As per Section 16(2) Second & Third Proviso of CGST Act,2017 , if a Tax payer fails to pay the supplier of goods or services or both, within 180 days from the date of Invoice, the amount equivalent to the Input tax Credit (ITC) availed by the recipient shall be added to the output liability […]
Input Tax Credit (ITC) Reversal for Non Payment to your suppliers Read More »
The due date for filing your Income-tax returns is fast approaching. Many think that only if you have Income you need to file your Income-tax returns on time. But the fact is even if you are facing losses, it becomes important to file your returns on time, on or before the statutory due date. There
File your Income-tax returns before due date if you have any losses… Read More »
As per the existing guidelines , Retail and Wholesale trade is out of the ambit of MSME. The trade has been requesting the Government of India to include Retail & Wholesale Trade also within the ambit of MSME there by the benefits of MSME will reach these type of businesses also. With the revised guidelines,
Retail & Wholesale Trade is now MSME Read More »
In order to help the Small Businesses and GST tax payers and also as per the decision taken at the 43rd GST Council meeting held on 28th May 2021, a new amnesty scheme for relaxation in return filing, late fees, etc., has been announced. Period of Applicabilty The Tax return periods from Jul 2017 to
GST AMNESTY SCHEME 2021 , LATE FEE & OTHER RELAXATIONS Read More »
Extension of various deadlines under Income-tax vide CBDT Circular F.No 225/49/2021-ITA-II dtd 20th May 2021 Sl. No Name of the Compliance OriginalDue date ExtendedTime line 1 Statement of Financial Transactions (SFT) for the year 2020-21 31st May 2021 30th June 2021 2 Statement of Reportable Account for the year 2020 31st May 2021 30th June
Extension of various time lines for filing under Income-tax for the year 2020-21 Read More »
In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today. In the light of multiple representations
Government extends timelines of certain compliances in light of the severe pandemic Read More »
As per the Press release by the CBDT dtd 24th Apr 2021 , the time limits for the following are being extended :- Time Limit for passing any order of Assessment or Re assessment ; Time Limit for passing any order consequent to order of DRP ; Time Limit for reopening assessment in case income
Various Time limits under Income-tax extended. Read More »
There are lot of queries regaring the numbering of the Invoices at the Start of the Financial year under GST. Many people ask is it mandatory to start a new series of invoice numbering at the start of a Financial year under GST? The relevant Rule 46 of the CGST Act dones not mandate the
Is it mandatory to start New invoice series for FY 2021-22 under GST? Read More »
Due to Covid 19, the Government of India had provided concession in the rates of Tax Deducted at Source (TDS) in the form of reduction in TDS rates by 25%. (i.e.,) Where the regular TDS is 10%, it is sufficient if TDS is deducted @ 7.5%. This concession is available only till 31st March 2021.
TDS Rates reminder Read More »
The New GST Notification No 78/2020 mandates taxpayers with aggregate turnover above 5 crores in a year to mention minimum of 6 digit HSN number in their invoices w.e.f 01.04.2021. Also in respect of certain chemicals as provided in Notification 90/2020 , 8 digit HSN code need to me mentioned. You can find the correct
HSN / SAC Code New requirement w.e.f 01st April 2021 Read More »
The fourth instalment of Advance tax payment for the financial year 2020-21 falls due on 15th March 2021. You can check your advance tax liability using the below link provided by the Income-tax Department. https://www.incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx Kindly note :- 1) In case if you have not paid / made short payments in the previous 3 instalments,
Advance tax payment due on 15th Mar 2021 Read More »
A new scheme for Small tax payers in GST has been introduced. The salient features of this scheme is provided below :- What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme?QRMP scheme is for small taxpayers to file their FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through
All about Quarterly Returns with Monthly Payment (QRMP) Scheme Read More »
The following important tasks should be taken care/done while filing the September 2020 return which falls due on 20th October 2020. Correction of GSTR 1 for the FY 2019-20 If you have any corrections to be made in your GSTR 1 with regard to Tax Invoice, B2C sales, Export Sales, Debit/Credit Notes, etc., the same
IMPORTANT TASKS TO BE DONE WHILE FILING SEPTEMBER 2020 GST RETURNS Read More »
The GSTIN portal has released small write-ups on all information about GSTR 2B. It is provided to you for your reference. Source :- GSTIN
The Ministry of Corporate affairs had earlier announced a scheme for Companies & LLP who are in default of filing their Annual Returns and other ROC returns. Under the scheme, there was a substantial reduction in the additional fees for late fees payable. These schemes were originally to end on 30th Sep 2020. Now due
Companies & LLP Fresh Start Scheme deadline extended Read More »
Click the below link to Join our Community
Stay updated on Latest information on Taxation,Finance and other Statutory updates…
