CA Umesh Sharma

15 Important Points of GST in Income Tax Audit to be Taken Care off!

Goods and Services Tax - After the relief of Corona now tax audit season is approaching. 31st December 2020 is the due date of the audit of Income-tax audit for AY 2020-21. Further assesses  who are not under audit also need to file their Income tax returns before 31st Dec to avoid late fees.  Also, 31st December 2020 is the due date for filing of GST Audit and...

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Lease of Land and issues in GST?

Goods and Services Tax - Article contains Important Definitions related to Lease of Land and issues in GST, Schedule entries related to  Lease of Land, Reverse Charge Mechanism on Land Lease, Important Judgement and AAR related to GST on Land Lease with FAQ on Issues like: What is the difference between the lease of Land v/s Building?, What is a […]...

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Buying your dream home becomes cheaper this Diwali!

Goods and Services Tax - As a part of the AatmaNirbhar Bharat Package 3.0, announced on 12th November 2020 our Hon. Finance Minister Smt. Nirmala Sitharaman – a relief has been provided to real estate developers and buyers, by increasing the percentage of safe harbor to 20%. One can now buy a house at a rate of 20% lower than the circle rate. This new norm is f...

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E-Invoicing : The new lighting of GST this Diwali!

Goods and Services Tax - The game-changer e-invoicing system in the GST system was launched on 1st October 2020 for the businesses with an aggregated turnover of more than Rs. 500 Crores in the financial year. Completing its two and a half year journey, e-invoicing could finally find its way to get implemented from 1st October 2020, & has revolutionized the way ...

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Cleaning & Maintenance of Books of Accounts on the occasion of Diwali!

Goods and Services Tax - 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....

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Recent Posts in "CA Umesh Sharma"

15 Important Points of GST in Income Tax Audit to be Taken Care off!

After the relief of Corona now tax audit season is approaching. 31st December 2020 is the due date of the audit of Income-tax audit for AY 2020-21. Further assesses  who are not under audit also need to file their Income tax returns before 31st Dec to avoid late fees.  Also, 31st December 2020 is the due date for filing of GST Audit and...

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Lease of Land and issues in GST?

Article contains Important Definitions related to Lease of Land and issues in GST, Schedule entries related to  Lease of Land, Reverse Charge Mechanism on Land Lease, Important Judgement and AAR related to GST on Land Lease with FAQ on Issues like: What is the difference between the lease of Land v/s Building?, What is a […]...

Read More

Buying your dream home becomes cheaper this Diwali!

As a part of the AatmaNirbhar Bharat Package 3.0, announced on 12th November 2020 our Hon. Finance Minister Smt. Nirmala Sitharaman – a relief has been provided to real estate developers and buyers, by increasing the percentage of safe harbor to 20%. One can now buy a house at a rate of 20% lower than the circle rate. This new norm is f...

Read More

E-Invoicing : The new lighting of GST this Diwali!

The game-changer e-invoicing system in the GST system was launched on 1st October 2020 for the businesses with an aggregated turnover of more than Rs. 500 Crores in the financial year. Completing its two and a half year journey, e-invoicing could finally find its way to get implemented from 1st October 2020, & has revolutionized the way ...

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Cleaning & Maintenance of Books of Accounts on the occasion of Diwali!

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....

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Dussehera gift of date extension, but what about Diwali gift of ITC?

Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dat...

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9 New changes in GST on the occasion of Navratri

et’s study 9 major updates in GST, which are important for the taxpayers to take note of. Due to future changes & implementation of e-invoicing, it seems that's the GST department is willing to play Virtual Dandiya with a great enthusiasm with the taxpayers....

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Be Careful…while making transactions in cash!!

Krishna, Today is 13th October last day for the promotion of Elections. In the chaos of election, crores of rupees were ceased. During this period Election Commission has laid many restrictions on cash transaction. But what are the provisions of cash transactions under Income Tax Act?...

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Football & Income Tax- Penalty, in both, is Hefty

Arjuna, while playing on the Football Ground if, a player pushes other players or creates any obstruction then the referee whistles and show a Yellow Card. Yellow Card represents a mild penalty. If you look at Income Tax, the taxpayers are intimated by a prior notice and thereafter a penalty is levied...

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India is My Country & Paying Other’s Taxes is My Duty

Taxpayer will have to pay TDS as per provisions of Income Tax. It means while giving remuneration to other, tax is required to be deducted and deposited with the government....

