CHARTERED ACCOUNTANTS
CHARTERED ACCOUNTANTS
With the Income Tax Act, 2025 now in force, MSMEs must align their tax planning, bookkeeping and compliance with the new provisions. This article outlines the key financial planning areas for Micro, Small and Medium Enterprises for Tax Year 2026-27.
The Income Tax Act, 2025 replaces the Annual Information Statement (AIS) known under the 1961 Act with Form No. 168. From Tax Year 2026-27 onwards, Form 168 is the comprehensive statement of all financial information reported to the Income Tax Department.
With the Income Tax Act, 2025 now in force and the concept of 'Tax Year' replacing the earlier Assessment Year framework, this compliance calendar for Tax Year 2026-27 helps companies and LLPs keep track of critical statutory deadlines.
The Income Tax Act, 2025 has consolidated all TDS provisions from the old Sections 192 to 194T into two consolidated sections — Section 392 and Section 393. This is a critical change for deductors, as using old section codes for transactions from April 1, 2026 onwards will result in return filing errors.
The GST compliance framework in 2026 continues to evolve with stricter ITC matching norms, updated e-invoicing requirements and the GSTR-9 annual return deadline for FY 2025-26. This article summarises the key GST updates that every registered taxpayer must act upon.
The Income Tax Act, 2025 has replaced the 1961 Act with effect from 1 April 2026. This article explains the new concept of 'Tax Year', the applicable income tax slabs under the default regime for Tax Year 2026-27, return filing provisions under Section 263 and what every taxpayer must know for the transition year.