CA Umesh Sharma

Cleaning of Books of Accounts & their Worship on the occasion of Diwali

Income Tax - Arjuna (Fictional Character): Krishna, the festival of Diwali is arriving. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly, please explain, what should be done of old records of Books of accounts under various Act, so that cleaning of business places can be done. Krish...

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Taxation of Mutual Fund SIP

Income Tax - Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(Fictional Character): Arjuna, SIPs i.e., Systematic investment plans are a convenient method of investing in mutual funds in which the investor can invest small amounts periodically. Investors can choose the fre...

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10 points to be kept in mind before filing GST return for September month

Income Tax - Returns of September month are the most significant ones. Taxpayers should keep in mind the following things while filing GST Returns for the month of September....

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Changes in GST rates of various goods and services

Income Tax - CBIC has issued on 30th September 2021 in notification No.06/2021–Central Tax (Rate) to notification No.12/2021–Central Tax (Rate) to amend the existing notifications which will be effective from the 1st October 2021....

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Side Effects of poor functioning of New Income Tax Portal

Income Tax - Key Point ♦ The Income Tax Department has changed the E-filing portal for the convenience of taxpayers and tax consultants. ♦ As the due dates of Tax Audits and Income tax return filing have been extended, the Ministry of Corporate affairs also had to extend the due date by 2 months with the condition for […]...

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Recent Posts in "CA Umesh Sharma"

Cleaning of Books of Accounts & their Worship on the occasion of Diwali

Arjuna (Fictional Character): Krishna, the festival of Diwali is arriving. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly, please explain, what should be done of old records of Books of accounts under various Act, so that cleaning of business places can be done. Krish...

Read More

Taxation of Mutual Fund SIP

Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(Fictional Character): Arjuna, SIPs i.e., Systematic investment plans are a convenient method of investing in mutual funds in which the investor can invest small amounts periodically. Investors can choose the fre...

Read More

10 points to be kept in mind before filing GST return for September month

Returns of September month are the most significant ones. Taxpayers should keep in mind the following things while filing GST Returns for the month of September....

Read More

Changes in GST rates of various goods and services

CBIC has issued on 30th September 2021 in notification No.06/2021–Central Tax (Rate) to notification No.12/2021–Central Tax (Rate) to amend the existing notifications which will be effective from the 1st October 2021....

Read More

Side Effects of poor functioning of New Income Tax Portal

Key Point ♦ The Income Tax Department has changed the E-filing portal for the convenience of taxpayers and tax consultants. ♦ As the due dates of Tax Audits and Income tax return filing have been extended, the Ministry of Corporate affairs also had to extend the due date by 2 months with the condition for […]...

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Recommendations in 45th GST Council Meeting

GST Council held its 45th GST Council Meeting at Lucknow on 17th September 2021. What are the recommendations by GST Council relating to changes in GST law and other procedures?...

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Extension of Income Tax Audit & Return Filing Due Dates

Arjuna (Fictional Character): Krishna, the CBDT has issued a circular on 09.09.2021 for extension of due dates for various returns and compliances under the Income Tax Act. Krishna, (Fictional Character): Arjuna, due to technical glitches on the new Income Tax portal, the due dates for various returns has been extended to help taxpayers. ...

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Important Care to be taken before filing Sept-21 GST Return

Arjuna (Fictional Character): Krishna, as September is the last chance to make compliance under various rules and regulations under the Goods and Service Tax Act so what action should be taken in relation to Inward supply and outward before the filing of GST Return for the month of Sept 2021? Krishna (Fictional Character): Arjuna, Septemb...

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Now non-filing of GSTR-3B for two months restricts filing of GSTR-1/IFF

Arjuna (Fictional Character): Krishna, which new rule has been implemented by CBIC on GST Portal from 1st September 2021? Krishna (Fictional Character): Arjuna, Rule 59(6) of CGST Rules, 2017 providing for restriction in the filing of GSTR-1 has been inserted by the CBIC vide Notification No. 1/2021 dated 1st January 2021 which will be im...

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Raksha Bandhan: Relation between seller and buyer under GST

Krishna, the Festive season has just begun. Recently, the festival of Rakshabandhan was celebrated in India with great enthusiasm. But how and when will the GST Taxpayer celebrate Rakshabandhan. In other words, to check whether input tax credit matches with GSTR-2A and output taxes match with GSTR-3B, GSTR-1, E-way Bill, and also with boo...

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