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Breaking Partnerships- Partnerships, Politics & its Taxation

Partnership means more than one person come and work together. Business partnerships are carried out with the intention of earning Profits. But in Political partnerships there is no objective of earning profits, however nowadays it seems that they are made for profits only. In politics rules are not followed. If business Partnerships diss...

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Correct ITC errors of FY 19-20 before Sept 2020 GST return

The return of September month is the most significant one in GST.As it is the last chance for rectification of few mistakes in previous returns. Taxpayers need to check whether there are any differences in the outward supplies between the books and that as per GST Returns. If any differences exist, then taxpayers need to rectify the same,...

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New Issue: Is GST leviable on Notional Interest on security deposit of Rent?

The new dispute is whether notional interest on the security deposit paid by the tenant, should be taken into consideration for the purposes of arriving at the total value from rental, or not....

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Attention GST Taxpayers, now, return GSTR-3B is becoming more robust

Arjuna, it seems that after September 2020, there will be complete changeover of GSTR-3B filing process on GSTN. On inward side, new GSTR 2B will so as to reconcile and match ITC as per GSTR-3B & GSTR-2A. On outward side, GSTR-1 figures may be reflected in GSTR-3B, so as to reconcile and match tax liability.  Be Thus, GSTR-3B will become...

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This September’s- Tarikh pe Tarikh!

Arjun (Fictional Character): Krishna, half year of 2020-21 is about to end. Along with the same, there are many due dates to be complied with in the same month. Please tell which are those due dates? Krishna (Fictional Character): Arjuna, due to the COVID-19 pandemic & the following lockdown situation therein, the due dates for [&hell...

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TCS on Sales of Goods under Income Tax w.e.f 1st Oct 2020!

Arjun (Fictional Character): Krishna, what is the amendment in applicability of TCS under section 206C of Income tax Act? Krishna (Fictional Character): Arjuna, an amendment has been made in section 206C (1H) of Income Tax, that if any seller of goods whose turnover exceeds Rs. 10 Cr. in the preceding FY, then he is liable […]...

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Draft Disclosures for GST Audit Report of F.Y. 2018-19

DISCLOSURES -The notes for GST Audit are for guidance only. -The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. -AS THE GST LAW IS VOLATILE Where to put reasons, comments, observations, qualifications, etc. in GSTR-9C ? 1) The Auditor is required to put reasons for [...

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6 Case Studies on RCM reporting in GSTR-9 & 9C of FY 2018-19

Part III  of GST Audit Series: 6 Case Studies on Reverse Charge Mechanism (RCM) reporting in GSTR-9 & 9C of FY 2018-19. Issues discussed regarding- 1. How to report 17-18 transactions of RCM paid in 18-19? 2. RCM paid by DRC 03, how to report? 3. How to report RCM issues in GSTR 9 and […]...

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12 Case Studies on Inward Supplies of FY 17-18 reporting in GSTR 9 & 9C of FY 18-19

Part II of GST Audit Series: 12 Case Studies on Inward Supplies of FY 17-18 reporting in GSTR 9 & 9C of FY 18-19. How to report Input Tax Credit of 17-18 in GSTR 9 and 9C of 18-19? 1. 12 Case studies covering all issues of ITC reporting of 17-18 transactions in 18-19. 2. […]...

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12 Case Studies on Outward Supplies of FY 17-18 reporting in GSTR-9 & 9C of FY 2018-19

GST Audit Series Part I: 12 Case Studies on Outward Supplies of FY 17-18 reporting in GSTR9 & 9C of FY 2018-19.  Highlights: How to report Outward Supplies Tax of 17-18 in GSTR 9 and 9C of 18-19. 1. Total 12 Case studies covering all issues of reporting 17-18 transactions in 18-19. 2. Where to […]...

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Major Impacts in Income Tax Faceless Assessment Scheme

Arjuna,the faceless scheme aims to eliminate the human interference between the taxpayers and the Income Tax department. There are Regional Assessment Centres, which would consist of Four Major Units – Assessment unit, Verification Unit, Review Unit & Technical unit. All Actions of AU,VU, RU & TU Officers are approved by the respective ...

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Vighnaharta’s enlightment on extended reporting to taxpayers!

SFT return is mandatorily to be filed by all persons having bank transactions above Rs. 30 lakhs, all professionals and business having turnover above Rs 50 lakhs & payment of rent above Rs. 40,000....

