Chartered Accountant • Politics • Media hypocrisy • Sports • GST • Income Tax • Sharp takes backed by facts, not feelings • IPO
Joined November 2020
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Relief for freelancers with respect to EDF 🎯
RBI : individuals serving clients abroad (tutoring, small software) are NOT required to report under the new EDF rules, any amount.
For exporters: "up to 10 lakh rupees per bill, not annually… a self declaration will suffice"
FAQ soon 👇
CA Jeevan Jot Singh retweeted
An Indian earning ₹12 LPA is called successful.
An Indian earning ₹12 lakh from a small business is asked:
Business kitna chalega?
Job kyun nahi karte?
Income stable hai?
Same money. Different respect.
We don't just have a salary obsession in India.
We have a job-title obsession.
Why is a ₹12 LPA salary considered more respectable than ₹12 lakh earned independently?
An Indian earning ₹12 LPA is called successful.
An Indian earning ₹12 lakh from a small business is asked:
Business kitna chalega?
Job kyun nahi karte?
Income stable hai?
Same money. Different respect.
We don't just have a salary obsession in India.
We have a job-title obsession.
Why is a ₹12 LPA salary considered more respectable than ₹12 lakh earned independently?
Me explaining to a random uncle ki Modi Govt itni bhi buri nahi hai, previous government se compare karo toh
Uncle:
🚨 GST Update | Cancelled Flight Tickets
Can an airline claim a GST refund on a cancelled ticket?
A report published today says GSTAT has allowed airlines to claim a refund of GST paid on cancelled air tickets, subject to an important condition:
The airline must have refunded BOTH:
The ticket fare
The GST collected from the passenger
Proper documentation of the refunds is crucial.
The takeaway for businesses: A cancelled transaction doesn't automatically mean the tax is refundable. The actual refund to the customer and supporting records matter.
CA Jeevan Jot Singh retweeted
Bhai is post ke baad saare apni income DM mein bhej ke keh rahe hain, “Bhai tax calculate krke do” 😭😭
Sab Freebies ke against the kuch din pehle 😭🫡
Breakdown
1️⃣ Salaried: ₹12.76L salary
Taxable income = ₹12,01,000
Slab tax = ₹60,150
Marginal relief reduces tax to ₹1,000
4% cess = ₹1,040
2️⃣ Non-salary income: ₹12.76L taxable income
Slab tax = ₹71,400
Income above ₹12L = ₹76,000
Tax is already lower than the excess income, so no marginal relief applies.
4% cess = ₹74,256
3️⃣ Where does marginal relief stop?
At approximately ₹12,70,588 taxable income, equivalent to ₹13,45,588 in salary after the ₹75,000 standard deduction.
The simple rule earn ₹1,000 above ₹12L taxable income and your tax is capped at ₹1,000 (+ cess), not ₹60,000.
So no, crossing ₹12L doesn’t automatically wipe out your rebate. Marginal relief protects you near the threshold.
Bhai is post ke baad saare apni income DM mein bhej ke keh rahe hain, “Bhai tax calculate krke do” 😭😭
Sab Freebies ke against the kuch din pehle 😭🫡
Breakdown
1️⃣ Salaried: ₹12.76L salary
Taxable income = ₹12,01,000
Slab tax = ₹60,150
Marginal relief reduces tax to ₹1,000
4% cess = ₹1,040
2️⃣ Non-salary income: ₹12.76L taxable income
Slab tax = ₹71,400
Income above ₹12L = ₹76,000
Tax is already lower than the excess income, so no marginal relief applies.
4% cess = ₹74,256
3️⃣ Where does marginal relief stop?
At approximately ₹12,70,588 taxable income, equivalent to ₹13,45,588 in salary after the ₹75,000 standard deduction.
The simple rule earn ₹1,000 above ₹12L taxable income and your tax is capped at ₹1,000 (+ cess), not ₹60,000.
So no, crossing ₹12L doesn’t automatically wipe out your rebate. Marginal relief protects you near the threshold.
🚨 BREAKING: Massive fire breaks out at Shiva Market near Jammu Railway Station.
Several shops have been engulfed in flames, with reports indicating extensive damage to businesses.
Firefighters rushed to the spot as efforts were made to control the blaze.
Praying for everyone’s safety. 🙏
Non CAs explaining tax calculations and marginal relief to CAs wasn’t on my 2026 bingo card. 😭
And the best part? Getting the concept wrong with the confidence of someone who wrote the Income Tax Act.
Breakdown
1️⃣ Salaried: ₹12.76L salary
Taxable income = ₹12,01,000
Slab tax = ₹60,150
Marginal relief reduces tax to ₹1,000
4% cess = ₹1,040
2️⃣ Non-salary income: ₹12.76L taxable income
Slab tax = ₹71,400
Income above ₹12L = ₹76,000
Tax is already lower than the excess income, so no marginal relief applies.
4% cess = ₹74,256
3️⃣ Where does marginal relief stop?
At approximately ₹12,70,588 taxable income, equivalent to ₹13,45,588 in salary after the ₹75,000 standard deduction.
The simple rule earn ₹1,000 above ₹12L taxable income and your tax is capped at ₹1,000 (+ cess), not ₹60,000.
So no, crossing ₹12L doesn’t automatically wipe out your rebate. Marginal relief protects you near the threshold.
🚨 Capital Gains in ITRs May Soon Come Pre-Filled!
Two September notifications could significantly change how capital gains are reported in ITRs for AY 2026-27.
The Income Tax Department is moving towards using transaction data from NSDL, CDSL and RTAs to pre-fill capital gains details.
What could this mean for taxpayers?
