CA Umesh Sharma

What new this time in GST “Gudi padawa?

Goods and Services Tax - This time in GST new things are in Tax Invoice. With effect from the 1st April 2021, All GST taxpayers will have to furnish HSN (Harmonized System of Nomenclature Code), or Service Accounting Code (SAC) in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory....

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ITR Forms and Tax Audit New Report for F.Y. 2020-21

Goods and Services Tax - CBDT has notified the ITR-1 to ITR-7 for F.Y. 2020-21 and stated that no significant changes have been made to ITR forms as compared to the previous year to help the taxpayers and minimize compliance burden in view of the ongoing crisis due to the COVID pandemic....

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16 details of Purchaser you can check on GST website

Goods and Services Tax - now a taxpayer can know all the details about his purchaser before making any purchase from his supplier. This facility might work as an information exchange module between the recipient and supplier. Taxpayers and registered persons now can search GSTIN of any other taxpayer and view his profile in detail....

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What’s the new snag of TDS on purchase of goods?

Goods and Services Tax - New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail....

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ITR filing exemption to senior citizen above age of 75 – A fiasco?

Goods and Services Tax - in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from IT...

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Recent Posts in "CA Umesh Sharma"

What new this time in GST “Gudi padawa?

01/01/1970

This time in GST new things are in Tax Invoice. With effect from the 1st April 2021, All GST taxpayers will have to furnish HSN (Harmonized System of Nomenclature Code), or Service Accounting Code (SAC) in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory....

Read More

ITR Forms and Tax Audit New Report for F.Y. 2020-21

01/01/1970

CBDT has notified the ITR-1 to ITR-7 for F.Y. 2020-21 and stated that no significant changes have been made to ITR forms as compared to the previous year to help the taxpayers and minimize compliance burden in view of the ongoing crisis due to the COVID pandemic....

Read More

16 details of Purchaser you can check on GST website

01/01/1970

now a taxpayer can know all the details about his purchaser before making any purchase from his supplier. This facility might work as an information exchange module between the recipient and supplier. Taxpayers and registered persons now can search GSTIN of any other taxpayer and view his profile in detail....

Read More

What’s the new snag of TDS on purchase of goods?

01/01/1970

New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail....

Read More

ITR filing exemption to senior citizen above age of 75 – A fiasco?

01/01/1970

in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from IT...

Read More

Taxpayers! Furnish GSTR-1 in time, or pay late fees

01/01/1970

Many GST taxpayers are getting notices for liability of late fees for delay in filing of GSTR-1. Why are such notices being issued by the GST department?...

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Due date Extension put Taxpayers under Duckworth Lewis Situation

01/01/1970

Arjuna, after the pleads of many taxpayers & tax associations, the tax departments extended the due dates for compliances under Income Tax & GST. However, this is the third time that the Income-tax department has extended the due date for Income tax returns & audits. Plus it is the shortest extension provided in history over time....

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GST me Naya Saal, Aur Taxpayer Behaal!

01/01/1970

Arjuna, the year 2020 has seen a large number of false transactions & malpractices of the taxpayers. Hence in the new year 2021, to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system....

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4 Warnings in GSTR 3B w.e.f. Nov 2020 onwards, which can’t be ignored

01/01/1970

There are four warnings that need to be critically taken care of in GSTR-3B from November 2020 onwards. First, in GSTR-1 and GSTR-3B about outward supplies in Table 3. Second, in GSTR-2B and GSTR-3B about RCM in table 3. Third, GSTR-2B and GSTR-3B about ITC in table 4 and fourth, GSTR 2B and GSTR-3B about the import of goods (ICEGATE) in ...

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GST Audit 2019-20, & Lots of Issues

01/01/1970

The facility to file an annual return in form GSTR-9 for FY 2019-20 is now available. The form is enabled for taxpayers whose table 8A computation has been completed. Computation of table 8A of the said return for auto-population from returns is under progress which is likely to be completed soon. Taxpayers need to ensure that all applica...

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