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Yuvraj Tiwari & Co, Netaji Subhash Place, Delhi (2026)

07/07/2026

Section 44AD vs Section 44ADA — which presumptive scheme applies to you?
Small businesses and professionals often confuse these two schemes, and the wrong choice can trigger unnecessary audits or missed savings.
The essentials:
44AD — eligible businesses, turnover up to ₹2 Cr (₹3 Cr with ≤5% cash receipts), income presumed at 8% (6% digital)
44ADA — specified professionals, gross receipts up to ₹50 L (₹75 L with ≤5% cash receipts), income presumed at minimum 50%
LLPs cannot opt for either scheme

Opt out of 44AD after opting in, and you're barred for 5 years
Always evaluate eligibility before opting for the presumptive taxation scheme.
+91-8860750025 | [email protected] | www.ytco.in
This post is for general information only and does not constitute professional advice. Please consult a qualified Chartered Accountant for your specific situation.

01/07/2026

Happy CA Day 2026!

24/06/2026

ITR-1 vs ITR-4: Which Income Tax Return Form Applies to You? | AY 2026-27
As the filing season for FY 2025-26 (AY 2026-27) begins, the most common question we receive is a simple one: "Which ITR form should I file?" For most individual taxpayers, the choice comes down to ITR-1 (Sahaj) and ITR-4 (Sugam). Selecting the correct form is not a formality — filing the wrong one can render your return defective and delay your refund.

Here is a clear breakdown.
Who should file ITR-1 (Sahaj)
A resident and ordinarily resident individual with total income up to ₹50 lakh, earning from:
• Salary or pension
• Up to two house properties (a welcome relaxation introduced for AY 2026-27)
• Other sources such as interest and family pension
• Long-term capital gains under Section 112A up to ₹1.25 lakh
• Agricultural income up to ₹5,000

Who should file ITR-4 (Sugam)
A resident Individual, HUF, or Firm (other than an LLP) with total income up to ₹50 lakh, declaring business or professional income on a presumptive basis under Sections 44AD, 44ADA, or 44AE — along with salary, house property, and other permitted income. This is the form for small traders, shopkeepers, freelancers, and consultants opting for presumptive taxation.

The bottom line: ITR-1 is for straightforward salary and pension income; ITR-4 adds presumptive business or professional income. The right form depends entirely on the nature of your income.
The due date for non-audit individuals is generally 31 July 2026, or 31 Aug 2026 for business— but confirm the applicable deadline for your category before filing.
Unsure which form fits your situation? Our team will help you select and file the correct return with confidence.
Delhi, India | +91-8860750025 | www.ytco.in | [email protected]

This post is for general information only and does not constitute professional advice. Please consult a qualified Chartered Accountant for advice specific to your circumstances.

23/06/2026

The ₹10 Lakh Mistake Many Salaried Indians Don't Know They're Making

Rohit and Neha are a typical urban Indian couple.

Rohit works for a multinational company and receives part of his compensation as Restricted Stock Units (RSUs) of the overseas parent company. Neha invests regularly in US-listed companies through Groww's international platform — over the years she has accumulated shares of Apple, Microsoft, Nvidia and Tesla, with dividends credited to a foreign brokerage-linked account.

Both are honest taxpayers. Their salaries are fully disclosed. TDS is deducted. Taxes are paid on time. They believe they are completely compliant.

Then one day, a communication arrives from the Income Tax Department, seeking details of their foreign assets and overseas accounts.

The issue is not tax evasion. The issue is disclosure — and that distinction can become extremely expensive.

The world has changed. Tax reporting has changed with it.

Foreign investing is no longer the preserve of high-net-worth individuals. A salaried employee earning ₹15 lakh a year can today, with a few taps on a phone:

Buy US stocks through Groww or similar platforms
Hold foreign ETFs and mutual funds
Receive RSUs from a multinational employer
Maintain an overseas brokerage account
Earn foreign dividends and capital gains

What many investors do not realise is that owning a foreign asset creates a separate compliance obligation under Indian tax law — entirely independent of whether tax is payable.

The source of funds may be fully disclosed. The income may be modest. The tax may already have been paid abroad. Reporting may still be mandatory.

________________________________________
Before you file, run this checklist
• Determine your residential status
• Review every foreign asset and foreign account
• Report foreign dividend and capital-gain income
• Complete Schedule FA carefully and fully
• Choose the correct ITR form (ITR-2 / ITR-3)
• Verify your eligibility for Foreign Tax Credit (Form 67)
In today's interconnected world, foreign asset reporting is no longer optional. The smartest tax strategy is often the simplest:

18/06/2026

ITR-1 vs ITR-2 (AY 2026–27): Which Form Is Right for You?
Filing the correct Income Tax Return form is the first step to a clean, notice-free assessment. Choosing the wrong form can render your return defective and invite avoidable scrutiny. Here's a clear comparison to help you decide.

ITR-1 (Sahaj) — Who is required to file?

