AVS & Associates

AVS & Associates AVS & Associates
Chartered Accountants • Company Secretaries • Advocates
Legal • Tax • SEBI • Company Law • NGO Advisory
🔷 Expert-led.

Relationship-driven.
📍 Based in Delhi | Serving All India
🌐 www.avsrelation.com
📩 [email protected] |

Major corporate law reforms may be on the horizon! ⚖️🏢The Corporate Laws (Amendment) Bill, 2026 recommendations focus on...
10/08/2026

Major corporate law reforms may be on the horizon! ⚖️🏢

The Corporate Laws (Amendment) Bill, 2026 recommendations focus on simplifying compliance, supporting startups, decriminalising minor offences, strengthening governance, enabling easier mergers and introducing reforms around audits, share buybacks, NFRA & CSR, and the AIF-to-LLP framework.

Businesses and professionals should stay informed and prepare for the evolving corporate regulatory landscape.

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Bombay High Court Clarifies: Short TDS Deduction Does Not Trigger Disallowance u/s 40(a)(ia)The Bombay High Court has re...
04/08/2026

Bombay High Court Clarifies: Short TDS Deduction Does Not Trigger Disallowance u/s 40(a)(ia)

The Bombay High Court has reaffirmed that a mere short deduction of TDS, arising from a difference in the applicable TDS provision, cannot result in disallowance under Section 40(a)(ia). This landmark ruling reinforces the principle that genuine compliance lapses should not attract disproportionate tax consequences, while also providing important clarity on corporate guarantee commission and Section 14A disallowance.

DirectTax CorporateTax TransferPricing Section14A TaxLaw CharteredAccountant TaxProfessionals LegalUpdate Finance TaxCompliance

A Guru is the guiding light who inspires, enlightens and leads us towards the right path.On the auspicious occasion of G...
29/07/2026

A Guru is the guiding light who inspires, enlightens and leads us towards the right path.

On the auspicious occasion of Guru Purnima, AVS & Associates expresses heartfelt gratitude to all our mentors and teachers for their invaluable guidance and wisdom.

Happy Guru Purnima! 🙏

GST compliance starts with knowing when each requirement becomes applicable.From registration and HSN reporting to e-inv...
20/07/2026

GST compliance starts with knowing when each requirement becomes applicable.

From registration and HSN reporting to e-invoicing, e-way bills, annual returns and the composition scheme, turnover thresholds play an important role in determining a taxpayer’s compliance obligations.

However, turnover alone is not always decisive. Applicability may also depend on the nature of supply, State of registration, compulsory-registration provisions, exemptions and the type of transaction. Aggregate turnover is generally calculated on an all-India PAN basis.

The infographic provides a quick reference to some important GST thresholds relevant for FY 2026–27.

Businesses should periodically review their turnover and compliance position to avoid missed registrations, incorrect invoicing and delayed filings.

Stay informed. Stay compliant.

Disclaimer: This infographic is intended for general reference. Actual applicability is subject to the CGST Act, Rules, notifications, exemptions and State-specific provisions.

Income Tax Update: Foreign Assets Information (FAI) Report Now AvailableThe Income Tax Department has introduced the For...
20/07/2026

Income Tax Update: Foreign Assets Information (FAI) Report Now Available

The Income Tax Department has introduced the Foreign Assets Information (FAI) Report on the AIS Compliance Portal, strengthening transparency in the reporting of overseas financial assets.

The report allows taxpayers to securely download a password-protected PDF containing information received from foreign tax jurisdictions for Calendar Year 2022 onwards, including:

✅ Foreign financial account balances
✅ Dividend and interest income
✅ Gross sale proceeds
✅ Other foreign payments and receipts

Taxpayers should carefully reconcile the information appearing in the FAI Report with their Income Tax Returns, particularly the disclosures made under Schedule FA and Schedule FSI.

In case of any incorrect or mismatched information, feedback may be submitted through the Compliance Portal using the Transaction Sequence Number (TSN) mentioned in the report.

Timely verification can help prevent future notices, penalties and compliance issues relating to undisclosed foreign assets or income.

