Tax Updates 2026

Union Bank of India SO Recruitment 2026

The Union Bank of India has released a recruitment notification for 395 various posts, including Specialist Officers. The requirements for these posts include CA qualification and experience in taxation, such as:
- CA (ICAI), with a minimum of 8 years post-qualification experience in an officer/managerial role in banks, including 5 years at Head/Corporate Office in Corporate Taxation, GST, TDS.
- CA (ICAI), with a minimum of 5 years experience, including 3 years in Capital Planning.

Tax Audit and Compliance

The tax audit threshold and compliance requirements are crucial for small and medium enterprises. The due dates for individual income tax return filing for FY 2025-26 have been announced, with different deadlines for businesses and professionals. For example, businesses and professionals not liable for tax audit (ITR-3 and ITR-4) have a different deadline than those who are liable for tax audit.
- Check the tax audit turnover limit and plan early to avoid scrambling near the due date.
- Ensure compliance with tax laws and regulations to avoid penalties, such as the Section 271B penalty, which can be unsustainable if the tax audit report is considered before completing reassessment.