A Chartered Accountancy firm based in Kolkata, in continuous practice since 1998. Audit, taxation, and corporate compliance services for companies, professionals, and family enterprises.
Practice Areas
An outline of the professional services provided by the firm. Detailed information is available on enquiry.
Filing of income tax returns for individuals, firms, LLPs, companies, and trusts. Tax planning and representation before income tax authorities.
Statutory audits, tax audits, internal audits, stock audits, and other assurance engagements undertaken in accordance with the Standards on Auditing issued by ICAI.
Registration, return filing, reconciliation, and advisory on indirect taxation. Representation before GST authorities.
Incorporation, annual filings, and secretarial compliance for companies and limited liability partnerships.
Computation, deposit, return filing, and reconciliation of tax deducted and collected at source.
Project reports, business valuation, financial structuring, and management advisory for businesses and start-ups.
Educational Tools
Indicative computations under current law (FY 2025-26 / AY 2026-27). These tools do not constitute professional advice and individual circumstances may vary. For precise computation, please consult the firm.
Old Regime
—
Lower tax
New Regime (default)
—
Lower tax
Breakdown — better regime
Computation for a resident individual under the Income-tax Act, 2025 (FY 2025-26 / AY 2026-27). Old-Regime basic exemption follows the age category selected (₹2.5L / ₹3L / ₹5L for below-60 / 60–79 / 80+). Capital-gains rates and the ₹1,25,000 exemption under Section 112A reflect the position for transfers on or after 23 July 2024. The optional 20% with-indexation election for pre-23-Jul-2024 land or building is applied to the amount entered in that field; the per-property choice between the two treatments must be made externally. Surcharge on capital gains taxed at special rates (Sec 111A, 112A, 112) is capped at 15%. Rebate under Section 157 (new) / 87A (old) does not apply to tax computed at special rates on capital gains. Agricultural-income aggregation and surcharge marginal relief at the ₹50L / 1Cr / 2Cr / 5Cr thresholds are not modelled. Results are indicative — please consult the firm for a precise computation.
Statutory Calendar
General due dates prescribed under the Income-tax Act and the GST law. These are standing statutory timelines, not specific advice — dates are periodically extended by government notification, so always confirm the current position on the official portal before relying on them.
Payable in cumulative instalments by every assessee whose estimated tax liability for the year exceeds ₹10,000.
Assessees under the presumptive scheme pay 100% in a single instalment by 15 March.
Standard timelines for regular taxpayers filing monthly returns.
*Taxpayers under the QRMP scheme, and those in certain states, follow a staggered 22nd/24th schedule — confirm your category on the GST portal.
Timelines for depositing tax deducted at source and filing quarterly TDS returns.
From the Statute Book
Selected recent notifications, circulars, and case-law developments relevant to income-tax, GST, and corporate compliance. Every entry cites the official source; readers should consult the original notification for authoritative wording.
Source: Manual Entry →
Key Details of the Extension
Previous Deadline: August 31, 2026
New Deadline: September 15, 2026
Original Deadline: July 15, 2026
Terms and Conditions: All existing rules, fee relaxations, and benefits of the scheme remain completely unchanged.
Source: Ministry of Corporate Affairs →
Source: CBDT / Income Tax Department →
CBDT’s FAST-DS 2026 provides a one-time opportunity to eligible taxpayers to disclose certain undisclosed foreign income or assets, or foreign assets missed in Schedule FA, subject to specified limits, payment and conditions.
Source: Income Tax Department →
The Ministry of Corporate Affairs (MCA), vide General Circular No. 03/2026 dated 8th July 2026, has extended the validity of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) from 15th July 2026 to 31st August 2026.
The extension has been granted in view of the ongoing capacity enhancement and restoration activities at the MCA data centre following the fire incident that occurred on 5th June 2026.
Companies that have pending ROC filings should utilise this extended window and complete all pending compliances well before 31st August 2026. Waiting until the last few days may lead to system congestion or other avoidable issues.
