# compliance
58 posts in `compliance` tag
Online GST Compliance Advisory ITC Mismatch Form DRC 01C
In simpler terms, the GSTN has introduced a tool to automatically notify businesses through Form GST DRC-01C about differences in Input Tax Credit (ITC) between the GSTR-2B statement and the ITC claimed in the GSTR-3B return, as directed by the GST council. This tool is now active on the GST portal.
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By Krishna
GSTN Advisory ITC Reversal Rule 37A Compliance
The GSTN has issued Important Advisory No. 613 dated November 14, 2023, regarding the Reversal of Input Tax Credit (ITC) under Rule 37A of the CGST Rules, 2017.
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By Krishna
Important Tax Compliance Dates November 2023 Complete List Income Tax Department
The Income Tax Department in India has a tax calendar that lists important dates for taxes. This includes when to file tax returns, pay taxes in advance, and deduct taxes from income. If you miss these dates, you might have to pay extra fees.
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By Krishna
Statutory & Tax Compliance Calendar October 2023
These responsibilities have specific deadlines set by government authorities, and it's crucial to meet them on time. To help you keep track of these important dates in October 2023, we've created a Statutory Compliance Calendar.
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By Krishna
Over 3 Million Audit Reports Income Tax Website
The e-filing portal efficiently managed the influx of users, ensuring a smooth experience for taxpayers and tax professionals as they submitted their audit reports.
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By Krishna
Consequences Failing File Audit Report Tax Penalties Late Fees
It is important to note that although Section 139 of the Act has been extended until 30th November 2023, which is one month after the original deadline, you should aim to file your taxes by 31st October 2023. Filing late can result in a late fee of Rs 5000.
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By Krishna
GST Portal New Feature Electronic Credit Reversal Reclaimed Statement
In the Closing Balance part of the statement, you'll see how much of the ITC Reversal balance is left and can still be used in form GSTR-3B.
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By Krishna
CBIC Advisory GST Provisional Attachment Section 83(2)
This communication will also reference Section 83(2) of the CGST Act, 2017, and state that the property or account in question is being released or restored in accordance with these provisions.
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By Krishna
Income Tax Dept Online Challan Correction Feature Launched
The Income Tax Department has added a user-friendly tool to the Income Tax Return (ITR) portal. This will be focused on easing the process of paying income tax payments and fixing any mistakes in the payment process.
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By Krishna
30 Day Time Limit Reporting Invoices E-Invoice Portal Effective November 1st
This time limit is applicable to taxpayers with an Aggregate Annual Turnover (AATO) of 100 crores or more. Consequently, taxpayers falling into this category will not be able to record invoices that are older than 30 days on the day of reporting.
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By Krishna
Rectify Mistakes Omissions Income Tax Return Updated Return
If you missed the deadline to file your ITR for the financial year 2022-23, which was July 31, 2023, you can file a belated return. However, there are some important points to keep in mind.
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By Krishna
CBDT Income Tax Department Processes 88 Percent Validated Tax Returns
Taxpayers are firmly encouraged to complete the verification process. Additionally, there are approximately 1.2 million verified Income Tax Returns (ITRs) where the Tax Department requires further information.
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By Krishna
Fine Up To 50000 Non Display GST Number CBIC
Failure to comply with this guideline may result in fines of up to Rs 50,000. The CBIC is actively promoting GST number verification among businesses through a campaign running until September 15.
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By Krishna
Tax Compliance Calendar – September 2023
Here is the comprehensive Income Tax compliance calendar for September 2023. Be sure to keep these due dates in mind to prevent any unnecessary penalties.
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By Krishna
GST Amnesty Scheme Deadline Approaching Verify Eligibility Benefits
The Central Board of Indirect Taxes and Customs (CBIC) has announced this extension for the GST Amnesty scheme, which applies to non-filers of GSTR 4, GSTR-9, and GSTR-10.
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By Krishna
Managing Late Filing Penalties: Paying While Filing Belated Tax Returns
Keep in mind that when filing late, there is a penalty as per Section 234F of the Income Tax Act, 1961. Additionally, you won't be able to carry forward losses from different sources of income, except for losses from house property, when submitting a belated ITR.
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By Krishna
Unlocking Business Insights: The Vital Role of Audits
Audit documentation records procedures conducted, evidence obtained, and conclusions collected as part of an audit process. However, audit documentation also includes the conclusions that auditors collect based on their work.
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By Krishna
Tax Compliance Calendar for August 2023: Important Dates and Deadlines
Following tax-related compliances is mandatory for taxpayers in India. This includes meeting the due dates for GST return filing as per the government's compliance calendar. Non-compliance may result in heavy penalties imposed by the government.
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By Krishna
Consequences of Late Income Tax Return Filing: Understanding the Implications
To avoid such penalties and fees, it's advisable to file your returns promptly, preferably before the July 31 deadline. Once all your data is ready, don't delay in filing. Understanding the costs and consequences of late tax return filing is essential to maintain compliance and financial well-being.
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By Krishna
Clarification by IT Department: Actions for NRIs with Inoperative PAN Cards Explained
When foreign citizens and OCIs (Overseas Citizens of India) apply for PAN cards under resident status but fail to correct or update their status with the Jurisdictional Assessing Officer or haven't filed an Income Tax Return (ITR) in any of the previous three assessment years, their PAN cards become inoperative.
