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GST WEEKLY UPDATE : 35/2022-23 (27.11.2022)

Latest GST News, Information, Notifications & Announcements [Period 22/11/22 to 28/11/22]

1.    Mandatory furnishing of correct and proper information of ineligible Input Tax Credit and reversal thereof in Form GSTR-3B As Per CBIC circular no. 170/02/2022:- GST has highlighted incorrect reporting of ineligible Input Tax Credit by Taxpayers. Maharashtra & Kerala state has issued instruction, Detail instruction issued by the Kerala state as under: 2.    DGFT: …

Latest GST News, Information, Notifications & Announcements [Period 22/11/22 to 28/11/22] Read More »

GSTN is Organizing Webinar on ‘Filing of an Appeal by Taxpayers on GST Portal’

Taxpayers Alert: Webinar on ‘Filing of an Appeal by Taxpayers on GST Portal’

GSTN is Organizing Webinar on ‘Filing of an Appeal by Taxpayers on GST Portal’- For creating awareness amongst all the stakeholders, GSTN is holding webinars on ‘Filing of an Appeal by Taxpayers on GST Portal’, as per the details given below: Webinar Topic Webinar on Filing of an Appeal by Taxpayers on GST Portal Language …

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Notice Under Section 142(1) of Income Tax Act

notice under Section 142(1) of Income Tax Act is generally served to taxpayers in order to call upon certain documents and details or to particularly assess a case. When an individual receives a notice under this section, it is most commonly the first step in the preliminary investigation into any discrepancies found by an Assessing Officer who …

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Indian Accounting Standards (Ind AS): Disclosures Checklist (Revised November, 2022)

The Institute of Chartered Accountants of India (ICAI) through its Accounting Standard setting arm viz., Accounting Standards Board (ASB) endeavors to remain converged with International Financial Reporting Standards (IFRS Standards). Apart from standard setting, the ASB is committed to provide necessary guidance to the stakeholders to ensure that the Accounting Standards are applied consistently.

GST DOCTOR We created a bunch of tools to help GST officers quickly process GST returns downloaded from AIO. The three basic GST returns are GSTR 1, GSTR 3b and GSTR 2A/B a

“GST Doctor” Web Application of ITC Matching Module Developed by Sh. Milan Tiwari, Inspector of CGST Zone

Writeup on “GST Doctor” Web-Application In order to ensure ease of collation of data and verification of the monthly GST returns, a web-application VIZ: “GST Doctor ” was developed by Sh. Milan Tiwari, Inspector of Chennai CGST Zone. 2. The main areas of verification of GST returns by field officers are: reconciliation of outward supply …

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Mock Test Papers Series – II for December, 2022 CA Foundation Examination

ICAI Students: Mock Test Papers Series – II for December, 2022 CA Foundation Examination

In continuation of Mock Test Paper Series – I, the Board of Studies (Academic) is commencing Mock Test Papers Series – II from November 28, 2022 for students appearing in CA Foundation December 2022 examination. The mock test will be conducted in physical/virtual mode(s). Those students appearing in physical mode may contact their respective regional councils …

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Partnership Deed Key Facts & Draft Format

THE INDIAN PARTNERSHIP ACT The Indian Partnership Act, 1932 (the Act”) was enacted in 1932 and came into force with effect from 01st October, 1932 except section 69 of the Act which was came into force w.e.f. 1st October, 1993. A “contract’ is essential for every Partnerships and the same is governed by the Indian …

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How to View & Download Form 26AS From TRACES Website

Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS

Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. What is Form …

Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS Read More »

income tax scrutiny assessment

Section 143(3) Income-tax Scrutiny Assessment

Section 143(3) Scrutiny Assessment- Income tax assessment is the process of verification of the information a taxpayer has provided in the returns submitted by a taxpayer to the income tax department. An assessment is carried out by the Income Tax department after the filing of an income tax return by an assessee. The purpose of conducting the …

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PAN card holders alert! Your PAN card may be inoperative

If you are a PAN card holder and you have not yet linked it with Aadhaar, then this news is important for you. Permanent Account Number (PAN) will become inoperative after March 2023 if the cardholder fails it to link with the Aadhaar Card, the Central Board of Direct Taxes (CBDT) had said earlier this …

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Latest GST News, Information, Notifications & Announcements [Period 15/11/22 to 21/11/22]

“Don’t wait for the last-minute rush to file your TRAN-1/2 Forms. Please File today. The last date to file TRAN forms is 30th November 2022. No Form shall be accepted after 30th November 2022,” GST Portal said in a statement. 2.    ITC in annual return has been taken in to account uptill 30.11.2022: 3.    GST …

Latest GST News, Information, Notifications & Announcements [Period 15/11/22 to 21/11/22] Read More »

Section 143(1)

Section 143(1) Income Tax Notice

Tax notice under Section 143(1) of the Income Tax Act can be issued to begin a summary assessment without calling the taxpayer. Section 143(1) notices are issued based on computerized processing of tax returns without any human interface. In a summary assessment, the Income Tax Department would not call for additional information or documents as …

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Partnership Deed Format

Partnership Deed Format Doc. and PDF

FORMAT OF DRAFT PARTNERSHIP DEED in India This Deed of Partnership is executed on this the ………day of ………, 20……. by and amongst:- AND WHEREAS the parties above named intend to carry on the business in partnership in the name and style of ………………………………(name of the firm) vide this Deed of Partnership. AND WHEREAS all …

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INCOME TAX RAID in Bengaluru

I-T Dept conducts search actions have led to detection of unaccounted income more than Rs. 1300 crore & cash and gold jewellery 24 crore

Income Tax Department conducts search actions in Karnataka- Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, …

