R C S P H & Associates

09/03/2026

ADVANCE TAX 4TH

INSTALMENT due on 15.03.2026
For the financial year 1.04.2025 to 31.03.2026 i.e. AY 2026-27

The Forth and last Instalment of ADVANCE TAX for the FY 2025-26 is due on 15.03.2026

100% of the estimated tax is to be paid on or before 15.03.2026

Pay Advance tax on time and avoid levy of penal interest.

If advance tax is to be payable Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.
Ca Raju Shah

What Is Advance Tax?
Advance tax refers to the payment of your taxes in advance before the end of the financial year for the income earned in that financial year. The advance tax is to paid in four installments starting from June.

Advance Tax Applicability
Advance tax has to be paid in instalments by individual tax payers having income other than salary.

Furthermore, the taxpayers who have opted for presumptive taxation under section 44AD or 44ADA must pay total advance tax before 15th March 2026.

You are required to pay advance tax only if

You are a taxpayer having total tax liability of Rs 10,000 and above for the financial year 2025-26.

The source of your income is other than Salary for the financial year.

Who Is Not Liable To Pay Advance Tax?

A resident senior citizen who does not have any income from business or profession is not obligated to pay advance tax.

01/02/2026

📌 UNION BUDGET 2026 – DIRECT TAX HIGHLIGHTS

🔹 New Income-tax Law • New simplified Income-tax Act applicable from 1-Apr-2026
• Objective: simpler language, fewer sections & litigation
🧾 TDS / TCS CHANGES • TCS reduced to 2% on: – Overseas tour packages
– Education & medical remittances under LRS
(earlier 5% / 20%)
• LRS threshold increased to ₹10 lakh
• TCS on education loans (specified institutions) removed
• TCS @ 2% on scrap / alcohol etc.
• Overall rationalisation of TDS/TCS rates & sections
• Lower / Nil TDS certificates to be issued through automated system
• Form 15G / 15H to be accepted electronically (NSDL / CDSL)
📑 INCOME-TAX RETURN (ITR) • Staggered due dates: – Individuals (ITR-1 / 2): 31 July
– Non-audit cases: 31 August
• Revised Return allowed up to 31 March
• Updated Return (ITR-U) allowed even after assessment, with additional tax
• Additional tax on ITR-U reduced from 20% to 10%
🏠 PROPERTY / NRI • TDS on property purchase from NRI – buyer can deposit tax without TAN (PAN-based challan)
• Provisions aligned with Section 26QB
🌍 FOREIGN ASSET – ONE TIME DISCLOSURE • One-time window for undisclosed overseas assets/income • Tax + penalty approx 60% with immunity from prosecution • Minimum asset threshold: ₹5 lakh • No interest on tax paid
⚖️ PENALTIES & LITIGATION RELIEF • Minor offences decriminalised → only monetary fine
• Pre-deposit for stay of demand reduced from 20% to 10%
• Certain penalties (non-audit / TP etc.) proposed to be converted into fixed fees
📊 CAPITAL MARKET / BUSINESS • Buyback of shares to be treated as Capital Gains
• STT changes: – Futures: 0.02% → 0.015%
– Options: 0.10% → 0.15%
🏢 CORPORATE TAX / MAT • MAT credit set-off allowed only in new regime • MAT to be final tax • No further MAT credit accumulation

23/01/2026

Distribution of Assets on Total Partition of HUF Is Not a “Transfer” Under the Income-tax Act

1. Why Distribution on Total Partition Is Not a Transfer
On total partition:
Each coparcener receives property in satisfaction of a pre-existing, antecedent right.

There is no conveyance, no consideration, and no passing of title from one person to another.

The HUF does not “transfer” assets; it merely breaks up collective ownership into defined individual ownerships.

2. Sec 47(i):
Section 47(i) expressly provides that:
Any distribution of capital assets on the total partition of an HUF shall not be regarded as a transfer.

3. Sec 45 fails:
Capital gains tax can be levied only if:
There is a transfer, and
The transfer is by the assessee.

In the case of total partition:
Section 47(i) deems that no transfer exists.
Therefore, Section 45 cannot operate against the HUF.

