Nikhil Garg

No TCS on Scrap? Decode Section 206C(1A), Form 27C & Section 394 of the Income Tax Act, 2025 In the world of Tax Collected at Source (TCS), businesses often focus on rates and deposits. However, the real compliance opportunity lies in the exemption mechanism under Section 206C(1A) of the Income-tax Act, 1961. For manufacturers and […]

By Corporate Genie – Turning Compliance into Growth India’s food story is not just about flavors — it’s about millions of micro-entrepreneurs working from small units, home kitchens, rural clusters, and family-run businesses. To empower these entrepreneurs and bring them into the formal economy, the Government of India launched the Pradhan Mantri Formalisation of Micro […]

Redefining the Tax Audit Framework – Structural Changes & Professional Impact for CAs The Draft Form No. 26, prescribed under Section 63 of the Income-tax Act, 2025, replaces the existing Forms 3CA/3CB and 3CD. This is not a mere consolidation — it marks a decisive shift from clause-based disclosure reporting to structured, computation-driven, and system-aligned […]

If you’re an NRI planning to sell property in India, Budget 2026 brings a big compliance relief for you and buyers. 👉 What’s changed? Earlier, when a resident buyer purchased property from an NRI, they were required to obtain a TAN just to deduct TDS. This caused delays and confusion. ✅ Budget 2026 fixes this […]

The Finance Bill, 2026 has introduced significant changes to due dates for Income Tax Return (ITR) filing — aimed at improving compliance and easing timelines for taxpayers. 📌 Key Proposed Deadlines (Assessment Year 2026–27): 💠 Original Return Filing * Individuals & HUFs (ITR-1 & ITR-2) — 31 July (unchanged) * Non-Audit Business Cases & Trusts […]

The Union Budget 2026–27, presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman, has introduced significant reforms to the Minimum Alternate Tax (MAT) regime — aimed at simplifying corporate tax compliance and encouraging businesses to migrate to the new tax regime. 🔎 Key MAT Proposals in Budget 2026: • MAT rate reduced to 14% (from existing […]

On 27 January 2026, after nearly two decades of negotiations, India and the European Union (EU) finalized a landmark Free Trade Agreement (FTA) — a deal that has been widely described as the “mother of all deals.” This historic agreement heralds a new phase in economic cooperation between two of the world’s largest economic blocs, […]

Filing an Income Tax Return (ITR) correctly and within timelines is a statutory duty—but genuine errors, omissions, or missed filings do occur. Recognising this reality, the Income Tax Act provides ITR-U (Updated Return)—a powerful provision that allows taxpayers to voluntarily correct past non-compliance, even after normal deadlines have expired. At Corporate Genie, supported by a […]

A New Era in U.S.-India Trade Relations On August 6, 2025, the United States, under President Donald Trump, reshaped global trade dynamics by hiking tariffs on a broad array of Indian products. This assertive move, raising rates by an additional 25%—and totaling a remarkable 50% for most categories—has thrust a spotlight on the intricate relationship […]

Entrepreneurs — if you’re not reviewing your P&L every month, you’re flying blind. 💰 Revenue is vanity. 🧠 Profit is sanity. 📊 But consistent review? That’s strategy. Every month, I carve out time to go through our Profit & Loss statement. Not because I’m an accountant — but because I’m a founder. And that means […]