- Resident individuals with total income up to ₹50 lakh
- Income from salary or pension
- Income from one house property
- Other sources (interest, FD, family pension)
- Agricultural income up to ₹5,000
- LTCG up to ₹1.25 lakh u/s 112A (listed shares / equity mutual funds), with no brought-forward losses

ITR-2 — Who is required to file?

- Individuals & HUFs with no income from business or profession
- Total income exceeding ₹50 lakh
- More than one house property
- Capital gains, plus foreign income / foreign assets
- A director in a company, or holder of unlisted equity shares
- Agricultural income above ₹5,000
- Non-residents (NR) and RNORs

Documents Required (for both ITR-1 & ITR-2)

PAN • Aadhaar • Form 16 / salary slips • Bank statements • Form 26AS / AIS / TIS • Interest certificates • Capital gain statements (if applicable) • House property documents (if applicable) • Investment proofs (80C, 80D, etc.)

Who CANNOT file ITR-1 & ITR-2?

Individuals / HUFs with business or profession income
Partners in a firm or LLP — file ITR-3 instead
Companies, LLPs, AOPs, BOIs and trusts
Residents with total income above ₹50 lakh (for ITR-1)

Due date: For non-audit individual taxpayers, returns for FY 2025-26 (AY 2026-27) are generally due by 31st July 2026, unless extended by the CBDT.

15/06/2026

ITR-7 — For Trusts, NGOs & Exempt Institutions | AY 2026–27
If your organisation operates for charitable, religious, scientific, or public purposes, ITR-7 is the Income Tax Return form applicable to you.

At Yuvraj Tiwari & Co.,
we assist NGOs, trusts, and institutions in navigating complex exemption rules and filing their returns accurately and on time.
Who Is Required to File ITR-7?
- Charitable & religious trusts
- NGOs, societies & Section 8 companies
- Political parties
- Scientific research institutions
- Educational institutions & universities
- Hospitals claiming tax exemption
- News agencies u/s 139(4C)
- Business trusts & investment funds u/s 139(4E)/(4F)

Key Documents Required
- PAN card of the NGO / Trust
- Registration certificate, Trust Deed / MOA / AOA and Section 12A / 12AB registration certificate
- Section 80G approval (if applicable)
- Balance Sheet & Income & Expenditure Account along with Audit Report — Form 10B / 10BB (if applicable)
- Bank statements, donation records & TDS certificates

Who Cannot File ITR-7?
✗ Individuals (Residents or Non-Residents)
✗ HUF (Hindu Undivided Family) ✗ Companies → File ITR-6
✗ Partnership Firms & LLPs → File ITR-5
✗ AOPs & BOIs → File ITR-5

Important Due Dates — AY 2026-27
→ Without Audit: 31 July 2026
→ With Audit Requirement: 31 October 2026

Filing is mandatory even if income is fully exempt. Non-filing may attract penalty u/s 234F and risk loss of exemption status.

13/06/2026

ITR-6 — The Income Tax Return for Companies (AY 2026-27)
Every company registered under the Companies Act carries a non-negotiable obligation: to file its income tax return each year, regardless of whether it earned any income. For most companies, the prescribed form is ITR-6.
Yet it remains one of the most misunderstood forms — particularly around eligibility and its growing list of schedules. Here is a clear breakdown.

Who is required to file ITR-6?
Companies registered under the Companies Act that do not claim exemption under Section 11, including:
→ Private & Public Limited Companies (listed and unlisted)
→ One Person Companies (OPCs)
→ Foreign companies earning income in India
→ Section 8, Nidhi and Producer Companies
→ Every domestic company — profit-making or loss-making
Filing is mandatory even if income is NIL or the company is dormant. Filing late strips the right to carry forward that year's losses — a costly oversight for newly incorporated or idle companies.

Who cannot file ITR-6?
→ Companies claiming exemption u/s 11 — File ITR-7
→ Charitable & Religious Trusts — File ITR-7
→ Firms, LLPs, AOPs & BOIs — File ITR-5
→ Individuals & HUFs — File ITR-1/2/3/4
→ Political Parties — File ITR-7

Documents you should keep ready
- PAN of the company · Audited financials (Balance Sheet & P&L).
- Tax Audit Report (3CA/3CB & 3CD, if applicable)
- Transfer Pricing Report (Form 3CEB, where applicable)
- TDS/TCS certificates with Form 26AS & AIS
- Advance/self-assessment tax challans.
A point that trips up many companies: ITR-6 must be filed electronically using a Digital Signature Certificate (DSC) — there is no physical filing option. The audit report must also be filed before or alongside the return; doing it afterwards can render the return defective.
Due dates (AY 2026-27):
31 October 2026 (general) · 30 November 2026 (where Form 3CEB / transfer pricing applies).

11/06/2026

ITR-5 — Who Must File, and Who Shouldn't
Filing the correct ITR form is the first step toward a clean, penalty-free assessment. One of the most common errors we see at our desk is firms and LLPs filing under the wrong form — which can lead to a defective return notice under Section 139(9).

Here is a quick guide to ITR-5 for AY 2026-27.

