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,

Hi Everyone, Welcome back to Tax Destination! We are now approaching end of Financial year and new Financial year will begin on 1st April 2023. However, we need to do some compliances before this Financial year ends. Let's look at the most important one. Linking PAN Card with Aadhar Section 139AA of the Income Tax Act provides that every individual who has been allotted a Permanent Account Number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN before the prescribed date.  As per the Income-tax Act, 1961, it is mandatory for all PAN holders who do not fall under the exempt category to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative. Prerequisites for availing this service: Aadhaar PAN linkage is not done before 31/03/2023 Valid PAN Aadhaar number Val

Hi Everyone, Welcome back to Tax Destination! We are now approaching end of Financial year and new Financial year will begin on 1st April 2023. However, we need to do some compliances before this Financial year ends. Let's look at the most important one. Linking PAN Card with Aadhar Section 139AA of the Income Tax Act provides that every individual who has been allotted a Permanent Account Number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN before the prescribed date.  As per the Income-tax Act, 1961, it is mandatory for all PAN holders who do not fall under the exempt category to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative. Prerequisites for availing this service: Aadhaar PAN linkage is not done before 31/03/2023 Valid PAN Aadhaar number Val

Hello Everyone, Budget was announced yesterday. However, to understand the new rates and changes, we must have information about existing rates and limits. So in this article we will see what was existing law and what changes have come. Let's get started.  Presumptive Taxation   Micro enterprises with turnover up to 2 crore and certain professionals with turnover of up to 50 lakh can avail the benefit of presumptive taxation as per the current law. In the budget 2023, it is proposed to provide enhanced limits of 3 crore and 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Cooperation   New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Start-Ups Extension of date of incorporation for eligible start up for exemption. Certain start-ups are eligible for some tax benefit if they are incorporated befo

Hello Everyone, Budget was announced yesterday. However, to understand the new rates and changes, we must have information about existing rates and limits. So in this article we will see what was existing law and what changes have come. Let's get started.  Presumptive Taxation   Micro enterprises with turnover up to 2 crore and certain professionals with turnover of up to 50 lakh can avail the benefit of presumptive taxation as per the current law. In the budget 2023, it is proposed to provide enhanced limits of 3 crore and 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Cooperation   New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Start-Ups Extension of date of incorporation for eligible start up for exemption. Certain start-ups are eligible for some tax benefit if they are incorporated befo

Hello Everyone, The most awaited budget has been announced by Smt. Finance Minister Nirmala Sitaraman and we are here to give you a quick update on the same. On an overall basis, Unionbudget2023 is an attention-seeking budget. To list out there are many proposals on many things but the impact of all those things are same. The main example for this is, they have reduced Income tax rates, Rebates, and surcharges where you won't be having any deductions & exemptions that will yield the same impact as of the old regime. But it will create impact to government & seek attention from the public that Government has reduced tax rates. There are seven Priorities in Budget 2023 as below. Inclusive development Reaching the last mile Infra & investment Unleashing the potential Green growth Youth power Financial sector Capital investment outlay increased by 33% Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP. 50-year interest-free l