CBDT Extends Tax Audit Report Date to 21 October 2026: What Businesses Must Do Now
CBDT
The CBDT has extended the tax audit report date for AY 2026-27 from 30 September to 21 October…
Can Personal Expenses Be Claimed as Business Expenses?
Personal Expenses
Short answer: No. Only expenses incurred wholly and exclusively for the business are deductible, and personal expenses are…
Can a Business Claim Expenses Without a GST Invoice?
Expenses
Short answer: For income tax, a business claim expenses even without a GST invoice if it is genuine, incurred…
Current Account Transactions That Can Trigger an Income Tax Notice
Current Account Transactions
Short answer: A current account transactions is not watched in isolation. Banks report certain transactions to the Income…
GST Turnover vs Income Tax Turnover: Why the Figures May Differ
GST Turnover vs Income Tax Turnover
Short answer: GST turnover vs income tax turnover differs because GST turnover is calculated from supplies reported in…
Can You Claim ITC If the Supplier Has Not Filed GSTR-1?
ITC
Short answer: Generally, no, not until the invoice appears in your GSTR-2B. Section 16(2)(aa) allows ITC only when…
What to Do If Turnover in GST Returns Does Not Match ITR
GST Returns Turnover
Short answer: Do not guess and do not ignore the gap. Start from the GST returns turnover, adjust…
Does a Bank Disburse a Machinery Loan Directly to the Supplier or to the Borrower?
Machinery Loan
Short Answer In most cases, a bank disburses a machinery term loan directly to the supplier, not to…
Can Electrical Fitting and Civil Work Be Included in the Machinery Project Cost?
Civil Work
Quick Answer Yes, in many cases. Electrical fittings and civil work that are directly needed to install and…
What Happens If the Machinery Supplier Changes Before Loan Disbursement?
Supplier Changes
Quick Answer If you change the machinery supplier before disbursement, the bank will normally pause the release of…