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Ca Manish Kalwani

Latest Posts by Ca Manish Kalwani

Filed your GSTR-1? Yes, check whether your supplier filed it or not before claiming ITC under GSTR-3B

February 1, 2021 4038 Views 0 comment Print

Filed your GSTR-1? Yes, check whether your supplier filed it or not before claiming ITC under GSTR-3B Presenting the Union Budget for 2021-22, Finance Minister Nirmala Sitharaman said that the Budget proposals for this financial year rest on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, […]

Section 194Q: TDS on Purchase of Goods Exceeding Rs. 50 Lakhs

February 1, 2021 505359 Views 43 comments Print

Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax. 

CGST Rule Amended for Calculating amount of Refund – Exporter be Cautious

April 20, 2020 11622 Views 2 comments Print

GST defines Export as Zero-rated Supply. Under Section 16 of the IGST Act, 2017, ‘Zero rated supply’ means any of the following supplies of goods or services or both, namely: a) export of goods or services or both; or b) supply of goods or services or both to a Special Economic Zone developer or a […]

E-Commerce Operator Under GST

April 17, 2020 28185 Views 1 comment Print

In The World of Digitization and Automation, we are dealing with various E-Commerce Operator from Cab Services, Hotel Accommodation Services, Food Services, etc on constantly basis in our daily life. With Introduction of GST, Scope is widen on services provided through ECO. Will explain the Various Provision applicable to E-Commerce Operator. Definition:- E-Commerce Operator: – […]

Tax Evaders be Cautious – 26AS now becomes AIS

February 8, 2020 13128 Views 2 comments Print

To achieve the dream of  $5 Trillion Economy by 2024 , Finance Minister present its 1st budget of this Decade with substantial changes in Direct Taxes, policy for leveraging of technology, Infrastructure development projects. One of such changes is ,omission of existing and  introduction, of below specified section`s under Income Tax Act:- 1. This Union […]

Contribution By Employer Exceeding Rs.7.5 Lakhs Is Now Taxable

February 3, 2020 25668 Views 3 comments Print

In this Article, we will discuss about change in Section 17 of Income Tax act related to provident and superannuation fund received by  salaried employees . Employer Contribution in all  3 specified fund including interest earned on same amount ,during Previous Financial Year,  will be taxable in hands of employees  if it is exceeding Rs 7,50,000.

BHIM UPI & Ru-Pay card provision under Income Tax and GST

January 1, 2020 15279 Views 0 comment Print

In order to boost Digital payment in economy, Government take various move from Demonetization to Amending provision of Income Tax and GST. Along with Banking regulator move to drive NEFT transaction 24*7. Recently Finance minister Nirmala Sitharaman ji announced the exemption of Merchant Discount Rate(MDR) charges on the transactions done via UPI and RuPay modes. […]

How to get Input Tax Credit if it is Time Barred u/s 16 of CGST Act, 2017

December 27, 2019 28923 Views 1 comment Print

Is there is any way to take Input tax Credit beyond the due date of return for the month of September? If no, what are other ways to get it? Let take two scenario to understand legal approach to take Tax benefit: 1. Taxpayer not claimed Input Tax credit of Supplier Invoices for FY18-19, till […]

Analysis of Proposed GST Return applicable from 01st July 2019 Part II

June 14, 2019 8310 Views 0 comment Print

In last articles of ‘Analysis of Proposed GST Return Applicable from 01st July 2019 Part I’, we discussed about various scenario of New Return. Now further continuing with Analysis process, below are the details of New Article Analysis of GST RET-1 Normal/ Monthly return Summary of outward supplies, inward supplies attracting reverse charge, debit / […]

SC decision on PF calculation lowered take home Salary

April 25, 2019 23184 Views 4 comments Print

For employees with monthly pay of less than Rs 15,000, however, inclusion of all allowances in wages for PF calculation would result in a lower take-home salary. For employees with monthly pay of more than Rs15,000, Calculation of PF for Employer Contribution will be restricted to 12% of Rs. 15,000 only. So there will be no impact for such employees.

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