Source: Ministry of Corporate Affairs →
Source: Manual Entry →
Source: Manual Entry →
Source: Manual Entry →
Source: Official source →
Source: PIB — Ministry of Finance →
Source: PIB — Ministry of Finance →
Source: PIB — Ministry of Finance →
No notifications match that search. Try clearing the filters or the search box.
Official sources: Income Tax Department · GST Portal · CBIC · Ministry of Corporate Affairs
From the Firm
Considered writing by the firm on questions in income-tax, GST, corporate law, and audit. Articles are general in nature and do not constitute professional advice on any particular matter.
Clients usually come to professionals looking for solutions. But sometimes, the most valuable solution is a simple “No.” Not because it cannot be done — but because it should not be done.
Saving tax is good financial management; strangling your enterprise just to show zero taxable profit is bad business strategy. Lessons from 28 years of advising growing businesses.
Last night, the Moon disappeared partly into Earth's shadow. In professional life, things disappear into shadows too — but unlike an eclipse, they don't always come back into view on their own.
Articleship teaches you the precision of the law, but decades of practice teach you human psychology. Why technical correctness is only half the battle for a Chartered Accountant.
A Rakhi is a small thread. A CA’s signature can be just a few lines. But behind both lies something much bigger: trust, responsibility and the promise to protect what matters.
Waiting until year-end to review your company’s financials leads to costly surprises. Here are five critical mid-year financial checks to optimize cash flow, manage tax liabilities, and stay fully compliant.
When you pay a Chartered Accountant, you aren’t paying for 15 minutes of typing data into an Excel sheet or portal. You are paying for years of sleepless exam nights, navigating shifting tax laws, and the peace of mind that keeps department notices away from your doorstep.
Tax saving should not be the reason for making an investment. A good financial decision should make sense even without the tax benefit. Learn why tax planning is about making smarter financial decisions—not simply paying less tax.
A healthy bank balance does not necessarily mean you are wealthy. True financial strength depends on how your money is invested, your liabilities, your financial security and the choices your money gives you.
We often measure our workday by how busy we were. But a calendar full of meetings, WhatsApp messages and pending tasks doesn't necessarily mean we moved forward. Sometimes, being busy is simply a very sophisticated way of avoiding the important work.
A salary hike should improve more than just your lifestyle. Learn how lifestyle inflation can quietly consume your increased income and why every raise should also give your savings and investments a promotion.
We usually think of financial liabilities as home loans, car loans, or credit card debt. But sometimes the biggest liability isn't something you owe a bank—it is a lifestyle you can no longer afford to maintain.
FAST-DS 2026 provides eligible taxpayers a one-time opportunity to disclose certain undisclosed foreign assets, foreign income, or foreign assets omitted from the relevant ITR schedule. The scheme comes into force on 16 August 2026 and closes on 31 December 2026.
We celebrate political freedom every year, but there is another kind of freedom worth pursuing — financial independence. It is not about becoming rich; it is about having enough control over your money that money doesn't control your choices.
Most taxpayers keep their current year's tax documents and forget about them once the return is filed. But some records can become extremely important years later—especially when selling property, responding to a tax query, or explaining an old transaction.
Filed and verified your Income Tax Return but still waiting for it to be processed? Don't panic. There can be several reasons for the delay, from data verification and tax-credit mismatches to refund-related checks. Here's what taxpayers should know and what they can do.
Everyone wants financial success, but very few appreciate how it is actually built. The truth is that wealth is rarely created through exciting shortcuts. It is the result of simple, disciplined habits repeated consistently over time.
One of the most common and most consequential misunderstandings in personal finance is the belief that naming a nominee decides who inherits an asset. It does not. A nominee receives; an heir owns. This article explains the difference, what the Supreme Court has settled on the question, and why both a nomination and a Will are necessary.
