CA Umesh Sharma

Are Large Taxpayers now Quarantined Under GST?

Goods and Services Tax - Krishna, many taxpayers are getting emails, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, or not, considering returns of FY 2019-20 filed upto 25th July, 2020. What is this email about?...

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Ashtavinayaka, what are the Astha Mahima of Tax Audit?

Goods and Services Tax - According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited....

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PAN compulsory on Transaction above Rs. 2 Lakh

Goods and Services Tax - Arjuna, Income tax Department has mentioned in rules, when a person is required to obtain PAN compulsorily and where it is required to be quoted or given. Everyone knows that PAN has to be quoted while opening the bank account, effecting transactions of immovable property. But from 1st January 2016 onwards, the law has been changed and n...

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To whom GST Late fees reduced to Nil or Rs 500 per return!

Goods and Services Tax - The government has decided to cap the maximum late fee for Form GSTR-3B at Rs. 500/- (five hundred only) per return for cleaning up past pendency of returns right from implementation of GST ; but subject to the condition that such GSTR-3B returns being filed before 30th September, 2020....

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GST Due dates Effects is like ‘Kabhi Kushi Kabhi Gham’?

Goods and Services Tax - Arjun (Fictional Character): Krishna, some major recommendations were put forth by the GST Council in the 40th GST Council meeting. What further step has CBIC taken to give effect to the recommendations? Krishna (Fictional Character): Arjuna, CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST N...

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Recent Posts in "CA Umesh Sharma"

Are Large Taxpayers now Quarantined Under GST?

Krishna, many taxpayers are getting emails, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, or not, considering returns of FY 2019-20 filed upto 25th July, 2020. What is this email about?...

Read More
Posted Under: Income Tax |

Ashtavinayaka, what are the Astha Mahima of Tax Audit?

According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited....

Read More
Posted Under: Income Tax | ,

PAN compulsory on Transaction above Rs. 2 Lakh

Arjuna, Income tax Department has mentioned in rules, when a person is required to obtain PAN compulsorily and where it is required to be quoted or given. Everyone knows that PAN has to be quoted while opening the bank account, effecting transactions of immovable property. But from 1st January 2016 onwards, the law has been changed and n...

Read More
Posted Under: Income Tax |

To whom GST Late fees reduced to Nil or Rs 500 per return!

The government has decided to cap the maximum late fee for Form GSTR-3B at Rs. 500/- (five hundred only) per return for cleaning up past pendency of returns right from implementation of GST ; but subject to the condition that such GSTR-3B returns being filed before 30th September, 2020....

Read More
Posted Under: Income Tax | ,

GST Due dates Effects is like ‘Kabhi Kushi Kabhi Gham’?

Arjun (Fictional Character): Krishna, some major recommendations were put forth by the GST Council in the 40th GST Council meeting. What further step has CBIC taken to give effect to the recommendations? Krishna (Fictional Character): Arjuna, CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST N...

Read More
Posted Under: Income Tax | ,

GST Council on GSTR-3B Late Fees, Interest, GST registration

Arjuna, as a course of action to wipe up the pendency in return filing, the late fees for non-furnishing of Form GSTR-3B for the tax period of July, 2017 (i.e. beginning of GST period) to January, 2020 has been recommended to be reduced/waiver as under:...

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Posted Under: Income Tax |

TDS deducted, no need to file Income Tax Return?

Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years based on TDS, etc. What are they? Arjuna, Income Tax department send notices to Taxpayers on the basis of information linked with PAN , such as TDS by Banks on FDRs, Mutual Fund transaction, Immovable Property Transactions, Cash Transa...

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Posted Under: Income Tax | ,

How to correct mistakes of GST challan through Form GST PMT 09?

GST PMT-09 is the form for relocating the falsely or erroneously paid GST through cash ledger. For example, if you have paid CGST instead of SGST, you can rectify it by using this a form which is known as GST PMT-09. The government has now made Form PMT-09 live from 21st April 2020, for taxpayers so that they can rectify the mistakes that...

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Posted Under: Income Tax |

TDS on Salary for F.Y.2020-21- New Vs. Old Tax Regime

Union Budget 2020 introduced an alternative taxation regime for individuals, allowing an option for lower tax rates u/s 115BAC, provided they don’t avail of certain exemptions/deductions otherwise available under the Income tax Act. Some of such exemptions/deductions are house rent allowance, interest on home loans, and investments ma...

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Posted Under: Income Tax |

When Does A Person Feel Guilty of Paying Less Income Tax?

Arjuna: Krishna, now due dates of return filing is approaching, taxpayer will file Income Tax Return for the year ended 31st March 2014. The taxpayers and Tax Experts, Chartered Accountants, etc. are in planning and working mode and business community is getting busy. Further business community is waiting for Budget 2014....

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Posted Under: Income Tax | ,

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