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Taxpayer’s Independence dependent on following things

Arjun (Fictional Character): Krishna,the taxpayer’s charter has been announced the by PM Modi on 13th August 2020. What is it about? Krishna(Fictional Character): Arjuna,PM Modi divulged the taxpayer’s charter by introducing the charter platform as “Transparent Taxation – Honoring the Honest“, that focuses on faceless assess...

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Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...

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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?...

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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....

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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...

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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....

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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...

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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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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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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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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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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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Taxation of GOLD

Recently there is lots of ups and down in gold market and its rates. Many other types of precious metal, stones are there but no other can take the place of gold.  Indians are found of Gold; hence let’s explain me about gold and taxation....

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How to (Clear CA Exams) Be a Good CA

It may be a paradox, but never prepare for exams for the sake of exams. Clearing exams is actually the easy part. Once you are a CA, your Employer/Client, peers, society at large has high expectations on you. If you ask me, that is where the real exam starts! If you prepare only for the sake of exams, you will have a rude awakening once y...

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Books of account closure and Lockdown Effects

Precautions Taxpayers and Businessmen are required to take while finalising books of account as on 31st March, 2020 considering the impacts of COVID-19 pandemic...

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Nobel Prize and other Indian Awards are Tax Free?

Krishna, recently Indian resident Mr. Kailash Satyarthi received Nobel Peace Prize with Malala Yusufzai. This consists of a medal and approximately 6 crores and 64 lakh rupees. Is an Indian resident required to pay Income tax on this Prize money? And also please explain how Income tax is levied on Awards, Prizes, Rewards, etc....

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Income Tax Benefits related to Research & Development expenses

ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of rupees on research and development. Similarly if businessmen carry out such R&D, etc. activity, then is there any provision of Income Tax which benefits him?...

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Is GST payable under RCM on Director’s Remuneration or not?

Arjuna, the confusion of whether GST is payable under RCM on Director’s remuneration has raised due to the recent order passed by Authority of Advance Ruling (AAR) of Rajasthan in the case of Clay Craft India Pvt Ltd, & AAR of Karnataka in the case of Alcon Consulting Engineers (India) Pvt Ltd. These advance rulings state that remunerat...

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FY is ending on 31st March – Know what is CORONA relief

Krishna, The government, considering the sufferings of businessmen throughout the country due to CORONA , has provided relief amidst such outbreak. What is the relief provided?...

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57 Technical Glitches and Issues of GSTN

In this article I have tried to compile some major technical glitches, errors, issues in GSTN. Hope few of them may be the reason why Mr. Nielkani was called for and to resolve them in time....

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What relief taxpayers & professionals expect from Govt in Corona Virus Crisis

COVID-19 virus is indeed a big epidemic. But 31st March also a very important deadline which cannot be ignored at all. Inspite of the widespread of the Corona Virus, the government has not yet extended the due dates for tasks which are to be wrapped up before 31st March 2020....

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15 Important points for taxpayers to do before 31st March 2020

The taxpayers have to take care to follow all the Tax laws at year end and has to maintain his books of accounts. Tax planning in advance will be more beneficial; if it is delayed then taxpayer may get trapped. For a taxpayer, the March 31 deadline remains same as all tax related tasks need to be completed by then. Let’s learn about som...

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Latthmar Holi of GST!! &, Floral Holi of Income tax

This year the tax department is also ready to play different types of holi with the taxpayers, of which the Income Tax department will be playing the Floral holi (Foolonki holi) and the GST department will be playing Latthmar Holi. Lets discuss about it in detail....

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Stumping Out! Taxpayer, if March ending work not carried out timely

Krishna, Currently the T-20 Cricket World Cup is on. Dhoni’s stumping in the India v/s Bangladesh match is all over the news. The Financial Year’s end, i.e. March end has arrived. Keeping this in mind, what should the taxpayers do, so that he will not get stumped?...

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Foreign Travel and its TCS under Income tax w.e.f. 01.04.2020?

In the Union Budget 2020 it is proposed to widen the provisions for levy of TCS (Tax Collected at Source).  The foreign tour operator will be liable to collect tax (TCS) u/s 206C (1G) from the passenger of such tour package @5% (@10% if PAN/Aadhar of passenger is not available) over and above the cost of his tour package....

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How many previous years Income Tax returns can be filed after due date?

Krishna, just a few days are left for the end of due date of filing returns for financial year 2018-19 i.e AY 2019-20 . Some lethargic tax payers are in hurry for filing their Income tax return for Financial Year 2018-19, but the due date of filing the return is July or September. How many previous years’ Income Tax returns can be filed...

