORTANT NOTES:-

1) The extension applies primarily to salaried individuals and taxpayers not requiring audits. Taxpayers whose accounts need to be audited must still file their returns by October 31, 2025.

2) Missing the extended deadline may result in penalties under Section 234B for delayed payment or filing.

For hassle free Taxation Services & Business Solution Contact Us..
09/04/2025

For hassle free Taxation Services & Business Solution Contact Us..

14/05/2024

For more details contact us....

A good news is that, Form 10B/10BB Filling due date extended,, and ITR-7 Filling Due date also extended for AY: 2023-20...
25/09/2023

A good news is that, Form 10B/10BB Filling due date extended,, and ITR-7 Filling Due date also extended for AY: 2023-2024.
Form 10B/10BB Filling new due date is 31st October, 2023. And, ITR-7 Filling new due is 30th November, 2023..
So, Plan accordingly..

With Regards Bishtam Services Private Limited

Last Few Days remaining for Filling Tax Audit Report, i. e. Due date is 30th September, 2023.So, please avoide last Minu...
25/09/2023

Last Few Days remaining for Filling Tax Audit Report, i. e. Due date is 30th September, 2023.
So, please avoide last Minute Rush.. Filed before due time.. ..

With Regards, Bishtam Services Pvt. Ltd...

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17/06/2023

আমরা বিভিন্ন ধরনের tax এর কাজ করে থাকি। আমাদের এখানে Salary/Pension Income Tax, Business Income Tax, Gst, Dsc, Tax Audit, Pan Card, Loan Project Report, MSME & Company & LLP & Firm Formation, ইত্যাদি কাজ হয়ে থাকে। যে কোনো কাজের জন্য যোগাযোগ করুন।।

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