🚗 GST Relief on Staff Cars & Employee Insurance – A Positive Step for BusinessesThe GST Law Committee has proposed a sig...
16/07/2026

🚗 GST Relief on Staff Cars & Employee Insurance – A Positive Step for Businesses

The GST Law Committee has proposed a significant relief by allowing Input Tax Credit (ITC) on select business-related expenses, including:

✅ Staff cars used for official business purposes
✅ Vehicle insurance, repairs, and maintenance
✅ Group health and life insurance for employees

If approved by the GST Council, this proposal could help businesses reduce operational costs, improve tax efficiency, and strengthen employee welfare while enhancing the overall ease of doing business.

Businesses should keep a close watch on the upcoming GST Council decisions and assess how these changes could impact their tax planning and compliance strategies.

Note: This is currently a proposal and will become effective only after approval by the GST Council and the necessary legal amendments.

TaxUpdates CorporateTax EmployeeBenefits StaffCars VehicleInsurance BusinessGrowth EaseOfDoingBusiness Finance Accounting TaxPlanning CA CharteredAccountant BusinessAdvisory IndiaTax GSTCouncil

🔔 Wrong GST Head Payment? Madras High Court Provides Major ReliefA significant ruling by the Madras High Court has reaff...
14/07/2026

🔔 Wrong GST Head Payment? Madras High Court Provides Major Relief

A significant ruling by the Madras High Court has reaffirmed that substance prevails over procedure under the GST law.

In Ayiswarya Polymers v. Assistant Commissioner of GST & Central Excise (25.06.2026), the Court held that where the entire tax liability is paid within the prescribed time, merely depositing the amount under the wrong GST head (IGST instead of CGST/SGST) is a curable procedural lapse and cannot be the sole ground for denying the benefit under Section 128A.

Key Takeaways:
✅ Full tax payment within the prescribed time amounts to substantial compliance.
✅ Wrong tax head payment is a procedural error, not a substantive default.
✅ Taxpayers should be allowed to rectify the head-wise payment.
✅ Relief under Section 128A cannot be denied merely due to an incorrect tax head.

This judgment reinforces the principle that technical mistakes should not defeat substantive justice, especially where there is no loss of revenue to the Government.

This post is for informational purposes only and should not be construed as legal advice.

🌍 Have Foreign Income or Overseas Assets? Stay Compliant with Confidence! 📑Foreign income and overseas asset disclosures...
11/07/2026

🌍 Have Foreign Income or Overseas Assets? Stay Compliant with Confidence! 📑

Foreign income and overseas asset disclosures require careful reporting to ensure full compliance with Income Tax regulations. Avoid errors, penalties, and unnecessary notices by filing your ITR accurately with expert guidance.

At AVS & Associates, we help you navigate complex foreign income and asset reporting with confidence and peace of mind.

📞 Contact us today for professional tax assistance!

TaxCompliance TaxPlanning NRI GlobalIncome IncomeTaxReturn TaxConsultant AVSAssociates TaxExperts FinancialCompliance DelhiCA IncomeTax TaxAdvisory TaxServices Finance StayCompliant

💼 Business Owner? Get Your ITR Filed Professionally!Your business deserves more than just a basic tax return. Ensure acc...
10/07/2026

💼 Business Owner? Get Your ITR Filed Professionally!

Your business deserves more than just a basic tax return. Ensure accurate reporting, proper tax planning, and hassle-free compliance with expert assistance.

At AVS & Associates, we help businesses file their Income Tax Return (AY 2026–27) with precision and professionalism, so you can focus on growing your business.

📞 Contact us today for reliable tax and compliance solutions.

MSME Entrepreneur TaxConsultant TaxPlanning BusinessCompliance IncomeTax BusinessTax Accounting Finance CA TaxAdvisor DelhiBusiness StartupIndia SmallBusiness AVSAndAssociates

Earning rental income? Make sure it is reported correctly in your ITR.Rental income, municipal taxes, standard deduction...
08/07/2026

Earning rental income?
Make sure it is reported correctly in your ITR.
Rental income, municipal taxes, standard deduction, and housing loan interest benefits must be disclosed properly to avoid mistakes and missed deductions.
File your ITR professionally and claim the benefits available under tax laws.

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