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Beware! No Entry for ‘’False Entry’’ in Income Tax and GST!

Arjun (Fictional Character): Krishna, several cases of fraudulent claim input tax credit (ITC) have been caught by the GST authorities. Considering the same, in Union Budget 2020 it has been proposed to take massive steps to curb issuance of fake invoice. So, what are they? Krishna (Fictional Character): Arjuna, to curb issuance of fake i...

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Small House Big Tax Benefit

Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this....

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Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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GST Taxpayers!! Arise & Fight against Injustice of Interest Charged

The Issue of interest levy under GST is for periods- from 01st July 2017 to effective date of amendment to section 50 of CGST Act as per Union Budget 2020. As the amended section 50 of CGST Act, now levies interest on Net Amount. However, the GST department wants Interest to be charged on gross amount for above period and whereas taxpayer...

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20 Googly Balls of Budget 2020 that can take Taxpayer’s wicket

Arjuna: Krishna, the Union Budget for 2020-21 was announced on 1st of February 2020. Various new googly provisions were proposed in the same, kindly please explain which were those? Krishna: Arjuna, In the Union Budget 2020-21, there are certain provisions proposed, those may take the taxpayer’s wicket. While playing a 20-20 cricket mat...

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‘Taxpayer’s Parade’: Beware of Anti-Tax Evasion Weapons

Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?...

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How to correct mistakes in GST by DRC-03? Its impact on GST Audit?

There are two gateways through which taxpayer can make payment of GST. One is when the taxpayer makes payment through PMT-06 while filing monthly return GSTR-3B and when the taxpayer has made any mistake of short payment of tax or excess ITC while filing his return then, DRC-03 may be filed for correcting the mistake....

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How will taxpayers fly their Kite of Income Tax Return?

Krishna, the eve of Makarsankranti where people celebrate it by flying different types of Kites. This year new Income Tax returns have been notified by CBDT. How shall the tax payers fly the new ITR?...

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20 things to keep in mind in this year 2020 by taxpayers

Arjuna (Fictional Character): Krishna, the eve of new year was celebrated with enthusiasm. What are the 20 major things to be kept in mind in this year 2020 by the taxpayer? Krishna (Fictional Character): Arjuna, every new year comes with new hopes, new aspirations, new responsibilities and new challenges. 2020 is a leap year, to [&hellip...

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New Year at last brings revised GST Audit Form

After many delays the utility for GST Audit was released by GSTN. The utility for GSTR-9C was updated as per notification issued on 14th November, 2019.  The year 2017 is about to end while awaiting for the audit report form. Now in the year 2020, audit of the year 2017-18 and 2018-19 will be uploaded due to GSTN Portal and Audit forms t...

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Advance tax – Precaution is better than Cure!

Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

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Santa of GST stressed due to drop in Revenue

In this meeting taxpayers did receive their Christmas gifts wherein recommendations were made for extension of due date and also some procedural decisions were taken. The gifts given by stressful Santa Claus seems to be affected by 40% drop in revenue....

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15 Important tasks of Income tax to be done before March end!

Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that t...

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Kisan Vikas Patra- Is it a tool to convert Black Money into White?

Krishna, recently the Government has reintroduced the investment scheme of Kisan Vikas Patra. There are many questions regarding this scheme but answer to the most important question is unascertainable. The earlier scheme of Kisan Vikas Patra was closed due to increasing black money from the scheme then why it is reintroduced? ...

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This winter Taxpayers shiver due to GST Notices

Now-a-days department is continuously issuing notices to the taxpayers for discrepancies observed in the returns filed by them. These notices are making the taxpayers shiver. The most common notices received by the taxpayers are GSTR-3A and ASMT-10....

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Advance tax Provisions under Income Tax Act, 1961

Krishna! It is said that from now onwards everyone will have to pay 1st installment of advance Income tax before 15th June. To whom, how and when will this advance tax provision be applicable?...

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1 E-Way Bill, 2 GST Returns, 3 Victims Blocking of E-Way Bill on Non Filing of GST Return

GST department has issued FAQ regarding Blocking and Unblocking of generation of E-Way Bill. W.e.f 1.12.2019 The department has taken the reference of Rule 138E of CGST Rules, 2017 and has started the process of Blocking the generation of E-Way Bill of Taxpayers who have not filed GSTR 3B for consecutive 2 or more periods. Near about 20.7...

