TAX DESTINATION

Hello Everyone! Welcome back. As we are in the end of the year 2022, we also have some important due dates. Today in our blog we would be discussing about belated return and revised return whose last date is 31st December 2022. Belated return If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of assessment, whichever is earlier. So, for FY 2021-23 (AY 2022-23) it is 31st December 2022. Illustration Mr. Raja is a trader of agricultural products. Turnover of his business for the previous year 2021-22 amounted to Rs. 84,00,000. He has not opted for the presumptive taxation scheme of section 44AD i.e. not declaring income at 8% of sales. He declared income at less than 8% of sales. What will be the ‘due date’ for filing his return of income for the financial year 202122?

Hello Everyone! Welcome back. As we are in the end of the year 2022, we also have some important due dates. Today in our blog we would be discussing about belated return and revised return whose last date is 31st December 2022. Belated return If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of assessment, whichever is earlier. So, for FY 2021-23 (AY 2022-23) it is 31st December 2022. Illustration Mr. Raja is a trader of agricultural products. Turnover of his business for the previous year 2021-22 amounted to Rs. 84,00,000. He has not opted for the presumptive taxation scheme of section 44AD i.e. not declaring income at 8% of sales. He declared income at less than 8% of sales. What will be the ‘due date’ for filing his return of income for the financial year 202122?

Hello Everyone.Welcome back to Tax Destination. Today we will be discussing GSTR-9C. In our last blog, we discussed GSTR-9. So, first let us understand the difference between them. Difference between Form GSTR-9 and Form GSTR-9C Form GSTR-9 is required to be filed by every person registered as a normal taxpayer. However, certain classes of taxpayers may be exempted from filing Form GSTR-9 by way of Notifications issued by Government of India from time to time. Form GSTR-9C is required to be filed by every registered person whose aggregate turnover is above a certain threshold during the financial year, as notified by way of Notifications issued by Government of India from time to time.  Such taxpayers are required to get their accounts audited by a Chartered Accountant or Cost Accountant and need to submit a copy of audited annual accounts and reconciliation statements. Chartered Accountant/ Cost Accountant after verification and signing will pass on the signed JSON file to the taxpaye

Hello Everyone.Welcome back to Tax Destination. Today we will be discussing GSTR-9C. In our last blog, we discussed GSTR-9. So, first let us understand the difference between them. Difference between Form GSTR-9 and Form GSTR-9C Form GSTR-9 is required to be filed by every person registered as a normal taxpayer. However, certain classes of taxpayers may be exempted from filing Form GSTR-9 by way of Notifications issued by Government of India from time to time. Form GSTR-9C is required to be filed by every registered person whose aggregate turnover is above a certain threshold during the financial year, as notified by way of Notifications issued by Government of India from time to time.  Such taxpayers are required to get their accounts audited by a Chartered Accountant or Cost Accountant and need to submit a copy of audited annual accounts and reconciliation statements. Chartered Accountant/ Cost Accountant after verification and signing will pass on the signed JSON file to the taxp

Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.  Form GSTR-9 is to be filed by a person who is registered as a normal taxpayer, including SEZ unit or SEZ developer and the taxpayers who have withdrawn from the composition scheme to normal taxpayer any time during the financial year. Note: Composition taxpayers can file Annual Return in Form GSTR-9A. Annual Return is not required to be filed by casual taxpayer / Non Resident taxpayer / ISD/ OIDAR Service Providers. It's mandatory to file Form GSTR-9 for normal taxpayers.  Pre-conditions for filing of Form GSTR-9 are: Taxpayer must have active GSTIN during the relevant financial year as a normal/regular taxpayer even for a single day. Taxpayer has filed all applicable returns

Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return.  Form GSTR-9 is to be filed by a person who is registered as a normal taxpayer, including SEZ unit or SEZ developer and the taxpayers who have withdrawn from the composition scheme to normal taxpayer any time during the financial year. Note: Composition taxpayers can file Annual Return in Form GSTR-9A. Annual Return is not required to be filed by casual taxpayer / Non Resident taxpayer / ISD/ OIDAR Service Providers. It's mandatory to file Form GSTR-9 for normal taxpayers.  Pre-conditions for filing of Form GSTR-9 are: Taxpayer must have active GSTIN during the relevant financial year as a normal/regular taxpayer even for a single day. Taxpayer has filed all applicable returns

Tax Collection at Source TCS is the amount that is collected as tax by a seller of specified goods from the buyer at the time of sale. The TCS is over and above the selling price and is paid to the Government by the seller. It is to be noted that TCS is not only attracted at the time of sale of specified goods but at the time of some other specified transaction. So, let us look at the transaction in which TCS is attracted. 01. Every person, who grants a lease or a licence or enters into a contract or otherwise transfers any right or interest either in whole or in part in any parking lot or toll plaza or mine or quarry, to another person, other than a public sector company for the use of such parking lot or toll plaza or mine or quarry for the purpose of business shall collect income tax at the rate 2%. 02. Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding Rs. 10,00,000, shall, at the time of receipt of such amount,