The Income-tax Act, 2025 is here — what actually changes for you
The 1961 Act has been replaced from 1 April 2026. Rates are the same, but the language, the section numbers and some forms are not. Here is what to know.
Read article Chartered Accountants · Ludhiana · Since 1996
Audit, tax and advisory — from partners who sign their own work.
M/s S.P.S. & Co. has served businesses, families and institutions since 1996 — and public sector banks as auditors for over 25 years. Income tax, GST, audit, company law and valuation, handled by one accountable partnership.
0+years in practice
0+years of bank audits
0services offered
014427NICAI firm registration
Upcoming due dates
Standard statutory dates — extensions, when announced, may change them.Services
Twelve practice areas. One accountable partnership.
From a salaried return to a bank's statutory audit — every engagement is reviewed and signed off by a partner.
Audit & Assurance
The core of our practice for three decades — independent audits to ICAI standards, including over 25 years on Public Sector Bank panels.
- Statutory audit
- Bank branch statutory audit
- Stock audit
- Revenue audit
12 servicesExplore
Income Tax
Returns, planning and representation for individuals, professionals and businesses — under the new Income-tax Act, 2025.
- Income tax return — salaried & pensioners
- Income tax return — business & profession
- Income tax return — capital gains
- F&O and trader returns
13 servicesExplore
TDS & TCS
Deduction, deposit, returns and certificates — handled every quarter so defaults never pile up.
- Quarterly TDS & TCS returns
- TDS on property purchase
- TDS on rent by individuals
- TDS on payments to non-residents
7 servicesExplore
GST
Registration to annual return, notices to refunds — GST handled end to end.
- GST registration
- GST return filing
- Annual return — GSTR-9 & 9C
- GST reconciliation
11 servicesExplore
Business Setup
The right structure from day one — and every registration that goes with it.
- Private limited company
- LLP registration
- One Person Company
- Partnership firm & deed
12 servicesExplore
Company Law & ROC
Annual filings, board changes and secretarial records — so your company stays in good standing.
- Annual company compliance
- AOC-4 & MGT-7 filing
- Director KYC
- Director appointment & resignation
8 servicesExplore
Accounting & CFO
Clean books every month, and the reports and planning that turn them into decisions.
- Monthly bookkeeping
- Accounting set-up
- Bank & party reconciliations
- Financial statements
9 servicesExplore
Project Finance & Valuation
Bank-ready projections and defensible valuations — including from a Registered Valuer.
- Project reports & DPR
- CMA data for bank finance
- Working capital assessment
- Financial models
9 servicesExplore
Startups
Structure, compliance and funding-readiness for founders.
- Startup advisory
- 80-IAC tax holiday
- Fundraising model & pitch financials
- Startup valuation
6 servicesExplore
Certificates
CA-certified statements for banks, embassies, tenders and authorities.
- Net worth certificate
- Turnover certificate
- Utilisation certificate
- Solvency certificate
6 servicesExplore
FEMA & Regulatory
Cross-border money, licences and registrations — handled with the paperwork right.
- FEMA & FDI advisory
- Overseas investment (ODI)
- Foreign remittances
- FSSAI registration
6 servicesExplore
Advisory & Agreements
A partner's view on a decision — and the documents that go with it.
- Tax consultation
- Business & tax structuring
- Succession & family business planning
- Partnership & LLP agreements
6 servicesExplore
Our signature practice
Twenty-five years on the audit panels of India's public sector banks.
Bank audits leave no room for loose ends. The same discipline — evidence for every figure, a partner's signature on every report — runs through the work we do for every client, from a startup's first return to a group's statutory audit.
0+years of bank audits
5specialised audit disciplines
1996year founded
Bank statutory audits
Branch audits and long-form audit reports.
Stock audits
Stock, receivables and drawing power verified for lenders.
Revenue & concurrent audits
Income leakage and day-to-day control reviews.
Forensic audits
Fund diversion and fraud investigations with defensible findings.
Registered Valuer
Securities and financial assets — CA Damanveer Singh, IBBI registered.
GST & tax audits
Tax audits, GSTR-9C and GST reconciliations.
0+
Years in practice · Ludhiana
CA S.P.S. AhluwaliaFounder & Senior Partner
CA Damanveer SinghPartner · Registered Valuer — Securities & Financial Assets
ICAI FRN 014427NEst. 1996Model Town, Ludhiana
About the firm
Three decades of principled practice, built one audit at a time.
M/s S.P.S. & Co. Chartered Accountants was founded in 1996 by CA S.P.S. Ahluwalia. What began as an independent practice is now a full-service firm covering audit and assurance, direct and indirect tax, company law, accounting, project finance, valuation and advisory — for businesses and individuals alike.
Our clients range from startups and family businesses to manufacturers, institutions and trusts across IT, textiles, real estate, education and trading — and, for over 25 years, public sector banks.
Independence
Every opinion we sign is our own, exactly as the ICAI's standards require.
