The GSTN Advisory dated 20 May 2026 introduces two significant functional enhancements in the E‑Way Bill (EWB) system aimed at improving data accuracy and strengthening supply chain transparency. While these changes may appear procedural, they carry important implications for compliance, ERP systems, and audit readiness.
NPA classification of Agriculture credit
Query:- if there is machinery loan under Agri Sector so the IRAC norms will be 90 days or agri terms short term or long term crop kindly help
Answer:-An agricultural term loan for machinery (such as a tractor or other implements) is classified as a Non-Performing Asset (NPA) based on crop seasons, rather than the standard 90-day rule
.
Based on the provided sources, here is the detailed breakdown of how these norms apply:
1. Categorization as Farm Credit
Loans for the purchase of agricultural implements and machinery are specifically categorized under Farm Credit (Medium and long-term loans)
. According to regulatory directions, the special NPA norms for agriculture apply specifically to "Farm Credit" extended to agricultural activities
.
2. NPA Classification Triggers
Because these term loans are linked to the agriculturist's ability to pay from harvest proceeds, their classification depends on the duration of the crops grown by the borrower:
Short Duration Crops: The loan is treated as an NPA if the installment of principal or interest remains overdue for two crop seasons
.
Long Duration Crops: The loan is treated as an NPA if the installment of principal or interest remains overdue for one crop season
.
3. Applicability to Term Loans
The sources explicitly state that these crop-season-based NPA norms are applicable to agricultural term loans availed of by agriculturists, depending on the duration of the crops they raise
. This is a recognized departure from standard commercial loans to ensure that repayment schedules are realistically aligned with harvesting and marketing cycles
.
4. Exceptions
Non-Farm Credit: If a loan is given to a farmer but does not qualify as agricultural finance (for example, a personal housing loan), the standard 90-day delinquency norm applies
.
Natural Calamities: If a crop yield is affected by a declared natural calamity, the term loan can be restructured or rescheduled
. In such cases, the asset classification will thereafter be governed by the revised terms of the restructuring
.
CBDT waives interest on demand raised due to disallowance of Sec. 87A rebate on income taxable at special rate
| The Central Board of Direct Taxes (CBDT) has issued a circular to waive off the demand raised upon the taxpayers due to the disallowance of section 87A rebate on the income that is chargeable to tax at a special rate. |
Revision of TDS Return before 31st March 2026
New Income Tax Act 2025 will be applicable from 0st April 2026
The Income Tax Act 1961 stands repealed w.e.f 01.04.2026 by virtue of section 536 of Income Tax Act 2025.
Correction Statement of TDS Returns
Further, as per section 397(3)(f) of Income Tax Act, 2025, deductor/collector may deliver a correction statement in such form and verified in such manner as may be prescribed, to the prescribed authority within two years from the end of the tax year in which such statement is required to be delivered under the said clauses or under section 200 of the Income-tax Act, 1961.
Can we litigate the issues even gst paid during gst audit under section 65 of CGST ACt 2027
A mid-sized company receives an audit notice under Section 65 of the CGST Act. The officers arrive, go through purchase records, ITC claims, and sales invoices. After a few weeks, they point out a potential short-payment of GST worth ₹150 lakhs, citing “ineligible ITC”.The CFO of the compant, worried about escalating matters, makes a payment through Form DRC-03 during the audit itself. The idea is simple – pay now, avoid penalties and extended proceedings.
But here’s where the doubt creeps in:
Does this payment mean the company has accepted the liability forever? Or can it still challenge the issue in future?
Whether the amount of Creditors balance unclaimed/untraceable and written-off/Back by way of crediting P&L Account is taxable under GST
1. Background
In the course of business, it is not uncommon to find outstanding balances in the names of trade creditors that remain unclaimed or where the supplier becomes untraceable. Many entities, after a reasonable period, choose to write off such balances by transferring them to the Profit & Loss Account. While the income-tax implications of such write-offs are well-settled under Section 41(1) of the Income-tax Act, 1961, the question arises—does such a write-off attract GST?
Should you file the income tax return of a deceased person? if yes who should do and how?
Yes, the Income Tax Return (ITR) of a deceased person must be filed, if that person had taxable income up to the date of death.
The Income-tax Act, 1961 clearly requires that legal heirs or representatives take responsibility for filing it. Here’s a structured explanation:
Top 5 Mistakes to Avoid While Filing Your Income Tax Return in AY 2025–26
As the due dates for filing Income Tax Returns (#ITRs) for Assessment Year (AY) 2025–26 approach, taxpayers and professionals alike must ensure that returns are filed accurately, timely, and in compliance with the latest regulatory changes. Despite increased awareness and digitization, several common errors continue to recur each year—some of which may lead to notices, penalties, or delayed refunds.
Here are the top five mistakes to avoid while filing your ITR this year:
What are non-compete fees | is GST applicable to professional fees on Non-Compete agreement
Is there GST on non-compete fees?
Is GST applicable on participation fees?
What are non-compete fees?
Is GST applicable to professional fees on Non-Compete agreement 
Let discuss:-
CA को बैठते समय किस ओर मुख करना चाहिए?
चार्टर्ड अकाउंटेंट (#CA) या कोई भी व्यक्ति जो बौद्धिक कार्य करता है — जैसे अकाउंटिंग, लॉ, टैक्सेशन, फाइनेंस, कंसल्टिंग — उसके लिए उत्तर-पूर्व दिशा (ईशान कोण) का विशेष महत्व है।
क्यों?
Subscribe to:
Posts (Atom)