Guide to GSTR-1 Table-Wise Details Reporting GSTR-1 is a GST return used for reporting all outward supplies (sales) made during a tax period. It contains invoice-wise details of taxable supplies, exports, debit notes, credit notes, amendments, and other outward supply transactions. Under this blog we provide a table-wise summary of transactions to be reported in …
Complete Guide on GST Penalties under Sections 73, 74 & 74A Under this article we are going to summarize the penalty provisions applicable under different GST demand and recovery sections. Section 73 deals with non-fraud cases; Section 74 deals with fraud, willful misstatement, or suppression of facts; and Section 74A (introduced from FY 2024-25 onwards) provides a …
Comprehensive scrutiny checklist of online portal to facilitate GST Appeals Understanding each item in the scrutiny checklist is essential for taxpayers, chartered accountants, company secretaries, cost accountants, advocates, GST practitioners, and departmental officers involved in GST litigation. Proper compliance at the time of filing significantly reduces the chances of objections, delays, or rejection of the …
Why have the rules been the Foreign Contribution (Regulation) Amendment Rules, 2026? The Govt. has introduced these changes to strengthen monitoring and ensure that foreign contributions are Utilized only for approved and declared purposes, spent within approved states and union territories, supported by detailed activity-based reporting, protected from misuse for unauthorized or political activities, and …
No House Rent Allowance? Section 80GG Can Still Help You Save Tax Many taxpayers who live in rented accommodation but do not receive House Rent Allowance often miss out on an important tax benefit available u/s 80GG of the Income Tax Act, 1961. This deduction is specifically designed for taxpayers paying rent but not eligible …
Why Are More Taxpayers Choosing the New Income Tax Regime? For many years, Indian taxpayers depended heavily on deductions and exemptions under the Old Tax Regime to reduce their tax liability. However, with the introduction of the New Tax Regime, the focus has shifted toward Lower tax rates, simpler compliance, and Greater financial flexibility As …
AFA Renewal & Compliance Readiness: Key Action Points for Insolvency Professionals With recent regulatory alignment and evolving compliance expectations, it has become increasingly important for insolvency professionals to proactively manage their authorization for assignment renewals and ensure regulatory readiness. Insolvency Professionals Needed: Insolvency Professionals Plan Early, Stay Compliant, The revised AFA framework emphasizes discipline, preparation, …
Overall Structure & Theme Goods and Services Tax Reconciliation Goods and Services Tax Reconciliation Goods and Services Tax reconciliation is essential to ensure accuracy, compliance, cash flow management, and business growth. The main goal is to match data, find mismatches, and ensure accuracy and compliance under the Goods and Services Tax. GST reconciliation is defined as matching …
New permanent account number Quoting Rules (From 1 April 2026) These new permanent account number quoting rules specify when a permanent account number must be quoted for certain financial transactions. above compares old limits vs revised limits. Cash Withdrawals (Bank/Post Office) Old Rule New Rule INR 20 lakh (FY basis) INR 10 lakh (FY basis) Meaning: …
Ministry of Corporate Affairs Compliance Calendar – Private Companies (India) Annual Compliances – Private Companies (India) Form / Event Due Date Purpose / Details Annual General Meeting On or before 30 September Annual General Meeting of shareholders AOC-4 Within 30 days of AGM Filing of Financial Statements (BS, P&L, Auditor’s Report, Board Report) MGT-7 / …