TAX DESTINATION

Query - 01. I have one client whose Income is consist of Salary for first Quarter. Whereas throughout the year his rest income was from the income form other sources  However in Q.4 he had delivered some professional services and his tds was deducted u/s 194JB for the same and that income forms 20% of his total income. So, I would like to confirm whether he should file form ITR -3, or ITR -4 ?? Your valuable inputs and suggestions would be highly appreciated. Query - 02. Partner of a partnership firm is on payroll of the firm and drawing fixed salary of Rs. 2,50,000 p.m. He is also paying PT on the same.  - TDS is not applicable because there is no employer employee relationship! Hence no TDS under sec 192. still do we need to deduct tds 194J since he is drawing a fixed payment of 250000 p.m ? Share your views in comments section below

Query - 01. I have one client whose Income is consist of Salary for first Quarter. Whereas throughout the year his rest income was from the income form other sources  However in Q.4 he had delivered some professional services and his tds was deducted u/s 194JB for the same and that income forms 20% of his total income. So, I would like to confirm whether he should file form ITR -3, or ITR -4 ?? Your valuable inputs and suggestions would be highly appreciated. Query - 02. Partner of a partnership firm is on payroll of the firm and drawing fixed salary of Rs. 2,50,000 p.m. He is also paying PT on the same.  - TDS is not applicable because there is no employer employee relationship! Hence no TDS under sec 192. still do we need to deduct tds 194J since he is drawing a fixed payment of 250000 p.m ? Share your views in comments section below

The Supreme Court on Wednesday issued notice on a PIL seeking directions to the Centre to have a mechanism to track total GST paid on the OIDAR (Online Information and Database Access or Retrieval Services) services used by Non-NTOR (Non-Taxable Online Recipient) Indian recipients under reverse charge basis. The three-judge bench of Chief Justice S.A. Bobde, Justices A.S. Bopanna and V. Ramasubramanian has issued notice to the Centre on a plea which also seeks to amend GSTR-5A or introduce a new form to reflect in the GST return figures of revenue generated out of services to NTOR. The petitioner, Pradeep Goyal, has further sought directions to the Centre to have a mechanism to verify the total receipts earned by foreign online service providers from India and check GST compliance. The petitioner has contended that the Government has no mechanism to track total GST paid on the OIDAR services used by Non-NTOR Indian recipients under reverse charge basis. The petitioner has further said

The Supreme Court on Wednesday issued notice on a PIL seeking directions to the Centre to have a mechanism to track total GST paid on the OIDAR (Online Information and Database Access or Retrieval Services) services used by Non-NTOR (Non-Taxable Online Recipient) Indian recipients under reverse charge basis. The three-judge bench of Chief Justice S.A. Bobde, Justices A.S. Bopanna and V. Ramasubramanian has issued notice to the Centre on a plea which also seeks to amend GSTR-5A or introduce a new form to reflect in the GST return figures of revenue generated out of services to NTOR. The petitioner, Pradeep Goyal, has further sought directions to the Centre to have a mechanism to verify the total receipts earned by foreign online service providers from India and check GST compliance. The petitioner has contended that the Government has no mechanism to track total GST paid on the OIDAR services used by Non-NTOR Indian recipients under reverse charge basis. The petitioner has further said

Ending Tasks for GST for FY 2020-21 Table of contents New Invoice series   Physical Stock Checking HSN code requirements Reversal of Blocked Credit Letter Of Undertaking Refund for FY 2018-19 E-Invoicing QR Coding Restricted ITC as per 36(4) Reconciliation of GSTR 1 with GSTR 3B Reconciliation of GSTR 3B with the ITC on purchases GSTR 3B/GSTR 1 entry VS Accounting entries Reconciliation of E Way Bills with GSTR 1 and further with GSTR 3B Reconciliation of GSTR 1/3B Sales with Financial Statements Reconciliation of ITC ledgers Reconciliation of GSTR 2A with the purchase invoices B2B, B2C Reconciliations Cross-check for income on which Zero or partial GST is paid 1. New Invoice series : Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series at your convenience. 2. Physical Stock Checking: The physical stock needs to be reconciled with the stock as per books of accounts. This would

Ending Tasks for GST for FY 2020-21 Table of contents New Invoice series   Physical Stock Checking HSN code requirements Reversal of Blocked Credit Letter Of Undertaking Refund for FY 2018-19 E-Invoicing QR Coding Restricted ITC as per 36(4) Reconciliation of GSTR 1 with GSTR 3B Reconciliation of GSTR 3B with the ITC on purchases GSTR 3B/GSTR 1 entry VS Accounting entries Reconciliation of E Way Bills with GSTR 1 and further with GSTR 3B Reconciliation of GSTR 1/3B Sales with Financial Statements Reconciliation of ITC ledgers Reconciliation of GSTR 2A with the purchase invoices B2B, B2C Reconciliations Cross-check for income on which Zero or partial GST is paid 1. New Invoice series : Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series at your convenience. 2. Physical Stock Checking: The physical stock needs to be reconciled with the stock as per books of accounts. This would