Ankit Singhal

🚀 Just launched something BIG for every CA & Tax Professional! CA Prompt Library — 500+ AI Prompts, built specifically for taxation work. No more staring at a blank screen wondering how to prompt AI. Just search, copy & go. 🎯 ✅ 500+ ready-to-use prompts ✅ 27 categories (ITR, GST, TDS, Audit & more) ✅ Search any prompt instantly ✅ Edit prompts to fit your exact need ✅ One-click Copy ✅ Share via WhatsApp / Twitter / LinkedIn / Email ✅ Export to Excel / Word / JSON / Plain Text ✅ Bookmark your favorites This is the toolkit I wish I had when I started using AI in my practice. 💼 👉 Try it free: taxationupdates.com/CA-Prompt-Libr… Built with ❤️ using @claudeai Drop a 🔖 if you're bookmarking this. Tag a CA friend who needs this RIGHT NOW. 👇 #TaxationUpdates #CharteredAccountant #AIforCA #TaxAI #PromptEngineering #GST #IncomeTax #AITools

India Tax Probe Uncovers ₹70,000 Crore Hidden Restaurant Sales India's Income Tax department analyzed data from a major billing software used by over 100,000 restaurants, uncovering at least ₹70,000 crore in suppressed sales through tactics like deleting cash invoices and under-reporting. The probe, using AI and big data on six years of records showing ₹2.43 lakh crore in total billing, flagged patterns across states with Karnataka, Telangana, and Tamil Nadu leading deletions. Officials call it just the beginning, praising the tech-driven approach while skeptics question AI reliability and note common industry practices—no penalties issued yet as liabilities are calculated. This software is used by 10% restaurants, around 27% of sales were potentially the extent of under-reporting. Extrapolating the number, this could be a Rs 700,000 crore under-reporting. This is a much needed move. The 2 crore odd of us who pay income taxes are bearing an inordinately high burden. Widen the tax next and increase compliance, rather than taxing the salaried and compliant on all fronts. There should be deterrent punishment for such tax evaders . @PMOIndia @nsitharaman @narendramodi

@haldiaarpit Online session available sir ?

Do you want to get an insight into online filing of GSTAT Appeal 📢 Session–4- Online Filing of GSTAT Appeal Dear Members and Professionals, As part of the Marwar GST Appellate Tribunal Bar Association’s initiative dedicated to strengthening practice and profession, we are holding a 3‑Day Workshop to enhance professional skills and provide practical insights into GST Tribunal practice. Join this intensive course that takes you from drafting to appearance, legal provisions to practical aspects, and facts to evidence. 📌 Focus – Session- Online Filing of Appeal before GSTAT- Statutory requirements to be kept in Mind while drafting the Appeal| Attachments for filing of Appeal |Key Points For Annexures to be Attached |Certified Copy to the Appeal| Fees to be Paid for filing of Appeal |Pre-requisites and process of preparation of Appeal |Appeal Form |How to file Appeal Online 📌 Six Sessions Include : Principles of Drafting | Tribunal Etiquette & Oral Submissions | Principles of Natural Justice & Evidence | Provisions of GST Appellate Tribunal | GSTAT Appeal Filing | Moot Tribunal (Practical Exercise) ✨ Dates: Saturdays , 28th Feb – 14th Mar 🕙 Time: 10:00 AM – 05:00 PM 📍 Venue: Kwality, Chandra-Chandra Inn, Panch Batti Circle, Jodhpur 💰 Fees : ₹2000 (Members) / ₹4000 (Non-Members) 🎟️ Limited seats : First 50 registrations only Regards, The Marwar GST Appellate Tribunal Bar Association

@NalinisKitchen Income Tax Act clearly says that 50% of Gross Receipts or actually earned profit, whichever is more is considered as Taxable Income in case of specified professional under Section 58 (Erstwhile 44ADA) By showing exactly 50% as profit with no actual expenses leads to tax evasion.

If you are a professional like a doctor, lawyer, consultant, or architect, you can legally pay ZERO tax even on a ₹24 lakh gross income. Income: ₹24 lakh gross receipts. Under Section 44ADA, 50% of gross receipts is treated as profit. So Taxable income is ₹12 lakh. Under the new tax regime, income up to ₹12 lakh has zero tax. Total tax: ₹0.

@PratibhaGoyal In the New Income Tax Act, Section 58(Erstwhile 44AD) is mandatory, means showing profit less than the specified % will attract tax audit in Section 63.

As per my understanding, as per New Income Tax Act 2025, Tax Audit will be appliable if you show profit of less than 6%/8% even if: - You never opted for 44AD - You are maintaining your Books of accounts. Whats your Opinion?

@akhilpachori Not on mca website

Finally, MCA Annual Filing Extension till 31/12/2025 That’s how you acknowledge the portal readiness and extend within time. #MCA

