FAQ’s – Parameters for GST Department Notice Q.: The GST department issues notices for return scrutiny depending on a variety of characteristics. Why is the department sending out these notices? Ans: GST Consultants give advice that Officer may analyse the return supplied by the registered person to check the correctness of the return and inform …
GSTR-9 & GSTR-9C for FY 2024-25 Made Simple The GSTN has released updated FAQs and enhanced system features for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for Fiancial Year 2024-25. This year introduces major improvements in auto-population, ITC reporting logic, import treatment, and reconciliation formats, making compliance more data-driven and tightly linked to GSTR-2B. …
Brief about GST E-Invoicing & it’s applicability. It is mentioned under Rule 48(4) of CGST Act, in which the registered taxpayer companies is mandatory to make invoices, by providing or uploading json file of invoices on IRP (Invoices registration portal) and get an IRN (Invoice Reference Number) which contains a QR code. After going to …
Who can claim deduction U/s 24B of the Income Tax Act? Income tax deduction can be claimed for 2 or more housing loans. The deduction U/s 24B can also be claimed for 2 or more houses. For claiming deduction U/s 24B, Person must be the owner of the house property & also loan should be in …
Limit for GST E-Invoices for Firms dropped to Rs 10 crore Sales as of Oct. 1, 2022 Every registered Businesses who has an annual turnover more than Rs. 10 Crores it is required to send an electronic invoice as of October 1, 2022. Presently for e-invoice is mandatory for the firms with yearly turnover of …
ICAI’s statutory monopoly is proposed to be going end by a parliamentary Panel The report of the Standing Committee on Finance on the bill revising three professions—company secretaries, chartered accountants and cost accountants—has been a blow for all three institutions, particularly the CA Institute, which regulates these professions. Parliamentary Panel, which is led by BJP …
What is means of Crypto currency according to Income Tax provisions ? Crypto currency and Income Tax In the introduction of Budget 2022, the government has announced taxation norms on the same. Key pointers regarding income tax implications on crypto currencies in India are as follows – Crypto currency – Meaning as per Income Tax …
Key legal framework for corporate governance in India The Companies/ firm framework for corporate governance initiatives in India consists of MCA and SEBI. SEBI monitors and regulates corporate governance of listed companies in India through Clause 49. The Companies Act 2013 The Companies Act has placed greater emphasis on corporate governance through the board and …
Introduction About Multimodal Transport Operator(MTO) Registration The process of Multimodal transportation and registration of operators. Which includes delivering goods from suppliers to their respective clients requires transportation on a regular basis. According to the Multimodal Transportation of Goods Act, (MTGA) 1993. In which every Company, Firm, or Proprietary Concern, whether they are operating in the …
Aadhaar-based instant PAN card only Applicable for Individuals Permanent Account Number (PAN) Permanent Account Number (PAN) is a 10-digit, one-of-a-kind of alphanumeric no. This is allotted by the income-tax department in accordance with the relevant income tax laws and regulations. PAN quotation is required for a number of banking transactions. Aadhaar-based instant PAN The I-T …