Confidentiality
Records, valuations and findings stay private — at every stage.
Evidence for every figure
Working papers and reconciliations back each number before it reaches you.
Deadline discipline
Every client's GST, TDS, ROC and tax dates are tracked in our own system.
Tax tools
Work it out before you ask.
Free calculators updated for tax year 2026-27 and the Income-tax Act, 2025. Private — nothing you type leaves your browser.
Free
Old vs new regime
Your tax both ways, and which saves more.
OpenFree
HRA exemption
How much of your rent allowance is tax-free.
OpenFree
Advance tax
Your June, September, December and March instalments.
OpenFree
Capital gains
Shares, funds, property and gold — with indexation where it applies.
OpenFree
Interest 234A / B / C
Interest for late filing and short advance tax.
OpenFree
Gratuity & leave encashment
What you should get, and what is tax-free.
OpenFree
TDS rate finder
Section, rate and threshold for any payment.
OpenFree
Late TDS interest & fee
Interest and the ₹200-a-day return fee.
OpenHow we work
From first call to final filing, every step is accountable.
01
Understand
Your business, your history and what you need — before any work begins.
02
Review
Books, past filings and open exposures checked, so there are no surprises later.
03
Execute
Audit, computation, valuation or filing — to ICAI and regulatory standards.
04
Partner sign-off
Every assignment is reviewed and signed by a partner. No exceptions.
05
Explain
What it means for you and what comes next — in plain English.
For our clients
Your filings, statement and documents — on your phone.
Every client gets a login to our secure client portal. Your PAN is your login ID.
Filing status
See what has been filed, with acknowledgement numbers, and what is pending.
Your account statement
Invoices, payments and balance with each firm, printable any time.
Documents both ways
Photograph bills and statements straight from your phone; download what we send.
Private by design
Only you see your records. Add it to your home screen like an app.
S.P.S. & Co.
Filings this year14 of 15 filed
GSTR-3B · Aug 2026Filed
TDS return · Q1Filed
GSTR-3B · Sep 2026In progress
StatementAll settled
Last payment12 Sep 2026
Documents
Purchase register — SepRequested
HomeFilingsLedgerDocuments
Industries
Sector knowledge that goes beyond the balance sheet.
IT & softwareManufacturingHosiery & textilesEducational institutesTrusts & NGOsReal estateTV & mediaHealth & wellnessTelecomWholesale tradingStartupsPublic sector banks
Insights
What changed, and what it means for you.
Income Tax
Income Tax
Old or new regime for 2026-27? Run the numbers, not the rule of thumb
With no tax up to ₹12.75 lakh for salaried people in the new regime, fewer taxpayers gain from the old one. Two worked examples show where the line falls.
Read articleTDS
TDS under sections 392 and 393 — a checklist for your accounts team
From 1 April 2026 the 194-series is gone. Rates are largely the same, but section codes are not — and returns using old codes are rejected.
Read articleQuestions
Frequently asked.
Which income tax regime should I choose for 2026-27?
The new regime is the default and, for most people, the cheaper one: with the ₹75,000 standard deduction and the rebate, a salaried person pays no tax on income up to ₹12.75 lakh. The old regime pays off only when your deductions — HRA, home-loan interest, 80C, 80D and the like — are large. Our old vs new regime calculator shows both in a minute.
What does the new Income-tax Act, 2025 change?
It replaced the 1961 Act from 1 April 2026. Tax rates did not change, but the law now uses a single “tax year”, and most sections have new numbers — TDS is now under sections 392 and 393, for example. Returns for FY 2025-26 are still filed under the old Act.
Do you work with clients outside Ludhiana?
Yes. We act for clients across Punjab and elsewhere in India. Documents are shared through our secure client portal, and meetings can be held by video call or at our Model Town office.
How do I share documents with you securely?
Every client has a login to our client portal — your PAN is your login ID. You can upload files or photograph documents from your phone, see the status of each filing, and view your account statement.
I have received a GST or income tax notice. What should I do?
Do not ignore it, and note the reply date. Send us the notice with the documents it refers to as early as possible — we review it, draft the reply, file it and represent you if a hearing follows.
Is GST registration compulsory for my business?
In Punjab and most states, registration is required once aggregate turnover crosses ₹40 lakh for businesses supplying only goods, or ₹20 lakh for services. Some businesses must register whatever their turnover — for example those making inter-state supplies of goods or selling through e-commerce platforms.
How are your fees decided?
Fees depend on the scope and complexity of each engagement, so we discuss them with you once we understand the work. In keeping with ICAI's guidelines we do not publish fees on this website.
Contact
Tell us what you need. A partner will reply.
Usually within one working day. Your enquiry is treated as confidential.
Telephone
+91 97790 80326Office
326 AZ, Model Town Extension
Ludhiana, Punjab 141002
Hours
Monday – Saturday · 9:30 am – 6:30 pm