Less manual data entry
Automatic application of FIFO for listed securities
Better reporting of holding periods and acquisition costs
Fewer calculation errors — if the underlying data is correct
But here’s the catch Pre filled doesn’t mean correct.
Gifts, off-market transfers, bonus shares, stock splits and grandfathering calculations can still require manual verification.
For CAs and tax professionals, the job isn’t disappearing. It’s shifting from data entry to data validation and reconciliation.
CA Jeevan Jot Singh retweeted
MCA website not working so they uploaded the notification on X instead. 😭
Attention Stakeholders!
The Ministry of Corporate Affairs (MCA) has issued General Circular No. 05/2026 dated 24th October, 2026, providing relaxation of additional fees and extension of time for filing of Financial Statements and Annual Returns for the Financial Year 2025-26 under the Companies Act, 2013.
🗓️ Filing Deadlines:
🔹 Financial Statements: Form AOC-4, AOC-4 (XBRL), AOC-4 (CFS), AOC-4 CFS NBFC (Ind-AS) and AOC-4 NBFC (Ind-AS) - 31st December 2026
🔹 Annual Returns: Form MGT-7 and Form MGT 7A- 31st January 2027
🔗 For detailed information, please refer to the official circular issued by MCA.
#MCA #MinistryOfCorporateAffairs #CompaniesAct2013 #AnnualFiling #AOC4 #MGT7 #MGT7A #FinancialYear2025_26
MCA website not working so they uploaded the notification on X instead. 😭
Attention Stakeholders!
The Ministry of Corporate Affairs (MCA) has issued General Circular No. 05/2026 dated 24th October, 2026, providing relaxation of additional fees and extension of time for filing of Financial Statements and Annual Returns for the Financial Year 2025-26 under the Companies Act, 2013.
🗓️ Filing Deadlines:
🔹 Financial Statements: Form AOC-4, AOC-4 (XBRL), AOC-4 (CFS), AOC-4 CFS NBFC (Ind-AS) and AOC-4 NBFC (Ind-AS) - 31st December 2026
🔹 Annual Returns: Form MGT-7 and Form MGT 7A- 31st January 2027
🔗 For detailed information, please refer to the official circular issued by MCA.
#MCA #MinistryOfCorporateAffairs #CompaniesAct2013 #AnnualFiling #AOC4 #MGT7 #MGT7A #FinancialYear2025_26
🚨 MCA extends ROC filing deadlines for FY 2025-26!
The Ministry of Corporate Affairs has granted additional time to companies to file annual statutory forms without additional fees.
Key extensions:
• AOC-4 and applicable variants: Up to 31 December 2026
• MGT-7 and MGT-7A: Up to 31 January 2027
The extension does not cover AGM timelines. Companies must continue to comply with the applicable statutory requirements.
A welcome relief for companies and professionals handling annual ROC compliances.
🚨 SEBI’s message to India’s trading educators is clear.
Avadhut Sathe Trading Academy has been ordered to:
• Refund ₹546.17 crore
• Pay ₹67.87 crore in interest
• Face ₹11.5 crore in penalties
• Stay out of the securities market for 2 years, subject to the refund-compliance condition
SEBI found that the academy’s activities went beyond financial education into unregistered investment advisory and research services.
The lesson? Calling it “education” doesn’t automatically make it education under SEBI regulations.
The line between teaching markets and giving regulated investment advice matters.
Zerodha has launched US stock investing on Kite.
Here's what Indian investors can access:
Up to 2,000 US-listed companies
Around 1,000 ETFs
Fractional investing starting at just $1
Invest through your existing Zerodha account
Want exposure to companies like Apple, Microsoft, Google and Nvidia? You can now invest in eligible US stocks through Zerodha.
US markets are getting more accessible to Indian investors.
🎓 10 Degrees That Could Be a Waste of Time 🇮🇳
1. B.Com without practical skills
2. MBA from a college with poor placements
3. Basic computer application diplomas
4. General BA without a career plan
5. Mass communication without digital skills
6. Outdated IT courses without hands on projects
7. Generic digital marketing certifications
8. Basic data entry courses
9. Hotel management without industry exposure
10.Degrees pursued without researching job demand
CA Jeevan Jot Singh retweeted
One thing I don't understand about our CA profession and other Professions too is how quickly some people forget that they were beginners once.
A newly qualified CA doesn't know everything about practical work? An article struggles with an audit procedure?
And suddenly, they're being mocked for it.
How much did YOU know when you started?
Nobody enters the profession knowing everything. You learn through exposure, mistakes and experience. That's how expertise is built.
And don't underestimate the new generation.
They're growing up with AI, automation and technology. They may lack your experience today, but many are already learning to work smarter and automate tasks that others still do manually.
Now imagine when they combine those technological skills with years of practical experience.
They won't just catch up. They could outperform you.
Instead of mocking beginners, guide them. You were one of them once.
Being experienced is an achievement. Making beginners feel inferior for being inexperienced is not.
One thing I don't understand about our CA profession and other Professions too is how quickly some people forget that they were beginners once.
A newly qualified CA doesn't know everything about practical work? An article struggles with an audit procedure?
And suddenly, they're being mocked for it.
How much did YOU know when you started?
Nobody enters the profession knowing everything. You learn through exposure, mistakes and experience. That's how expertise is built.
And don't underestimate the new generation.
They're growing up with AI, automation and technology. They may lack your experience today, but many are already learning to work smarter and automate tasks that others still do manually.
Now imagine when they combine those technological skills with years of practical experience.
They won't just catch up. They could outperform you.
Instead of mocking beginners, guide them. You were one of them once.
Being experienced is an achievement. Making beginners feel inferior for being inexperienced is not.
First in my bloodline to see Senior CA ragebaiting CAs and CA students
