Tax & Legal Guide

18/07/2026

📢 Income Tax Return Update | AY 2026-27

🗓️ ITR Filing Season is Underway

The Income Tax Return is more than just reporting income. Accurate filing also requires proper disclosure of financial transactions and assets.

Before filing your return, ensure you have reviewed:

✅ Form 26AS
✅ Annual Information Statement (AIS)
✅ Taxpayer Information Summary (TIS)
✅ Form 16 / Form 16A (where applicable)
✅ Bank interest certificates
✅ Capital gains statements from brokers or mutual funds
✅ Foreign income and foreign asset disclosures (where applicable)

⚠️ Merely matching figures with AIS or Form 26AS may not always result in a correct return. Proper classification of income, eligible deductions, exemptions, and mandatory disclosures is equally important.

A carefully prepared return today can help avoid future notices, defective return communications, and unnecessary litigation.

18/07/2026

12/07/2026

Income Tax Return (ITR) Filing – FY 2025-26 (AY 2026-27)

To avoid last-minute issues and ensure timely compliance, file your ITR at the earliest.

12/07/2026

GSTAT Update | Token Generation Facility Introduced

GSTAT has introduced a Token Generation Facility for filing appeals.

Key points:
✔ Generate the token on or before 31 July 2026.
✔ Generate one token for each appeal.
✔ File the actual appeal within 60 days of token generation.
✔ Ensure all details are accurate to avoid invalidation.

Taxpayers intending to file GSTAT appeals should complete token generation well before the deadline to safeguard their appeal rights.

12/07/2026

📢 Big GST Relief May Be on the Way!

Good news for genuine taxpayers!

The GST Law Committee has reportedly approved a proposal to protect Input Tax Credit (ITC) where a buyer has:
✅ Paid the supplier, including GST,
✅ Payment is made through banking channels, and
✅ The invoice appears in GSTR-2B.

If the supplier later fails to deposit GST with the Government, the buyer's ITC may still be protected, and the tax department would recover the tax from the defaulting supplier instead.

This addresses one of the biggest concerns under GST, where honest businesses often faced ITC reversals despite having fulfilled all their obligations.

⚠️ Please note: This is only a proposal at present. It will become effective only after approval by the GST Council and the necessary legal amendments.

Stay updated with the latest GST developments.

ESB Associates
IP & Tax Attorney
📞 9999297577

Call now to connect with business.

08/07/2026

File the right return with expert guidance. 📞 9999297577

08/07/2026

Choosing the right ITR is the first step to hassle-free tax filing. Get expert assistance today! 📞 9999297577

30/06/2026

📢 GSTAT Appeal Filing Deadline Extended

The Government has extended the deadline for filing appeals before the GST Appellate Tribunal (GSTAT) under Section 112 of the CGST Act from 30th June 2026 to 31st July 2026.

This extension comes in response to the heavy volume of appeal filings, which has led to technical challenges on the GSTAT portal.

⚠️ Taxpayers are advised not to wait until the last moment. Complete your appeal filing well in advance to avoid portal congestion and unexpected technical issues.

26/06/2026

📢 Section 44AD – Presumptive Taxation Scheme for Small Businesses (FY 2025-26)

Running a small business? You may not need to maintain detailed books of accounts or undergo a tax audit.

Under Section 44AD of the Income Tax Act, eligible taxpayers can declare income on a presumptive basis and enjoy simplified tax compliance.

✅ Who can opt?

✔ Resident Individuals
✔ Resident HUFs
✔ Resident Partnership Firms (LLPs not eligible)

💼 Key Highlights

📌 Turnover limit up to ₹2 Crore (or ₹3 Crore where cash receipts do not exceed 5% of total receipts).

📌 Presumptive Income:
• 8% of turnover (Normal receipts)
• 6% of turnover (Digital receipts where cash receipts ≤5%)

✔ Benefits

✅ No requirement to maintain detailed books of accounts*
✅ Tax audit generally not required*
✅ Simple ITR filing (ITR-4)
✅ Reduced compliance burden

⚠ Important

Section 44AD is not available for:
❌ Commission/Brokerage businesses
❌ Agency businesses
❌ Professionals covered under Section 44ADA

Choosing the right taxation scheme can significantly reduce compliance costs while ensuring legal compliance. However, every business should evaluate its eligibility before opting for the presumptive scheme.

Need help deciding whether Section 44AD is suitable for your business? Feel free to get in touch.

📞9999297577

*Conditions apply.

17/06/2026

📌 Income Tax Return (ITR) Filing Assistance

Professional assistance is available in relation to Income Tax Return (ITR) filing and allied tax compliance matters, including:

✔ Salary Income Returns
✔ Business and Professional Income Returns
✔ Tax Computation and Reporting
✔ TDS Reconciliation and Refund Matters
✔ Revised Returns and Compliance Support

Those requiring guidance or assistance with ITR-related matters may connect through direct message.

📞 9999297577