CA Updates

Chartered Accountants Final Examination to be held twice a year from May 2026 Examination onwards

Looking for Stock Audit Assignment – Gurgaon

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CA RESULT OUT

Budget 2026 Highlights: Key Takeaways for Taxpayers

New Income Tax Act 2025: It's coming into effect on April 1, 2026, aiming to simplify tax laws and reduce litigation for all taxpayers.

Important Dates:
- New Due Dates for filing of Income Tax Returns:
- ITR 1 & 2: July 31
- Non-audit business & trust: August 31

Tax Reliefs & Proposals:
- Tax holiday until 2047 for foreign companies providing cloud services globally using data centre services from India.
- MAT exemption to non-residents who pay tax under presumptive schemes.
- Increase in STT rates on Futures & Options.

Compliance & Returns:
- Forms under the new Income Tax Act will be released soon.
- One-time, six-month scheme for small taxpayers (including students and NRIs) to disclose foreign assets with immunity.
- Safe harbour application validity extended to 5 years.
- Deadline to revise tax returns extended to March 31st with a nominal fee.

Other Key Points:
- Tax holiday for foreign entities providing cloud services.
- Rationalisation of the definition of “accountant” for safe harbour rules.
- Increase in duty-free goods limit for specified inputs, leather, synthetic footwear.

These are some of the key highlights from the budget speech.

MAT is proposed to be made final tax .. concept of MAT CR to be done away with from 2026

B/f mat credit to be allowed to be s/off

The Securities Transaction Tax on futures is proposed to be raised from 0.02% to 0.05%. STT on option premiums will increase from 0.10% to 0.15%, and STT on option exercise will be raised from 0.125% to 0.15%.

The deadline to revise tax returns is being extended from December 31st to March 31st upon payment of a nominal fee, etc. This gives taxpayers more time to correct errors and ensure accurate filings.

📊 Definition of “Small Company” – Present vs. Revised

✅ Present Definition (till 30 Nov 2025)
As per Section 2(85) of the Companies Act, 2013 read with Rule 2 of the Companies (Specification of Definition Details) Rules, 2014 (last amended in Sept 2022):

*Paid‑up Capital* : Not exceeding ₹4 crore
*Turnover* : Not exceeding ₹40 crore

🔔 *Revised Definition (effective 1 Dec 2025, via MCA Notification G.S.R. 880(E))*

*Paid‑up Capital* : Not exceeding ₹10 crore
*Turnover* : Not exceeding ₹100 crore

📌 Impact
* Expands coverage of “Small Company” classification.
* More private companies will qualify for simplified compliance, lower penalties, and ease of doing business benefits.

Income Tax Return Form of ITR-2 is enabled to file through Online mode with prefilled data at the portal

ICAI announces CA results date

*India’s Biggest CA Students' National Conference is Here* 🇮🇳
🎓 *RRR RETURNS – Reskill | Resolve | Rejoice*
Proudly hosted by *ICAI – EIRC & EICASA*

📅 *Dates:* 28th & 29th June
📍 *Venue:* Biswa Bangla Convention Center, Kolkata
⏰ *Time:* 9:00 AM Onwards
💸 *Fees:* ₹500 only (Includes 2-day buffet lunch, premium laptop bag & exclusive goodies!)

🔗 *Register Now: https://eirc-icai.org/event/national-conference-of-ca-students-2025*
🔥 *Why You Can’t Miss This:*
● Iconic speakers & power-packed sessions
●4000+ CA students from across the nation
●Career insights, live interactions & epic experiences
● Swag that screams CA Pride!

🎟 *Seats are disappearing Fast Register Now!*
*one day, we’ll proudly say:*
*“I was there when RRR 2025 made history”* ❤️‍🔥

*🆕 NEW ADDITIONAL DISCLOSURES FOR CLAIMING DEDUCTIONS*
*_(Old Regime) – AY 2025-26_*

*🏠 HRA: House Rent Allowance*

Must report:
• Place of Work
• Basic Salary
• Actual HRA Received
• Rent Paid

*📅 Section 80C – Investments*

Mandatory to mention:
• Policy Number or
• Document Identification Number (for eligible investments)

*🛡️ Section 80D – Medical Insurance*

Must disclose:
• Name of Insurance Company
• Policy Number

*🎓 Section 80E – Education Loan*

Must report:
• Bank Name
• Loan A/C Number
• Sanction Date
• Loan Amount
• Outstanding Balance

*🏠🚘 Section 80EE – Home Loan (First-Time Buyers)*

Must report:
• Bank Name
• Loan A/C Number
• Sanction Date
• Loan Amount
• Outstanding Balance

*⚡🚗 Section 80EEB – EV Loan*

Must disclose:
• Bank Name
• Loan Details
• Vehicle Registration Number

*🏥 Section 80DDB – Medical Treatment for Specified Diseases*

Must specify:
• Name of the Specified Disease
(for claiming deduction)

*We need to be cautious before claiming the above deductions*

*MCA UPDATE*

In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching final set of 38 Company Forms [including 13 Annual filing forms, 6 Audit/Cost audit forms] on 14th July 2025 at 12:00 AM. Click here to view list of all the 38 forms.

To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:
(1) Company e-Filings on V2 portal will be disabled from 18th June 2025 12:00 AM. Thus, all the stakeholders are advised to ensure that no SRNs are under pending payment/Resubmission status.
(2) Offline payments in V2 using Pay later option will be stopped from 08th June 2025 12:00 AM. Therefore, you are requested to make payments for these forms in V2 through online mode only. (Credit/Debit Card and Net Banking)
(3) In view of the upcoming launch, V3 portal will not be available from 09th July 2025 12:00 AM to 13th July 2025 11:59 PM. Accordingly, stakeholders are advised to plan and file/resubmit current V3 forms before 09th July 2025 as there will be no waiver of fees or extension of resubmission period, if the due date/resubmission date fall within the mentioned downtime period i.e. 09th July 2025 12:00 AM to 13th July 2025 11:59 PM.
(4) Stakeholders are advised to create user ID/upgrade existing V2 ID/Merge V2 ID in V3 system under "Business user" category and associate the DSC if not already done. (5) Stakeholders are requested to check the SRNs that are currently pending with status "Pending for upload of Investor details", "Pending for Subsidiary Details" and upload the details by using services available on MCA portal ["Upload details of Security Holders/Depositors" and "Update Subsidiary Details"] by 17th June 2025, failing which SRN will be marked under "NTBR" status.