GST Filing and Compliance: Recent Changes in Late Filing, Assessments, and Case Updates
Staying compliant with GST regulations is essential for businesses to avoid penalties. Recent legal changes emphasize the need for timely GST returns and provide updates on filing extensions. Let’s explore the latest updates and a case example that highlights these important changes. Why Timely GST Return Filing Matters Filing GST returns, like GSTR-1 and GSTR-3B, […]
Understanding Tax Audits and Form 3CA-3CD: A Comprehensive Guide
Tax audits and form 3CA-3CD are vital for ensuring compliance with tax laws and preventing tax evasion. Established by the Finance Act of 1984 under Section 44AB, this requirement took effect from the Assessment Year 1985-86. The goal is to enhance the accuracy and transparency of income reporting. What is a Tax Audit? A tax […]
Understanding the Invoice Management System (IMS) Under GST: A Comprehensive Guide
The Goods and Services Tax (GST) in India is evolving to make compliance easier for taxpayers. A key improvement is the Invoice Management System (IMS), which is set to launch on the GST portal from October 1st. This new tool aims to help taxpayers manage invoice corrections and amendments more efficiently. It also ensures that […]
September 2024 Compliance Calendar: Key Deadlines You Shouldn’t Miss
As September 2024 rolls in, it’s essential for businesses and professionals to stay on top of their compliance requirements. Missing key deadlines can lead to penalties, so here’s a quick guide to the crucial dates this month. 7th September: TDS Payment for August 2024 Ensure that your TDS (Tax Deducted at Source) for August 2024 […]
Avoiding Costly GST Filing Errors: Insights from the Recent Court Judgment
In GST compliance, even small mistakes can lead to big problems. A recent court judgment highlights the importance of filing returns correctly and the consequences of errors. Let’s explore the details of this case and what it means for businesses. The Error: Filing GSTR-1 for the Wrong Period In the case of Veeran Mehhta vs. […]
New TDS Rules for Partner Payments: What You Need to Know!
Introduction: Starting April 1, 2025, a new section called 194T will change how partnership firms and Limited Liability Partnerships (LLPs) handle payments to their partners. Under this rule, firms must deduct 10% Tax Deducted at Source (TDS) on payments made to partners if the total amount exceeds ₹20,000 in a financial year. Let’s explore what […]
RCM Liability/ITC Statement: A New Transparency Tool on the GST Portal
The GST landscape is evolving to better support taxpayers and enhance transparency in tax transactions. A significant addition to this framework is the new “RCM Liability/ITC Statement” on the GST Portal. Designed to help taxpayers report Reverse Charge Mechanism (RCM) transactions more accurately, this statement bridges the gap between RCM liabilities and corresponding Input Tax […]
Important Advisory: Furnish Bank Account Details Before Filing GSTR-1/IFF
Introduction If you’re a registered taxpayer under the Goods and Services Tax (GST), there’s an important update you need to know. The GST Council has issued Notification No. 38/2023, requiring taxpayers to provide their bank account details before filing GSTR-1 or using the Invoice Furnishing Facility (IFF). This rule will be enforced from September 1, […]
India’s New Income Tax Act: What It Means for You
India is set to introduce a new Income Tax Act within the next six months. Union Finance Minister Nirmala Sitharaman announced that this new law will replace the Income Tax Act of 1961. The primary goal is to simplify the tax code, making it easier to understand and comply with. Why a New Income Tax […]
How to Avoid Notices from Tax Authorities
Receiving a notice from the tax authorities can be a stressful experience for any business owner. It often signals potential discrepancies or issues in your tax filings, which can lead to penalties, interest charges, or even audits. However, by taking proactive steps, you can significantly reduce the likelihood of receiving such notices. This blog will […]