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🪢✨ Happy Raksha Bandhan! ✨🪢Raksha Bandhan is a beautiful celebration of the bond of love, trust, care and protection bet...
28/08/2026

🪢✨ Happy Raksha Bandhan! ✨🪢

Raksha Bandhan is a beautiful celebration of the bond of love, trust, care and protection between brothers and sisters. ❤️

May this special bond grow stronger with every passing year, bringing happiness, prosperity and countless beautiful memories. 🌸

🎁 Wishing you and your family a very Happy Raksha Bandhan! 🙏

— NS Tax Consultancy – Undri
📲 NS Tax Consultancy- Undri

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27/08/2026

🔳 ITR REFUND -AY 202627

Income Tax Return (ITR) processing for Assessment Year (AY) 2026-27 has sped up significantly, with the Income Tax Department processing roughly 80% of verified returns by late August 2026.

Current Processing Status

Fast Track Speed: Simple returns (like ITR-1) are often processed within a few days or even minutes of e-verification, while overall processing is moving at a much faster pace compared to previous years.

Volume Processed: Out of nearly 5.84 crore verified returns, over 4.38 crore ITRs have already been processed.

Standard Timeline: Normal processing still officially takes 20 to 45 working days, but efficient systems have shortened wait times for the majority of taxpayers.

Common Reasons for Delays

If your return is taking longer than expected, check for these common bottlenecks:

Pending E-Verification: The processing clock only starts after you successfully e-verify your return.

Data Mismatches: Discrepancies between your filed ITR and data in your Annual Information Statement (AIS) or Form 26AS can stall processing.

Bank Validation: Ensure your refund bank account is pre-validated and active on the portal.

Aadhaar-PAN Linking: Unlinked or inoperative PAN cards can keep refunds on hold even after the return is processed.

How to Check Status

Log in to the Income Tax e-Filing Portal .

Go to e-File > Income Tax Returns > View Filed Returns.

Select AY 2026-27 and click View Details to check if it is processed or if a refund has been issued.

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19/08/2026

🔳 GST Jugaad
◼️Opening multiple firms to split turnover and stay below the GST threshold of ₹20 lakh or ₹40 lakh will not work and is illegal under Indian tax law.

◾️Why This "Jugaad" Fails
▪️PAN-Based Calculation: Under the GST law, the threshold limit (₹40 lakh for goods, ₹20 lakh for services) is calculated on an aggregate turnover basis across India for the same PAN (Permanent Account Number), not per individual shop or branch.

▪️Clubbing of Turnover: If you open 10 different firms using the same PAN, the tax department will add up the turnover of all 10 firms together. The moment the combined total crosses the limit, GST registration becomes mandatory for all of them.

▪️Different PANs / Dummy Names: If you open firms using different names or family members' PANs (dummy or benami firms) to artificially divide actual single-business revenue, it is treated as deliberate tax evasion and fraud.

◾️Risks and Penalties
▪️Cancellation & Heavy Fines: The GST authorities use advanced data analytics, AI, and banking/PAN linkages to catch multi-firm splitting. If caught, registrations will be canceled retrospectively.

▪️Tax, Interest, and Prosecution: You will be forced to pay all evaded GST amounts along with an 18% annual interest, plus heavy penalties under Section 122 of the CGST Act (equal to the tax evaded or ₹10,000, whichever is higher). Severe evasion cases can also lead to prosecution and imprisonment under Section 69.

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18/08/2026

🔳 Under GST, a Debit Note is prepared to increase the taxable value or tax amount of an original invoice, while a Credit Note is prepared to decrease it. Both are official documents issued by the supplier to correct or adjust a previously filed tax invoice.

◾️When to Prepare a Debit Note (Increase Value)
▪️A supplier issues a debit note when the original invoice value is less than what it should be.

▪️Undercharging: The price or quantity of goods/services was mistakenly billed lower than actual.

▪️Tax Undercharged: A lower GST rate or lesser tax amount was charged in error.

▪️Post-Invoice Additions: Extra charges or additional services/goods were added after the invoice was generated.

◾️When to Prepare a Credit Note (Decrease Value)
▪️A supplier issues a credit note when the original invoice value is higher than what it should be.

▪️Sales Return: The buyer returns faulty, damaged, or unsatisfactory goods.

▪️Deficient Services: The service provided is found to be deficient or rejected by the recipient.

▪️Overcharging: The price or quantity was billed higher than actual.

▪️Post-Sale Discounts: A discount is offered after the invoice is issued, reducing the final payable amount.

◾️Key Compliance Rules
▪️Filing: Both notes must be declared in the monthly GSTR-1 return for the month in which they are issued.

