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Insights, articles and updates from our practice

All (28) GST (9) Income Tax (10) NRI (5) TDS/TCS (3)

Non-GST Credit Notes: When a "Commercial" Credit Note Is the Right Call

By Thunuguntla & Associates 25 Jul 2026 5 min read

Not every credit note you issue can reduce your GST liability — and trying to force one through the wrong route invites notices. Here is when a financial (non-GST) credit note is the correct instrumen...

#Non-GST credit note #Post-sale discount #Commercial credit note

Income Tax

Schedule FA for AY 2026-27: How to Report Your US Stocks, ETFs and Brokerage Accounts Correctly

By Thunuguntla & Associates 04 Jul 2026 5 min read

If you hold shares, ETFs or a brokerage account outside India, Schedule FA in your ITR is not optional — and it does not follow the financial year. Here is exactly how to disclose your foreign holding...

#ITR filing #Schedule FA #Foreign Assets Disclosure

Income Tax

Income Tax Challan Correction: Complete Guide to Fix Wrong AY, Major Head & Minor Head

By Thunuguntla & Associates 01 Jul 2026 5 min read

Paid tax against the wrong Assessment Year or ticked the wrong Minor Head on your challan? You don't always need to run to the Assessing Officer anymore. Here's exactly which corrections you can make...

#Challan Correction #PAN TAN challan error #AO challan rectification

Income Tax

Section 148 Notice: A Complete Response Guide for Taxpayers

By Thunuguntla & Associates 30 Jun 2026 7 min read

Got a notice referencing income that "escaped assessment"? Here's exactly what a Section 148 notice means, the mandatory procedure the department must follow before issuing one, how far back they can...

#Section 148 notice #Reassessment time limit #Notice for escaped income

Income Tax

Capital Gains on Property Sale: What You Actually Owe When You Sell

By Thunuguntla & Associates 25 Jun 2026 6 min read

When you sell property, capital gains tax can eat 20–30% of your profit — unless you structure the sale correctly. This guide breaks down how capital gains are calculated, explains two competing tax r...

#Section 54 exemption #Capital Gains Tax #long-term capital gains

GST

GST Refund Procedure for Export of Goods: The Step-by-Step Process

By Thunuguntla & Associates 19 Jun 2026 5 min read

Getting a GST refund on goods you've exported isn't about eligibility — it's about getting every procedural step right, from the shipping bill to the EGM. Here's the exact process for both refund rout...

#GST refund export of goods #export refund procedure GST #Rule 89 LUT refund

NRI

NRI Selling Property in India: A Complete Guide to TDS, Capital Gains, and Legal Tax Savings

By Thunuguntla & Associates 16 Jun 2026 8 min read

For an NRI selling property in India, tax enters the picture before the buyer pays a single rupee — and the numbers can be shocking if you haven't planned. This guide breaks down TDS obligations, capi...

#NRI property sale India #TDS on NRI property #Form 128 lower TDS certificate

Income Tax

Filing the ITR of a Deceased Person: What the Family Needs to Do

By Thunuguntla & Associates 12 Jun 2026 6 min read

When a taxpayer passes away, their tax obligations don't. The Income Tax Act places the responsibility squarely on the legal heir to file the return, clear dues, and claim any refunds. Here's a clear,...

#ITR for deceased person #legal heir income tax filing #deceased taxpayer ITR filing

GST

GST Show Cause Notice – What Next? A Step-by-Step Guide for Business Owners

By Thunuguntla & Associates 11 Jun 2026 6 min read

A GST Show Cause Notice feels like a crisis. It isn't — if you know what to do next. Here's how to read the notice correctly, respond strategically, and keep penalties to a minimum.

#GST show cause notice #SCN reply #GST compliance

NRI

The Bank Account Every NRI Forgets to Convert — and the FEMA Penalty That Follows

By Thunuguntla & Associates 10 Jun 2026 5 min read

When you move abroad, Indian tax law is usually the first thing on your mind. But the more immediate — and more often missed — obligation under FEMA concerns your savings account back home. Here's wha...

#FEMA compliance for NRI #NRI banking rules India #NRI financial compliance

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