A refund feels like a windfall. It is not. It is your own money, returned after sitting with the government for a year without earning anything. This article looks at why refunds become large, what that costs in real terms, and the small administrative habits that keep the estimate closer to accurate.
In nearly three decades of practice, one pattern repeats every year — costly financial mistakes are almost never complicated. They are nominee fields left blank, documents nobody could find, and small tasks postponed because they never felt urgent. This article looks at three habits that prevent most of them.
Couldn't file your Income Tax Return by 31st July? Don't panic—but don't ignore it either. Missing the due date may lead to a late filing fee, interest on unpaid taxes, delayed refunds, and the loss of certain tax benefits.
An emergency fund is the foundation of personal finance — before any investment. Here is how much you actually need (3, 6 or 12 months?), where to keep it in India in 2026, and what to avoid.
LLP, Private Limited Company or a simple Partnership? Compare liability, tax and compliance for each — and see which structure fits your business, with the latest 2025 rules.
The deadline to file your ITR for FY 2025-26 (AY 2026-27) is 31 July 2026. Missing it means a late fee, interest on unpaid tax and — the part most people don't realise — permanent loss of the right to carry forward certain losses. Here's what's at stake.
The Income-tax Act 2025 applies from 1 April 2026, but your FY 2025-26 ITR (due 31 July 2026) is still under the 1961 Act. Here's which Act — and which section numbers — apply, explained simply
Every family discusses vacations, education, and future plans. But very few discuss what would happen if the person managing the family's finances were suddenly unavailable. That one conversation could save your loved ones from confusion, stress, and financial hardship.
Missing the Income Tax Return (ITR) due date doesn't always mean you can't file your return. However, it can lead to additional costs, loss of certain benefits, and unnecessary complications. Here's what every taxpayer should know.
Most people blame their salary for their financial struggles. In reality, it's often the small daily habits—not the monthly income—that determine whether we build wealth or live from paycheck to paycheck.
Procrastination rarely feels expensive in the moment. But over time, every postponed decision carries a hidden cost—missed opportunities, unnecessary stress, and regrets that could have been avoided.
Many taxpayers wonder whether the Income Tax Department has access to their bank transactions. The answer isn't as simple as "yes" or "no." Here's how financial information is reported and why maintaining transparency is important.
Receiving an Income Tax notice does not necessarily mean you have done something wrong. In many cases, notices are issued for verification, clarification, or information matching as part of the Income Tax Department's routine compliance process.
If you've received a notice stating that your Income Tax refund has been adjusted under Section 245, don't panic. It doesn't necessarily mean you've done anything wrong. It usually means the Income Tax Department has adjusted your refund against an outstanding tax demand from an earlier year.
Tax planning and tax saving are often used interchangeably, but they are not the same. While tax saving focuses on reducing your tax liability, tax planning is a year-round strategy to manage your finances efficiently and legally.
Filing your Income Tax Return is only the beginning. Once your return is verified, the Income Tax Department processes it to validate the information, compute your tax liability, and determine whether any refund or additional tax is payable.
A nominee may seem like a small detail while opening a bank account or making an investment, but overlooking it can create significant delays and stress for your family when they need financial support the most.
Sometimes, it's not the tax calculation that causes a problem—it's a small oversight. A simple mistake during the ITR filing process can delay or even jeopardize a substantial tax refund.
Filing your Income Tax Return is only half the job. Unless your ITR is verified within the prescribed time, it may not be treated as a validly filed return, leading to delays in processing and refunds.
Most people don't lose their wealth in one big financial mistake. It slowly slips away through small, unnoticed habits that quietly drain their money month after month.
We spend years building our wealth, but very few of us organise it. A simple financial file can save your family from confusion, delays, and unnecessary stress when they need it the most.
Financial security is not just about earning and investing—it is also about being prepared. A well-organised financial file ensures your family can access important information quickly during emergencies, avoiding unnecessary stress and confusion.