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60 Disclosures to be made in GST Audit Report

The notes for GST Audit are for guidance only. The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. AS THE GST LAW IS EVER CHANGING GSTR-9C and where to put reasons, comments, observations and qualifications and etc. Reasons for unreconciled differences in Table 6,8,10...

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Important Changes in Form GSTR-9 and GSTR-9C

Government has come up with long awaiting simplification in Forms of GSTR-9 and GSTR-9C for Financial Year 2017-18 and F.Y 2018-19. The due dates for filing GSTR and GSTR-9C for F.Y. 2017-18 has been further extended till 31st December, 2019 and for F.Y 2018-19 has been extended till 31st March, 2020....

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GST Audit Report 2017-18, lots of load to upload

The professionals have just finished uploading Tax Audits for financial year 2018-19. But the more difficult challenge awaiting for professionals is GST Audit for financial year 2017-18. The extended due date for filing GST Annual Return and GST Audit is 30th November, 2019. So, now the professionals will to timely accomplish this target....

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Justice delayed is Justice denied case of Trans-1 and MVAT revised return!!

Maharashtra state SGST department has corrected the mistake related to Trans 1 and MVAT revise return. Because of it taxpayers suffers from many problem related to it, tell us that how much it affects the taxpayers?...

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Enjoy the Crackers Stall of GST!

Arjuna, ‘Sutali Bomb’ from Government is ‘Restriction to claim ITC’. The restriction to claim Maximum Input tax credit of upto 120% of the eligible credit available in GSTR-2A is the Sutali Bomb, as its going to have a loud impact on Taxpayers. Every taxpayer should keep this provision in mind and comply the same. Otherwise the ...

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Corporate tax Dandiya between Corporates taxpayers, enjoy it!

inance Minister introduced amendments in Income Tax to boost economy. Corporate tax Dandiya ground is of Income Tax, the players are corporate taxpayers. The music is being played to boost economy. The Corporate tax Dandiya is for coporate tax payers only and no passes are given to non-corporate taxpayers i.e. it is not applicable to indi...

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Suvidha in Income Tax, Duvidha in GST

Seeing the changes made in Income Tax, same were expected in GST. But only law and procedure related changes were recommended. Also, GST rates related to supply of goods and services were proposed to change....

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How to check scrutiny risk in Tax Audit Report?

The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk?...

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What are the most important new Reportings in ITR for AY 2019-20?

CBDT notifies new ITR’s and brings changes in the Income Tax Return and the and requires new information from the taxpayers. Like each year, this year also CBDT has brought about new reporting requirements in the Income Tax Returns....

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GST- Ganesha… Save Taxpayers

Arjuna, The month of September is the most important month for the Taxpayers. Taxpayers who are required to get their books of accounts audited for F.Y 18-19 are required to upload their Income Tax Audit Report till 30th September, 2019. While filing Income Tax Audit Report, taxpayers have to provide information of GST too. Also the month...

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“Dahi Handi” of GST Annual Return and GST Audit

Arjun, for breaking the Dahi Handi taxpayers are required to overcome 10 difficulties i.e. 10 layer pyramid. These layers are as follows: To have a stable pyramid, a strong foundation is required. The biggest hurdle of forming this in GST is calculation of net liability through Annual return and Audit Report, as both the forms provides no...

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How to resolve technical glitches while uploading GSTR-9C?

Arjuna (Fictional Character): Krishna, GST department has come out with statistics that only 1% of GST Audit Report for financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such statistics of uploading. So, what are reasons for [&helli...

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Rakshabandhan in GST- Matching of ITC

rjuna, Rakshbandhan is celebration of the purest form of brother and sister bond. On this day sister ties Rakhi to brother’s Wrist, in return of the promise of her safety. Similarly in GST matching and mismatching of purchase/sale bond needs to be done to ensure the promise to claim ITC between supplier (brother) and recipient (sister)....

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GST mein kisiko nahi “Banana” – Don’t Charge incorrect GST

What do you mean by charging incorrect rate of GST? Charging incorrect rate of tax refers to short or excess collection of tax amount by the taxpayer other than the rate actually applicable....

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Relief to Small Composition & Electric Vehicle Manufacturers in GST

In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended....

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10 Important changes in ITR of Financial Year 2018-19

Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Indiv...

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What is Sabka Vishwas (Legacy Dispute Resolution) Scheme?

A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds b...