Who is required to file ITR-5?
ITR-5 is meant for entities other than individuals, HUFs and companies. This includes:
→ Partnership Firms (other than LLPs)
→ Limited Liability Partnerships (LLPs)
→ Association of Persons (AOPs) & Body of Individuals (BOIs)
→ Artificial Juridical Persons
→ Co-operative Societies & Local Authorities (other than those required to file ITR-7)

What documents should you keep ready? While no annexures are attached to the return itself, these should be on hand:
→ PAN of the entity
→ Financial Statements (Balance Sheet, P&L A/c, Schedules)
→ Details of Partners / Members with PAN
→ TDS Certificates & Form 26AS
→ Bank Statements
→ Tax Audit Report (where applicable) and tax payment challans

Who cannot file ITR-5?
→ Individuals & HUFs (ITR-1/2/3/4)
→ Companies (ITR-6)
→ Trusts, Political Parties & Institutions (ITR-7)

A note worth remembering: even if your firm or LLP has nil income or a loss, filing on time is mandatory — and a timely loss return preserves your right to carry forward losses.

For assistance with your firm's ITR-5 filing, our team is happy to help.

09/06/2026

ITR-4 (Sugam) — The Simplified Return for Presumptive Taxpayers | AY 2026-27
For India's small businesses, professionals, and transporters, ITR-4 (Sugam) remains the most straightforward way to meet your income tax obligations. Yet every year, many eligible taxpayers either choose the wrong form or overlook a single exclusion that disqualifies them. Here is a clear breakdown.

Who is required to file ITR-4?
- Resident Individuals, HUFs, and Firms (other than LLPs) with total income up to ₹50 lakh, earning income from Business or Profession computed on a presumptive basis under Sections 44AD, 44ADA, or 44AE — along with income from:

- Salary / Pension
- Up to 2 House Properties
- Other Sources (interest, family pension, etc.)
- Long-Term Capital Gains u/s 112A up to ₹1.25 lakh (no brought-forward or carry-forward losses)

Documents you should keep ready:
- PAN & Aadhaar
- Bank account details (passbook / statement)
- Profit & Loss / presumptive income details
- GST details (if applicable)
- TDS certificates (Form 16, 16A, 26AS)
- Salary, house property & other income details
- Investment & deduction proofs (80C, 80D, etc.)
- Capital gain details (if any)

🚫 Who cannot file ITR-4?
- Total income exceeding ₹50 lakh
- Non-Residents (NRI) and RNORs
- Directors of a company or holders of unlisted equity shares
- Those required to maintain books of account / liable to tax audit u/s 44AB
- Anyone with brought-forward or carry-forward losses
- Agricultural income exceeding ₹5,000
- Income from lottery, gambling, or racehorses
- Gains from Virtual Digital Assets (crypto)

Due date for AY 2026-27 (FY 2025-26): 31 August 2026 (for non-audit taxpayers).

A note from our team: the presumptive scheme simplifies computation, not record-keeping — retain your bank statements and supporting documents. Filing the wrong form, or filing incorrectly, can invite avoidable notices.

08/06/2026

ITR-3: The Complete Return for Business Owners, Professionals & Partners 📊
If you run a proprietary business, practise a profession, trade in F&O, or draw remuneration from a firm or LLP — ITR-3 is likely the return for you. Filing the right form is the first step to staying compliant and avoiding unnecessary notices.
Here's a quick guide for AY 2026-27 👇
✅ Who is required to file ITR-3?
Individuals & HUFs earning income from a business or profession — including sole proprietors, doctors, lawyers, consultants and freelancers who maintain regular books of accounts. It also covers partners drawing remuneration, salary, commission or interest from a partnership firm or an LLP (since such receipts are taxed as business/professional income in the partner's hands), those with income from share trading, intraday or F&O, and anyone combining business income with salary, house property or capital gains.
📂 Documents you'll need:
PAN & Aadhaar, Profit & Loss Account and Balance Sheet, books of accounts and bank statements, Form 26AS / AIS / TIS, Form 16/16A, GST details and tax audit report (if applicable), capital gains statements and deduction proofs under Sections 80C, 80D and 80G.
❌ Who cannot file ITR-3?
Entities other than Individuals or HUFs (companies, partnership firms and LLPs file their own returns — e.g. an LLP files ITR-5, not ITR-3), individuals and HUFs with no business or professional income, those eligible to file ITR-1, ITR-2 or ITR-4, and presumptive taxpayers under Sections 44AD/44ADA/44AE who have not opted out.
💡 Note on LLPs: The LLP entity files ITR-5 — but an individual partner of the LLP who receives remuneration or interest files ITR-3, because that income is taxable under "Profits & Gains of Business or Profession" (Section 28(v)). For income-tax purposes, the term "firm" includes an LLP.
🗓️ Due dates (AY 2026-27): 31 August 2026 (non-audit) | 31 October 2026 (audit cases)
Choosing the correct ITR form protects you from notices, refund delays and penalties. Not sure which return applies to you? Our team is here to help.
📞 +91 88607 50025
📧 [email protected]
🌐 www.ytco.in
Yuvraj Tiwari & Co. — Chartered Accountants | Helping you understand the law and apply it for business growth.

Yuvraj Tiwari & Co

07/07/2026

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