Can Section 73 be invoked for the purpose of recovery of Late Fees for delayed filing of Annual Return or GSTR-1 It’s very common these days wherein notices are normally being issued for recovery of Late Fees under Section 73 for Annual Return or GSTR-1. The question is can action under Section 73 be taken for recovery of Late Fees. Section 73 provides for recovery of tax, interest and penalty thereon and there is no mention of Late Fees. Thus, Section 73 which provides for determination and recovery of tax, interest and penalty does not include within its ambit late fees and had the intent of the legislature been to do so, they could have very well provided the same in the legislature. Not only that, additionally, if we go through circular No. 238/32/2024-GST Dated 15th October 2024 solely to understand the perspective of the government and why they did not allow late fees to be covered under amnesty scheme (without going into legality of the circular for the purpose of Section 128A) and refer to Question No. 12 at Point 4 which provides as under Question-Whether Section 128A will cover waiver of penalties under other provisions, late fee, redemption fine etc? Answer-It is clarified that any penalty, including penalties under section 73, section 122, section 125 etc, demanded under the demand notice/ statement/ order issued under section 73, is covered under the waiver provided under Section 128A. However, late fee, redemption fine etc are not covered under the waiver provided under Section 128A. Reading between the lines, in my opinion, answer to the question raised by this article is also covered under the given question. If we give a thought that why as per the circular, late fee was not covered under Amnesty Scheme. It appears that the circular is based upon the understanding that similar to redemption fine which is not recoverable under Section 73, late fees also cannot be recovered under Section 73 as it is covered by Section 47. Therefore, provisions of Section 128A are not applicable for waiver of late fees since it was only for orders passed under Section 73 and late fees cannot be recovered under Section 73. Thus, this is a sort of admission only that provisions of Section 73 cannot be used for recovery of late fees. Thus concluding, Section 73 and using the background of the clarification issued for making argument, it can be very well argued that no recovery of late fees can be made under Section 73 as it only provides for recovery of tax, interest and penalty.

Is extending tax audit due date till 30-11-25 really too big for MOF ? #TaxAuditExtension @PMOIndia @narendramodi @rashtrapatibhvn @nsitharaman @nsitharamanoffc @PiyushGoyal @PiyushGoyalOffc @raghav_chadha @RahulGandhi @CNBCTV18Live @ndtc @ZeeNews @aajtak @TOIIndiaNews

Is extending tax audit due date till 30-11-25 really too big for MOF ? #TaxAuditExtension #TaxAudit @PMOIndia @narendramodi @rashtrapatibhvn @nsitharaman @nsitharamanoffc @PiyushGoyal @PiyushGoyalOffc @raghav_chadha @RahulGandhi @CNBCTV18Live @ndtc @ZeeNews @aajtak @TOIIndiaNews

PM Sir, we only demand a fair extension of Tax Audit due date — not for our comfort, but for MSMEs, for clients, and for the economy. A proper audit in proper time ensures proper compliance. Please intervene. #Extend_DueDatesImmediately @nsitharaman @FinMinIndia @PMOIndia

Today u have lost 5 votes and i assure you i will never vote BJP in my entire life. The way you have made life miserable is beyond imagination. My daughter not well but still i have to work because of your faulty portal, arrogance and non extension. I don’t know if my vote will have any impact on your result or not. Will pray that u never come back to power again who has such a big ego and you also come across such situation in your life where u need to choose between your family and profession and you really feel helpless like me. @narendramodi @PMOIndia @FinMinIndia @nsitharaman @IncomeTaxIndia @theicai

On a Sunday, a CA is forced to work—and even the basic OTP isn’t working. So many glitches on the portal, frustration is at its peak. #TaxAudit #Extend_DueDates” @nsitharaman @FinMinIndia @PMOIndia @nsitharamanoffc @theicai @raghav_chadha @CJSNanda @RajeshSharmaBJP

Is extending due date till 30-11-25 really too big for CBDT? #ExtendDueDate #taxauditextension @nsitharaman @RajeshSharmaBJP @PMOIndia @IncomeTaxIndia @FinMinIndia @theicai @ZeeNews @cbdt @CJSNanda @raghav_chadha @ndtv

The @IncomeTaxIndia department should issue notification for Tax Audit Extension Today or max by tomorrow ICAI should push Tax authorities to revert on their representation in a day it two Lakhs of CAs and Stakeholders are waiting! @nsitharamanoffc RT if agree

Dear Future CAs, I won't recommend you to go into practice now. This ITR season has proved that this fascist Government doesn't respects you and your profession! Regards, A Practicing Chartered Accountant

Forms late. Utilities late. Portal unstable. But penalties? Always on time. Need 1000 RTs to make our voices heard in tone deaf ears of @IncomeTaxIndia #extend_due_dates_immediately #Extend_Due_Date_Immediately #ExtendAuditDueDate #Extension_हक़_है_भीख_नहीं #Extend_Due_Dates_Today

When developer need more time for developing ITR utilities -extensions are granted readily! But when professionals request extension of ITR & Tax Audit dates due to delayed utilities, portal glitches & even floods — no heed is given!! Please avoid this dual behavior @IncomeTaxIndia @FinMinIndia 📢 Please extend ITR & TAR due dates! #ExtendDueDate #Extend_Due_Date_Immediately #extend_ITR_TAR_duedates #Extend_due_date_now

“If you want an extension of ITR and Tax Audit due dates, please like, repost, and share your comments on this tweet. – Sudhir Halakhandi

C. Cess is merely merged with existing #GST It would be prudent to allow cess balance in ECr.L to be transitioned into GST2.0. Not allowing such transition would be unjustified. Necessary provisions must be carved out #OneNationOneTax @PMOIndia @nsitharaman @FinMinIndia

@ICICIBank_Care No call received from icici team.

@ankits205 Hi, we are here to help you. Kindly DM us your contact details by clicking on the link below. Our official will get in touch with you at the earliest to assist further. Regards, Team ICICI Bank twitter.com/messages/compo…

Want to Transfer PPF Account from ICICI Bank to other Bank, but no one is guiding. Tried calling customer care and even visited the branch. Kindly help. @ICICIBank_Care @ICICIBank @RBI