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Highlights of GST in Union Budget 2019-20

Union Finance Minister Nirmala Sitaraman has presented Union Budget for the year 2019-20. This budget is the modest budget with more of sense than sensation. Let’s study the major proposals of GST and Amnesty Schemes under old indirect taxes....

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It’s raining in GST with downpour of various notifications and circulars

Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of  various notifications and circulars by CBIC, what are they about?...

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Hurrah! GST audit due date extended to 31st August 2019

It was recommended to extend the due date of furnishing of FORM GSTR-9, FORM GSTR-9A, and FORM GSTR-9C due to difficulties being faced by taxpayers in furnishing the annual returns till 31.08.2019. Official notification would be released soon. This recommendation was much needed by the trade and industry....

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Applicability of GST Audit

GST Audit for FY 2017-18 is applicable to every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores. The copy of audited annual accounts and a reconciliation statement is to be furnished while filing GSTR-9C....

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“Run-out” of GST Taxpayer in collusion among GSTR-9 and GSTR-2A

In cricket many times players get run-out without their fault and same is happening in GST. How are taxpayers getting run-out while providing details of inward supplies in GSTR-9 and GSTR-2A?...

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“Jugaad” to resolve issues of 2017-18 Outward Supplies mistakes in GSTR-9?

In GSTR-9, every registered person has to provide details of outward supplies, inward supplies and inward supplies on which tax is payable on reverse charge basis (RCM) and determine the tax liabilities as appearing in financial statement of 2017-18 of the tax payers....

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GSTR-9 Annual Return – Applicability

GSTR 9 is an annual return which needs to be filed by the registered persons once in a year. It consists of details regarding the supplies made and received during the year i.e it is consolidation of the information furnished in the monthly or quarterly returns during the year....

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Applicability of GSTR-9 Annual Return

GSTR 9 is an annual return which needs to be filed by the registered persons once in a year. It consists of details regarding the supplies made and received during the year i.e it is consolidation of the information furnished in the monthly or quarterly returns during the year....

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RCM on Builders and Developers under GST

Recently notifications were issued in relation to the real estate industry, what are the provisions in relation to applicability of Reverse charge mechanism (RCM) to builders and developers, do they need to pay tax under RCM ?...

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Taxation of Development rights under GST

Arjuna, Yes the taxation of Development Rights under GST has changed from 1st April 2019. But before seeing the changes let us know something about TDR/JDA. Joint Development Agreement (JDA) is an agreement between a landowner and a real estate developer to construct new projects; where the landowner provides the land and the builder carr...

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Changes in taxation of Works contracts service under Real Estate

Arjuna, recently the new taxation procedures and rates were  notified in relation to real estate industry. These notifications have also brought changes in the construction services provided in relation to real estate, which are made effective from 1st April 2019....

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Employers and Employees Beware! Changes in Form 16

Form 16 is a certificate issued by an employer to employee evidencing details of salary and other income and the TDS which is deducted from salary and deposited with the Income Tax Department. Form 16, essentially has two components to it- Part A and Part B. ...

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15 Important Changes in New ITR Forms for F.Y. 2018-19

Arjuna (Fictional Character) : Krishna, new ITR forms have been notified by CBDT, what is your view on that? Krishna (Fictional Character): Arjuna, recently CBDT has notified new changes in the ITR for F.Y. 2018-19 and now the taxpayers will have to give detailed information of their agriculture income, gross profit and net profit from [&...

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SIXER” in GST, its New!!! (6% GST Rate)

Krishna, as IPL season is going on and batsmen are hitting sixers and making records in the matches, likewise the new rate of 6% has been introduced in GST, it’s a sixer in GST. Please tell something about that sixer....

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New GST Taxation for Real Estate brings Customer’s Suvidha, Builder’s Duvidha

Arjuna (Fictional Character): Krishna, recently Government issued notification on Real Estate Sector as on 29th March  2019, Please tell something about it. Krishna (Fictional Character): Arjuna, these notifications were focused on Real Estate Sector. The notifications provide lower effective GST Rates for customers. Let’s see what’s...

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GST: Important things to remember this March ending!

Many important changes were brought in GST this year. Soon, taxpayers would be filing their Annual return and getting their accounts audited. This would be the first time taxpayers would file annual return and also their last chance to rectify mistakes if any in FY 2017-18. So, as March end approaches the taxpayers should reconcile their ...

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Highlights of MVAT and other disputed taxes settlement Ordinance

Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an ordinance to solve disputes between Maharashtra government and taxpayers. What is this ordinance?...

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