▪️Credit Note Time Limit: To reduce output tax liability, a credit note must be reported by November 30th of the following financial year or the date of filing the annual return (GSTR-9), whichever is earlier.

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17/08/2026

If your Income Tax Return (ITR) has not been processed yet, it is usually due to standard backlogs, system checks, or minor data matches. There is usually no need to panic.

Here are 3 common reasons why your ITR might be delayed and what you can do:

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🇮🇳 Happy Independence Day! 🇮🇳Let us celebrate the spirit of freedom, unity and patriotism that makes our nation truly sp...
14/08/2026

🇮🇳 Happy Independence Day! 🇮🇳

Let us celebrate the spirit of freedom, unity and patriotism that makes our nation truly special. ❤️🤍💚

On this Independence Day, let’s pledge to contribute towards a stronger, prosperous and developed India. 🇮🇳

✨ Proud to be an Indian!
15th August | Happy Independence Day

— NS Tax Consultancy – Undri

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13/08/2026

🔳 Setting off and carrying forward losses allows you to lower your current or future tax liability by adjusting your financial losses against your taxable profits.

◾️How the Adjustment Process Works
1. Intra-Head Adjustment: You must first set off a loss from a specific source against income under the same head of income (e.g., a loss from one house property against profit from another house property).
2. Inter-Head Adjustment: If the loss cannot be fully adjusted intra-head, you can use the remaining loss to offset income from other heads of income in the same financial year, subject to specific restrictions.
3. Carry Forward: Any loss that remains unadjusted after intra-head and inter-head adjustments can be carried forward to subsequent financial years to be offset against future profits.

◾️Key Rules & Limits by Income Head
• House Property Loss: Can be set off against other heads up to ₹2 Lakhs in the same year. Unabsorbed loss can be carried forward for 8 assessment years (Note: under the new tax regime, house property losses generally cannot be carried forward or set off against other incomes).
• Business Loss (Non-Speculative): Can be carried forward for 8 assessment years and set off only against business or profession income.
• Speculative Business Loss: Can be carried forward for only 4 assessment years and adjusted exclusively against profits from a speculative business.
• Capital Losses:
• Short-Term Capital Loss (STCL) can be set off against both short-term and long-term capital gains.
• Long-Term Capital Loss (LTCL) can only be set off against long-term capital gains.
• Both can be carried forward for 8 assessment years.

◾️Crucial Conditions for ITR Filing
• File Before the Due Date: To carry forward any loss, you must file your Income Tax Return (ITR) on or before the original due date specified under Section 139(1). Filing a belated return forfeits your right to carry forward most losses.
• Schedule CFL: You must properly report your current-year losses and brought-forward losses in Schedule CFL of your ITR form so the system tracks them automatically for future years.

12/08/2026

🔳 An expired e-way bill is treated as an invalid document during transit, attracting a standard penalty of ₹10,000 or 100% to 200% of the tax amount under sections 122 and 129 of the CGST Act.

◾️Validity Period of an E-Way Bill
The validity period depends on the distance the goods travel:

• Normal Cargo: 1 day for every 200 km (or part thereof) up to 200 km for the first day, and 1 day for every 200 km thereafter. (Note: Some standard calculations use 1 day per 100 km, but standard Rule 138 specifies 200 km for general/other updates or 100 km depending on specific notifications—let's keep it accurate: 1 day per 200 km / 100 km as per regular updates). Let's use the standard rule: 1 day for up to 200 km, and 1 additional day for every 200 km thereafter.
• Over Dimensional Cargo (ODC): 1 day for every 20 km (or part thereof).
• Expiry Time: Validity expires at midnight on the last active day.

◾️Fines and Penalties
• General Fine: ₹10,000 or the equivalent tax amount, whichever is higher.
• Detention and Seizure: If intercepted in transit with an expired bill, the vehicle and goods can be detained under Section 129.
• Release Penalty:
• 100% of the tax payable if the owner comes forward to pay.
• 200% of the tax payable if the owner does not come forward.

◾️How to Avoid or Fix an Expired Bill
• Extension Window: You can extend the validity on the official E-Way Bill Portal within 8 hours before or 8 hours after the expiration time.
• Transit Delay Reasons: Extensions are permitted for exceptional circumstances like vehicle breakdowns or natural calamities.

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Address

Office No: 233, 2nd Floor, Above Pune Electronics, Opp To Star Bazaar, VTP Tradepark, Undri-Pisoli Road, Near Undri Chowk, Undri, Pune/411060
Pune
411060

Opening Hours

Monday 11am - 6pm
Tuesday 11am - 6pm
Wednesday 11am - 6pm
Thursday 11am - 6pm
Friday 11am - 6pm
Saturday 11am - 6pm

Telephone

+919913954249

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