Vaz & Associates

30/12/2025

Please revise your ITR if you have received any message from Income Tax

25/12/2025

24/12/2025

Let’s face it: tax can be stressful for everyone. 😓

That’s why we created Taxsense. It is a custom AI tool built on Google Gemini, specifically tuned to answer questions about Indian taxes.

From understanding deductions to figuring out GST slabs, Taxsense breaks it down into simple language.

Who is this for? ✅ Students & Beginners ✅ Freelancers & Professionals ✅ Small Business Owners Note: Taxsense is an AI guide for information, not a replacement for a Chartered Accountant.

Try it yourself:

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24/12/2025

GST: From 2017 to 2025 — How India’s Biggest Tax Reform Truly Evolved

When GST was introduced on 1 July 2017, it was hailed as “One Nation, One Tax”. The intent was simplicity, seamless credit, and ease of doing business. Eight years later, GST has undoubtedly matured—but it has also changed its character in important ways.

Let us look at how GST has evolved from 2017 to 2025.

GST in 2017: The Beginning Phase

In its initial years, GST was:
Conceptual and transitional
Trust-based in nature
Lenient on compliance
Open-ended on Input Tax Credit (ITC)

Returns were unstable, rules changed frequently, and businesses were learning the system while running their operations.

GST in 2025: A Mature but Strict System

Today’s GST regime is:
Technology-driven
Data-validated
Compliance-first
Enforcement-oriented

Automation, analytics, e-invoicing, e-way bills, and auto-generated notices now define GST administration.

Key Changes You Should Know

1. Input Tax Credit (ITC)
Then: ITC was broadly available
Now: ITC is allowed only if reflected in GSTR-2B and subject to strict timelines and conditions

2. Returns
Then: GSTR-2 & GSTR-3 were proposed but never implemented
Now: GSTR-1 and GSTR-3B are firmly established and system-validated

3. Interest & Late Fees
Then: Interest on gross tax liability
Now: Interest only on net cash liability, with rationalized late fees

4. Audit & Annual Returns
Then: Mandatory CA/CMA audit (GSTR-9C)
Now: Professional audit removed; self-certification introduced

5. Enforcement
Then: Limited scrutiny
Now: AI-based risk profiling, automated notices, coordinated investigations

The Biggest Shift

GST has moved:

From trust → verification
From manual → automated
From leniency → discipline

Compliance is no longer optional or interpretational—it is system-driven.

What This Means for Businesses

Strong documentation is critical
Vendor compliance directly impacts your ITC
Timely returns are non-negotiable

Professional guidance is now about risk management, not just filing

Final Thought

GST is no longer a “new law”.
It is now a mature tax system with clear expectations—and clear consequences.

Those who adapt, automate, and comply will thrive.
Those who ignore compliance signals will struggle.

22/12/2025

NFRA Circular (Dec 16, 2025)

The National Financial Reporting Authority (NFRA) issued a directive on December 16, 2025, targeting the integrity of audit documentation for Public Interest Entities (PIEs). This circular combats the practice of auditors "sanitizing" evidence by converting dynamic files into static formats before inspection.

The Core Problem
NFRA inspectors found that auditors frequently delayed file submissions, using the time to convert native electronic documents (like Excel models) into flat PDFs. This process strips critical metadata, timestamps, and formulas, effectively erasing the audit trail and obscuring when and how the work was actually performed.

Key Mandates

1. Preserve Native Formats Audit evidence generated electronically must be preserved in its original format. Auditors are prohibited from converting files if doing so results in the loss of evidentiary value (e.g., losing Excel formulas, links, or edit history). When NFRA requisitions files, they must be submitted in this native, dynamic state.

2. Strict 60-Day Lockdown The final audit file must be assembled and archived within 60 days of the Auditor’s Report date. The circular reinforces that "assembling" or modifying documentation after this window violates contemporaneous documentation standards (SA 230).

3. Extended Retention While the standard retention period is 7 years, files must be retained indefinitely if the audit client is subject to any investigation or legal proceeding, until the matter is fully concluded.
Impact

This move shifts regulatory oversight toward digital forensics. Audit firms must abandon "print to PDF" habits for complex workpapers and upgrade IT systems to ensure files are auto-locked at the 60-day mark.

The NFRA is now verifying the metadata behind the numbers to ensure the integrity of the audit timeline.

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13/12/2025

Expert Tax & Legal Support – Right Here on WhatsApp!

Hello! 👋

Do you have a nagging doubt regarding Income Tax, GST, or the Companies Act? You don’t need to book an appointment to get an answer.

How it works:

Ask Away: Send your query right here. Try it Free: Your first 3 questions are 100% FREE.

Everything—from the question to the advice and payment—happens on WhatsApp with 9538416161.

Have a question now? Reply to this message and let’s get it sorted!

17/06/2025

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Established firm of Chartered Accountants providing comprehensive accounting and financial services with over 25 years of industry expertise.

22/01/2025

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21/01/2025

https://www.linkedin.com/feed/update/urn:li:activity:7287286441603198976/

Excel has finally come out with . Below is a simple illustration how work can be monitored using excel. Try it if you need understand anything…