Abbasi & Company - Chartered Accountants

05/12/2025

You can make ₹24,00,000 and legally pay ₹0 tax in FY2025–26.

No expense claims. No complicated books.

It works only for professionals (CA, lawyer, consultant, freelancer, architect, etc.) and only if you opt for presumptive taxation.

But do not miss these important details

25/09/2025

19/09/2025

ICAI Announcement

The Council has decided to provide relaxation in the compliance of the Guidance Note on Financial Statements of Non-Corporate Entities and Guidance Note on Financial Statements of LLPs for the annual reporting period 2024-25.

✔️ Application of these Guidance Notes shall be voluntary for this period.
✔️ This relaxation shall not affect the applicability of Accounting Standards, which will continue as per ICAI pronouncements.

15/09/2025

KIND ATTENTION TAXPAYERS!

The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025.

The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY 2025-26 from 15th September, 2025 to 16th September, 2025.

To enable changes in the utilities, the e- filing portal will remain in maintenance mode from 12:00 AM to 02:30AM on 16th September 2025.
Press Release issued:

27/08/2025

File your ITR Before the due date to avoid interest & penalty.

21/07/2025

🚨 Update in ITR Utility – New Nature of Business/Profession Codes

The Income Tax Return utility has introduced new codes under "Nature of Business/Profession" to better capture emerging sectors and activities.

Notable additions include:

📌 09029 – Commission agents - Kachcha Arahitya
📌 16021 – Social Media Influencers
📌 21009 – Speculative Trading
📌 21010 – Futures and Options Trading
📌 21011 – Buying and Selling Shares

✔️ Taxpayers and professionals are advised to choose the correct code while filing their ITR for AY 2025–26 to avoid discrepancies.

01/07/2025

*1st July ,2025*

*सीए दिवस की हार्दिक शुभकामनाएं*
ये दो अक्षर — “CA” — शायद दुनिया के लिए केवल एक उपाधि हों,लेकिन हमारे लिए ये हैं —
“विश्वास के अक्षर”,
प्रतिबद्धता, ईमानदारी और निष्ठा का प्रतीक।
*आप सभी को सीए दिवस की ढेरों शुभकामनाएं*।

CA Zaheen Abbasi
FCA | MBA | CS (Professional) | B Com | DISA | CCCAB | AICA

27/05/2025

Kind Attention Taxpayers!

CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025

This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. This ensures a smoother and more accurate filing experience for everyone. Formal notification will follow.

25/12/2024

GST on Used Cars: What You Need to Know
Car dealers selling pre-owned vehicles must pay 18% GST on the margin value (the difference between the purchase and selling price).

Example:
Purchase Price: ₹3,00,000
Selling Price: ₹3,50,000
Margin Value: ₹50,000
GST Payable (18%): ₹9,000

However:
Private Individuals selling their personal vehicles are exempt from GST.

Quick Recap:
For Car Dealers: GST applies on the margin.
For Individuals: No GST on personal sales.