Filing your Income Tax Return (ITR) on time is not just about avoiding penalties. Timely filing protects your financial credibility, ensures faster refunds, enables loss carry-forward, and keeps you compliant with tax laws.
Financial success is not determined by intelligence alone. Even highly educated and successful individuals make poor financial decisions when emotions, biases, and overconfidence outweigh logic.
Building wealth isn't about earning the highest salary—it's about making smart financial decisions consistently. With the right habits, even an average income can create long-term financial security.
Delaying financial decisions can be more expensive than making an imperfect decision. Learn why timely action is essential for long-term financial success.
A high income does not always lead to financial security. The real measure of financial health is not how much you earn, but how effectively you manage your cash flow.
Financial success is not determined solely by knowledge or intelligence. More often, it is shaped by our emotions, habits, and the decisions we make when faced with uncertainty.
Delaying financial decisions can be more expensive than making an imperfect decision. Learn why timely action is essential for long-term financial success.
Selling an inherited property? While receiving the property is tax-free, selling it triggers a significant tax liability. Learn how to calculate the "cost of acquisition" for a decades-old property, utilize indexation benefits 2026 to lower your profit margins, and legally wipe out your tax bill using the Section 82 (formerly Section 54) tax exemption.
Finding an AIS and 26AS mismatch while filing your tax return can be stressful, especially if the portal shows income you never earned. This step-by-step guide explains why these Annual Information Statement errors happen—like duplicate bank entries—and shows you exactly how to correct your AIS online before the July 31 deadline to avoid tax notices.
The DPDP Act 2023 has made client data protection a strict legal mandate for Chartered Accountants, with massive fines for non-compliance. Discover how to secure your CA practice, update your client agreements, and avoid the hidden privacy traps of using free AI tools.
Earning ₹15 Lakhs a year? You might be paying more tax than you need to! This guide breaks down the math to show you how a smart salary structure—utilizing HRA, NPS, and Health Insurance—can drastically lower your tax burden. See a side-by-side comparison of the Old vs. New Tax Regime for 2026.
Yes, you can claim both House Rent Allowance (HRA) and Home Loan tax benefits simultaneously! However, the Income Tax Department requires specific conditions to be met, such as your owned property being in a different city or under construction. Read on to understand the rules and documentation required to legally double your tax savings.
Can a business issue a tax invoice to its supplier instead of returning goods through a Goods Return (GR)? The answer is yes—but only in the right circumstances. While both methods are legally possible, each has distinct GST, accounting, and commercial implications.
It effectively shields charitable institutions from losing their vital tax-exempt status over missed deadlines, ensuring future approvals are evaluated on their compliance merits rather than technicalities
Under the New Tax Regime, an employer’s contribution to your NPS account of up to 14% of your Basic Salary remains a powerful, tax-exempt benefit. By restructuring your CTC to leverage this "hidden" deduction, you can significantly lower your taxable income and build a substantial, tax-efficient retirement corpus. It’s an essential strategy for high-earning professionals looking to maximize their
Under the New Tax Regime, familiar deductions like Section 123 (formerly 80C) are not available, leading many to believe they are no longer relevant. However, for taxpayers with significant investments, health insurance, and home loans, the Old Regime can still mathematically outperform the new default, saving you thousands in taxes each year.
The transition from the Income-tax Act, 1961 to the Income-tax Act, 2025 brings a massive structural overhaul, shrinking over 800 sections down to 536. While the core tax benefits and rules remain largely intact, familiar section numbers governing TDS, capital gains, and scrutiny assessments have been completely relocated.
Learn what "Virtual Digital Spaces" means under the Income Tax Act, how it impacts search and seizure proceedings, and what taxpayers and businesses should do to stay compliant.
This is a common area where businesses often miss out on significant tax savings or, conversely, invite unnecessary scrutiny
This blog post provides a simplified, clear overview of the major shifts in the Indian tax landscape as of 2026.
