TAX DESTINATION

The new Financial year is just around the corner while we are at the end of the Financial year 2022-2023. It is a crucial time for business owner, there are year end close activities that needs to be done. But worry not, we have summarized some of the important activities that needs to be checked at this time. Without further ado, let's get started- GST compliance : The company needs to ensure that all the inputs have been taken correctly and should reconcile the input with GSTR-2B form. If there are any discrepancies, it should inform the supplier so that necessary steps could be taken while filing the return.  The company should also check that the payment is made in respect of all purchases/expenses in which it has recorded GST input. As per the provisions of CGST Act, input has to be reversed if payment is not made for more than 180 days. The company has to pay tax liability along with interest on the same. So, to avoid the tax and interest, it should clear all the dues. Also,

The new Financial year is just around the corner while we are at the end of the Financial year 2022-2023. It is a crucial time for business owner, there are year end close activities that needs to be done. But worry not, we have summarized some of the important activities that needs to be checked at this time. Without further ado, let's get started- GST compliance : The company needs to ensure that all the inputs have been taken correctly and should reconcile the input with GSTR-2B form. If there are any discrepancies, it should inform the supplier so that necessary steps could be taken while filing the return.  The company should also check that the payment is made in respect of all purchases/expenses in which it has recorded GST input. As per the provisions of CGST Act, input has to be reversed if payment is not made for more than 180 days. The company has to pay tax liability along with interest on the same. So, to avoid the tax and interest, it should clear all the dues. Also,

Hello Everyone! Welcome back to Tax Destination. We are near the end of the Financial year 2023. So it is very important to do tax planning if you haven't done yet. This quarter is probably your last chance to save taxes for the financial year 2022-23. When we talk about tax saving, the first thing that comes in our mind is to avail various payment based deductions. So in this article we will talk about 80C deduction in detail. Who are eligible for 80C deduction Only an individual or a Hindu undivided family can avail the deduction available under 80C. This deduction is not available to companies, LLP, partnership firm and other person. Quantum of Deduction The maximum amount of deduction an Eligible person can claim is Rs 1,50,000. Section 80C can be claimed is Certain payments are made during the year. Let us discuss this payments. There are various payment in respect of which you can claim deduction under section 80C. For example, Life insurance premium, Sukanya Samriddhi yoj

Hello Everyone! Welcome back to Tax Destination. We are near the end of the Financial year 2023. So it is very important to do tax planning if you haven't done yet. This quarter is probably your last chance to save taxes for the financial year 2022-23. When we talk about tax saving, the first thing that comes in our mind is to avail various payment based deductions. So in this article we will talk about 80C deduction in detail. Who are eligible for 80C deduction Only an individual or a Hindu undivided family can avail the deduction available under 80C. This deduction is not available to companies, LLP, partnership firm and other person. Quantum of Deduction The maximum amount of deduction an Eligible person can claim is Rs 1,50,000. Section 80C can be claimed is Certain payments are made during the year. Let us discuss this payments. There are various payment in respect of which you can claim deduction under section 80C. For example, Life insurance premium, Sukanya Samriddhi yoj

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

Relating to GST. 01 . Can we take ITC from non migrated RC to migrated RC.  Please guide me sir.  Any case laws regarding this? 02 .New shop purchased, Renovation of shop done with furniture  Is input allowed on renovation work ??? Comment Your Views in Comment section

Relating to GST. 01 . Can we take ITC from non migrated RC to migrated RC.  Please guide me sir.  Any case laws regarding this? 02 .New shop purchased, Renovation of shop done with furniture  Is input allowed on renovation work ??? Comment Your Views in Comment section

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company.  How to claim Extra Tax Deducted from the income while filing ITR? As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company.  How to claim Extra Tax Deducted from the income while filing ITR? As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?

Trending Query of the week!! I want to start the business with an idea that yield me more profits.  How to start the same? Is it advisable to do as in the form if  Proprietorship or  Partnership or as a Private limited company? From the point of view of Income Tax & other legal compliances Share Your views in comments  Soon we will release detailed blog on same

Trending Query of the week!! I want to start the business with an idea that yield me more profits.  How to start the same? Is it advisable to do as in the form if  Proprietorship or  Partnership or as a Private limited company? From the point of view of Income Tax & other legal compliances Share Your views in comments  Soon we will release detailed blog on same

If employees & directors of #company spent amount on Movie tickets & , #ipl2022   tickets and got the reimbursement amount from company, 01.Can company claim ITC or GST credit on same? 02. Can company claim it as expense under IT? 03.Is it taxable for employee in his personal IT?? Check out the query posted in our blog!! and share your views in comment section.

If employees & directors of #company spent amount on Movie tickets & , #ipl2022   tickets and got the reimbursement amount from company, 01.Can company claim ITC or GST credit on same? 02. Can company claim it as expense under IT? 03.Is it taxable for employee in his personal IT?? Check out the query posted in our blog!! and share your views in comment section.

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

1. Extension of due date for filing GSTR-4,5,6,7,8 FY 2020-21- The due date extended to 31st May 2021 from the current 30th April 2021. 2. Extension of due date for furnishing the declaration in ITC-04 in respect of goods dispatched to a job worker or received from a job worker for Jan-Mar’21 quarter- The due date extended to 31st May 2021. 3. Extension of due date for filing GSTR-1 for the month of April 2021- The due date extended to 26th May 2021. 4. Extension in due date for filing IFF for the month of April 2021- The due date extended to 28th May 2021.  Relief Measures announced in GST Compliances In view of recent surge in coronavirus cases   1. Reduction in Interest Rate for delayed GST payment for Regular Taxpayer for the month of March & April 2021 a. The regular taxpayer- Turnover more than 5 Cr- Interest rate reduced to 9% for first 15 days b. The regular taxpayer- Turnover up to 5 Cr- Interest rate reduced to NIL for the First 15 days and 9% for the next 15 days. 2. Wai

1. Extension of due date for filing GSTR-4,5,6,7,8 FY 2020-21- The due date extended to 31st May 2021 from the current 30th April 2021. 2. Extension of due date for furnishing the declaration in ITC-04 in respect of goods dispatched to a job worker or received from a job worker for Jan-Mar’21 quarter- The due date extended to 31st May 2021. 3. Extension of due date for filing GSTR-1 for the month of April 2021- The due date extended to 26th May 2021. 4. Extension in due date for filing IFF for the month of April 2021- The due date extended to 28th May 2021.  Relief Measures announced in GST Compliances In view of recent surge in coronavirus cases   1. Reduction in Interest Rate for delayed GST payment for Regular Taxpayer for the month of March & April 2021 a. The regular taxpayer- Turnover more than 5 Cr- Interest rate reduced to 9% for first 15 days b. The regular taxpayer- Turnover up to 5 Cr- Interest rate reduced to NIL for the First 15 days and 9% for the next 15 days. 2. Wai