4. Section 171(9) provides that:
Partial partition effected after 31-12-1978 shall be ignored, and
The HUF shall be continued to be assessed as if no such partial partition had taken place.

5. What Happens After Total Partition:
The HUF stands dissolved for tax purposes.
Assets move to members without triggering tax.

08/12/2025

ADVANCE TAX 3rd INSTALMENT due on 15.12.2025

Advance Tax: Financial year : 2025-26 ;AY 2026-27

For the financial year 1.04.2025 to 31.03.2026 i.e. AY 2026-27

The Third Instalment of ADVANCE TAX for the FY 2025-26 is due on 15.12.2025

75% of the estimated tax is to be paid on or before 15.12.2025
Pay Advance tax on time and avoid levy of penal interest.

If advance tax is to be payable Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.

Ca Raju Shah

20/11/2025

ITR refund status 2025: Delays due to ‘red-flagged’ claims, says CBDT chairman:

1. Chairman of the Central Board of Direct Taxes (CBDT) Ravi Agrawal on Monday said the Income-Tax Department is analysing certain refund claims, particularly those identified as “high-value” or red flagged due to claims of specific deductions.

2. This process has led to a temporary delay in issuing refunds, though legitimate payouts are expected by December.

3. He also said that low-value refunds are being released. We have analysed and found that some wrong refunds or deductions were being claimed. So, this is a continuous process. We hope to release the remaining refunds by this month or by December.

4. The chairman noted a “negative growth” in refunds, attributing it partly to a decrease in claims even after TDS rates were rationalised. Official data shows refund issuances dropped about 18 per cent to over Rs 2.42 lakh crore between April 1 and November 10.

03/11/2025

18/10/2025

Shubh Dipawali to all

Diwali celebrations at office

Wishing you all happy and prosperous new year

02/09/2025

Income Tax Return Filing for FY 2024-25 i.e. AY 2025-26- Ignore if filed.

Reminder: ITR Filing Due Date for Non-Audit Cases

This is a gentle reminder that the due date for filing Income Tax Returns (ITR) for non-audit cases is September 15, 2025 (31st July due date is extended to 15 September).

To avoid any penalties or late fees, please make sure that you submit your ITR by the due date. If you have any questions or need assistance with the filing process, feel free to reach out to us

It is advisable to file the return well before the due date for speedy processing of the ITR and to avoid last-minute hustle.

It is further to inform you that if we receive all data before 10.09.2025, we will ensure to file the return before the due date, 15.09.2025. If we receive any data/information/documents after 10.09.2025, we will not ensure to file before the due date of 15.09.2025.

Requests to all, please come forward at the earliest with all details for filing the Income tax return, and cooperate.

Thanks
CA RAJU SHAH
RCSPH & Associates
CHARTERED ACCOUNTANTS

10/06/2025

ADVANCE TAX 1st INSTALMENT

Advance Tax: Financial year : 2025-26 ;AY 2026-27

For the financial year 1.04.2025 to 31.03.2026 i.e. AY 2026-27

The First Instalment of ADVANCE TAX for the FY 2025-26 is due on 15.06.2025

15% of the estimated tax is to be paid on or before 15.06.2025

Pay Advance tax on time and avoid levy of penal interest.

If advance tax is to be payable Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.

Ca Raju Shah

21/05/2025

Dear Clients,

Hope you're doing well!

We just wanted to give you a quick heads-up that we've recently upgraded our systems to Tally Version 6.0. To ensure everything runs smoothly while working on your data, we kindly request you to update your Tally software to the same version.

A small but important point to note: once your data is opened in Version 6.0, it won’t be compatible with earlier versions. So if your system is still on an older version, you may face issues opening the files we send back to you.

We completely understand that upgrades take a bit of time and effort, but this step will really help avoid any hiccups down the line. If you need any help with the process or have questions, we’re more than happy to assist.

Thanks a lot for your continued trust and support!

Warm regards,
Raju Shah
R C S P H & ASSOCIATES