I-T Dept conducts search actions have led to detection of unaccounted income more than Rs. 1300 crore & cash and gold jewellery 24 crore Read More »

TAX PAYMENT

If you have account in these 11 banks, then you will not be able to pay tax on TIN NSDL website

If you make income tax payment online, then there is an important information for you. Before making tax payment, you should check once whether your bank is connected to the tax payment facility route or not. This has happened because the Income Tax e-filing portal has started the facility of e-pay tax. Customers whose bank …

If you have account in these 11 banks, then you will not be able to pay tax on TIN NSDL website Read More »

ROC COMPLIANCE TRACKER

COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013 AND RULES MADE THERE UNDER November 2022 (Quick Referencer)

COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013 AND RULES MADE THERE UNDER;   Applicable Laws/Acts \   Due Dates   Compliance Particulars   Forms / Filing mode   Within 180 As per Section 10 A (Commencement of     Days From The Business) of the Companies Act, 2013,     Date Of inserted        vide                    the                    Companies …

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TC VIP- Weekly Corporate Affairs Newsletter Contents: SEBI, MCA, RBI, IBC, IPO, MSME Updates

Newsletter Contents: SEBI UPDATES, MCA UPDATES, RBI UPDATES, IBC UPDATES, LABOUR LAW UPDATES, PRESS INFORMATION, IPO & INVESTMENT, IRDAI UPDATES, DEPARTMENT OF TELECOMMUNICATIONS, MSME UPDATES, COMPETITION COMMISSSION OF INDIA, CURRENT AFFAIRS- FAQ’s SEBI Updates [Sl. Particulars Link     1 Review of provisions pertaining to specifications related to International Securities Identification Number (ISIN) for debt …

TC VIP- Weekly Corporate Affairs Newsletter Contents: SEBI, MCA, RBI, IBC, IPO, MSME Updates Read More »

Cash Transaction Limit & Penalty under Income Tax

The Finance Act 2017, took various measures to restrain black money and as an outcome of these measures, a new Section 269ST was inserted in the Income Tax Act. Section 269ST imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: …

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GST-aba86171

Latest GST News, Information, Notifications & Announcements [Period 08/10/22 to 14/10/22]

Yes, if you are eligible for e-Invoicing, all the invoices of B2B and Exports need to be registered. No, there is no time limit for delivery of goods or generation of e-waybill for the e-Invoice. Yes, if you are eligible for e-Invoicing, all the invoices including RCM invoices issued by the Supplier need to be …

Latest GST News, Information, Notifications & Announcements [Period 08/10/22 to 14/10/22] Read More »

11,000 job cuts: Mark Zuckerberg’s Message to Meta Employees

Mark Zuckerberg just shared the following with Meta employees: Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to …

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Taxpayers are frequently receiving notices from the tax department for variance in the amount of ITC availment in GSTR 3B as compared to their respective GSTR 2A/2B

One such change has been recently notified by the government vide Notification No. 14/2022 – Central Tax dated July 5, 2022, in Table 4 of GSTR 3B, meant for Input Tax Credit (ITC) related information. The said changes have been made available on the GST portal since September 1, 2022. In brief, the government has majorly changed the following …

Taxpayers are frequently receiving notices from the tax department for variance in the amount of ITC availment in GSTR 3B as compared to their respective GSTR 2A/2B Read More »

services purchased from Google Ads, Cloud, Workspace, YouTube, Play, and other paid Google services in India.

Google Payments Alert: Changes to using your card with Google

We’re reaching out to inform you that Google has deleted your Visa card information to comply with new Reserve Bank of India card storage regulations. Your card details will no longer be available to make payments for Google services. You can still enter your card details to use your Visa card to make payments. When you …

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Last date to file ITR 2022-23 extension

ITR FIIING LAST DATE FOR AY 2022 23- Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. Earlier the due date of filing ITR for these assessees was October 31, 2022. CBDT had last month extended the …

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Income Tax Alert! Exemption of senior citizen is over, now the return will have to be filed, know what has changed here

Under the new directions of the Central Board of Direct Taxes (CBDT), it will be mandatory for individuals, professionals to file income tax returns, whether their income falls in the taxable limit or not. At present, the income tax exemption limit is Rs 2.5 lakh for persons below 60 years of age, Rs 3 lakh …

Income Tax Alert! Exemption of senior citizen is over, now the return will have to be filed, know what has changed here Read More »

RBI e-rupee pilot project launched (e-Rupee including SBI, HDFC, ICICI to issue e-rupee)

e-rupee pilot project launched The RBI started the pilot project of digital currency (e-Rupee). This will be regulated by RBI by the Reserve Bank. RBI has selected 9 banks including SBI, HDFC, ICICI to issue e-rupee. Right now it will be used only for Indian ₹ ERVOF wholesale transactions. This will also lead to cross …

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MCA Portal 2: Sloganeering at the Registrar of Companies office

MCA portal has been a problem for 2 months, audit report, problem in depositing balance seat, CS’s anger erupted on the portal which has been troubled for a long time, a large number of registrars of companies are performing during the tenure, the company  Sitting outside the registrar’s room, the problems being raised in the …

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Latest GST News, Information, Notifications & Announcements [Period 25/10/22 to 31/10/22]

GST Portal Issues Advisory on TRAN-1 for Taxpayers from Daman and Diu & Ladakh: The portal clarified that, “Due to reorganization of the state of Jammu & Kashmir and merger of the Union territories of Dadra and Nagar Haveli and Daman and Diu, the taxpayers of Ladakh and earlier ‘Daman and Diu’ region have been …

Latest GST News, Information, Notifications & Announcements [Period 25/10/22 to 31/10/22] Read More »