Investing is only half the battle; the other half is understanding the tax implications of your profits. When you sell shares or mutual funds at a profit, the gain you realize is known as Capital Gains. If you are planning your taxes for the Financial Year 2026-27, this guide will help you understand how to calculate these gains accurately.
Did you know that you can receive gifts worth lakhs—or even crores—from certain relatives without paying any income tax? The Income Tax Act provides a special exemption for gifts received from specified relatives. Knowing who qualifies as a "relative" can help you avoid unnecessary taxes and plan your finances better.
The Income Tax Department doesn't expect perfection. It expects honesty, consistency, and proper documentation.
If you are a freelancer, consultant, or small business owner, the Income Tax Act, 2025—which came into effect on April 1, 2026—continues to offer a simplified tax regime. This regime is designed to spare you from the tedious process of maintaining elaborate books of account and mandatory audits.
Avoid common Income Tax Return filing mistakes that may lead to notices, delayed refunds, or penalties. Learn how to file your ITR accurately with this practical guide.
Confused about which ITR form to file? Learn how to choose the correct Income Tax Return (ITR) form for AY 2026-27 based on your income, business, capital gains, and residential status.
With the Income Tax Department relying increasingly on data analytics, filing an Income Tax Return without reconciling AIS, Form 26AS, and your financial records can result in avoidable notices, mismatches, and compliance issues.
An Income Tax Return is not just a record of last year's income. It is a financial document that can influence your future opportunities.
Trying to save a small professional fee can sometimes become the most expensive financial decision. In taxation, the real cost is often not the advice you pay for—but the mistakes you don't see.
This comprehensive guide outlines the statutory and practical blueprint for transitioning to a minimal-paper financial archive under Indian law. It details exactly which records to preserve, provides a highly functional digital folder layout, and offers actionable strategies to protect families during sudden emergencies.
The new tax rules have doubled the tax-deductible partner remuneration limits, but firms must immediately execute a supplementary deed to legally claim these benefits and avoid heavy disallowance penalties.
The 2026 framework provides substantial relief to salaried employees, particularly those utilizing itemized structures. The table below outlines the key allowance and perquisite changes.
The best time to file your Income Tax Return is neither the first day nor the last day. It is after your financial information has been reconciled—but well before the due date.
Filing an ITR is not about entering numbers into a form. It is about verifying that every income and every tax credit has been correctly reported.
Not paying tax and not filing an Income Tax Return are two different things. Even if your income is below the taxable limit, filing an ITR can open doors to financial opportunities and save you from future hassles.
An income tax notice is not a punishment. In most cases, it is simply a request for clarification. Your response—not the notice itself—determines the outcome.
Every business expense carries a hidden GST discount called Input Tax Credit. If your paperwork is sloppy or your supplier fails to upload the invoice, you lose that credit and end up paying tax twice on the exact same transaction.
TDS is not just a tax deduction mechanism—it is one of the most powerful compliance tools in the Income Tax system. A small mistake in TDS can lead to interest, penalties, and unnecessary litigation
Awareness helps you in saving taxes
No articles match that search. Try clearing the filters or the search box.
About
Rakesh Baid & Company has been in continuous practice in Kolkata since 1998. The firm is a proprietorship, with the proprietor being a Fellow Member of the Institute of Chartered Accountants of India.
The firm's work is governed by the standards and ethics prescribed by ICAI. We undertake audit, taxation, GST, MCA, and advisory engagements for clients across a range of industries.
Proprietor
Fellow Member of the Institute of Chartered Accountants of India. Associate of the Institute of Cost Accountants of India (ACMA). Diploma in Information Systems Audit (DISA) and Diploma in Insurance and Risk Management (DIRM), both post-qualification courses of ICAI.
Connect on LinkedInGet in Touch
For professional enquiries, please use the form below or reach the office directly. Responses are typically sent within one working day.
Please share your requirement. We will revert by email or telephone.
