PAN mandatory to deposit or withdraw Rs 20 lakh, opening current account
From May 26 onwards, anyone depositing or withdrawing Rs 20 lakh or more from one or more bank accounts in a financial year will have to quote the Permanent Account Number (PAN) at the time of withdrawal. With a view to curb evasion of taxes through the use of cash, the Central Board of Indirect […]
Read moreGSTN: Desi jugaad for Reporting 6% GST rate in GSTR-1
How to report 6% in GSTR-1? GST rate on bricks increased from 5% to 12%. The government on March 31 notified the GST rates that would be applicable from April 1. Notification No. 01/2022 – Central Tax (Rate) dated 31st March 2022 issued which increased GST rate on following goods from 5% to 12% with effect from […]
Read moreICMAI asks govt to allow members to conduct financial audits
The institute of cost accountants of India (ICMAI) has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies. ICMAI set up under an Act of Parliament, has around 90,000 members and about 5 lakh students. Seeking to ensure competition as well as parity among […]
Read moreWhich tax regime is better old or new? Check examples income wise
There are lots of confusion about new tax regime. People are not able to decide which one to opt for. Which income tax regime is better old or new? What is difference between old and new regime? How can I save tax on my new tax regime? Old Income Tax Regime Vs New: What Should […]
Read moreAre all FDs tax saving? What is Tax Saving Fixed Deposit?
A tax saving FD or Fixed Deposit is a financial investment instrument offered by banks & NBFCs where you can deposit money and get a higher rate of interest than a normal savings account. Your investments under this scheme are exempt from tax deductions as per section 80C. A regular FD may offer higher returns but does not offer tax benefits. […]
Read moreIncome Tax: What is e-Dispute Resolution Scheme, 2022?
e-Dispute Resolution scheme: The Central Board of Direct Taxes (CBDT) announced the e-Dispute Resolution Scheme, 2022, to help small taxpayers resolve tax disputes more quickly. This programme is for taxpayers with a total income of up to Rs 50 lakh and income tax disputes of up to Rs 10 lakh. In connection with any proceedings under this scheme, […]
Read moreGSTN: Advisory to composition taxpayers on GSTR-4
Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a financial year. Reason of Negative Liability in GSTR-4: The liability of the complete year is required to be declared in […]
Read moreGST: Commercial Taxes dept review finds 3K non-existent taxpayers
A total of 3,147 newly-registered taxpayers under the Tamil Nadu GST Act, 2017, were found to be non-existent at the declared business premises by Commercial Taxes Department officials. Of these, 1,972 registrations have been cancelled and further action is being taken for the remaining cases. This exercise is carried out every month, according to a policy note tabled […]
Read moreGSTR-1 /IFF enhancements deployed on GST Portal :GSTN
GSTR-1 enhancements & improvements : The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two […]
Read moreGST Rate increases on 143 items: Govt Clarification on misleading Reports
Government Clarification related to the misleading reports of purported feedback sought on raising GST Rate on 143 items. “It has been noted that a section of the media has reported that feedback has been sought from States regarding a suggestion for raising Good & Services Tax (GST) rates on 143 items.” Some reports have even […]
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