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By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
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By Krishna
Revenue Secretary Confirms: No Extension for Filing Income Tax Returns Deadline
Sanjay Malhotra-Revenue Secretary: Advised taxpayers not to wait for the extension ITR filing deadline which is 31st July 2023. Ensure to file your tax returns as early as possible.
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By Krishna
New GST Registration Rules Proposed by GST Council to Tackle GST Frauds
GST Council is continually working to check GST fraud and that’s the reason new GST registration rules are proposed by the GST authorities during the 50th GST Meeting.
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By Krishna
GST Council Mandates E-invoicing for Registered Persons: Threshold for Supplies to Govt. Departments
The purpose of generating e-invoices for supplies to government departments is specifically for Tax Deduction at Source (TDS). In the Goods and Services Tax (GST) system, the generation of e-invoices holds significant importance for compliance among certain businesses.
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By Krishna
ITR Due Date Extension 2023: Will the Deadline for E-filing ITR Be Extended
Notwithstanding the challenges experienced by a few users, this year's tax filing has seen a remarkable surge. As of July 11, the Income Tax Department has achieved a significant milestone by surpassing the 2 crore mark for filed Income Tax Returns (ITRs) 9 days ahead of the previous year.
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By Krishna
ITR Due Date Extension 2023: Will the Deadline for E-filing ITR Be Extended
Notwithstanding the challenges experienced by a few users, this year's tax filing has seen a remarkable surge. As of July 11, the Income Tax Department has achieved a significant milestone by surpassing the 2 crore mark for filed Income Tax Returns (ITRs) 9 days ahead of the previous year.
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By Krishna
FM Announces 28% Tax on Online Gaming Firms: Highlights from 50th GST Council Meeting
The Council's first gathering since February got off to a rocky start. The recent move by the Union government to include the GST Network in the scope of the Prevention of Money Laundering Act (PMLA), which is overseen by the Enforcement Directorate (ED), was challenged by representatives of States not governed by the BJP.
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By Krishna
ITR Filing Deadline Approaching: Avoid Last-Minute Rush, Act Now
Taxpayers who file their tax returns early of the provided deadline will be more chances of receiving early refunds. On the other side, those who file their returns late receive refunds lately as the income tax department gets a large data to process at once in the last few days of the ITR filing Deadline.
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By Krishna
50th GST Council Meeting Highlights: Key Updates from July 11, 2023
On July 11, 2023, the 50th meeting of the GST Council took place at Vigyan Bhawan, New Delhi. This milestone marks the completion of 50 Council meetings since the introduction of GST.
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By Krishna
Income Tax Rules: Update on Maximum Allowable Amount for Gold Jewelry Storage Limit
However, the tax law says that If you have received gold as a gift or inheritance, it is necessary to provide supporting documentation and include this information in your income tax return.
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By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
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By Krishna
7 Essential Precautions for Individuals When Filing ITR: A Guide to Error-Free Tax Returns
This discrepancy may catch the attention of the tax department, resulting in a tax demand notice being issued to you. This notice will require you to pay any additional tax dues that may be applicable based on the unreported income.
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By Krishna
BIG UPDATE: GSTR-9 Annual Return Filing for Turnover up to Rs. 2 Crores
The CBIC, through a tweet, also made an announcement regarding the waiver of the obligation for taxpayers with an annual turnover of up to Rs. 5 crore to file a reconciliation statement in Form GSTR-9C.
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By Krishna
GST Council Considers Physical Verification for High-Risk Category Cases: What to Expect
In the upcoming council meeting on July 11th, a new provision is expected to be introduced. This provision will require mandatory physical verification of the business premises for applicants considered to be at high risk before granting them GST registration.
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By Krishna
Income Tax Department Conducts Verification of Reporting Entities: Insights and Implications
The obtained information is then presented to taxpayers in the form of the Annual Information Statement (AIS) through their e-filing accounts. This significant measure aims to simplify the process of accurately filing income tax returns for individuals.
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By Krishna
AAR Ruling: Same Place of Business Doesn't Mandate Separate GST Registration for Each Type of Business
The applicant has submitted this application under subsection (1) of section 97 of the GST Act and the corresponding rules, addressing the following queries in sequential order (number 14) on FORM GST ARA-01
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By Krishna
Key Deadlines in July 2023: ITR Filing, EPFO Pension, and TDS
Whether you are an individual taxpayer, a pension beneficiary, or an employer, staying informed about these deadlines will help you navigate the financial landscape smoothly and stay on the right side of the law.
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By Krishna
What is a Defective Return? Avoiding Mistakes and Preventing Defective Tax Returns
While receiving a notice from the income tax department can be alarming, it is important to note that rectifying a notice regarding a defective ITR is typically straightforward. Let's explore the steps you can take to address the issue related to a defective ITR.
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By Krishna
PAN-Aadhaar Linking Deadline Expired: Steps to Resolve Incorporative PAN
The deadline for linking the Permanent Account Number (PAN) with the Aadhaar number was June 30, 2023. Unlike previous instances, the government has chosen not to extend this deadline.
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By Krishna
DGFT Extends Amnesty Scheme Application Deadline till December 31, 2023
The Directorate General of Foreign Trade (DGFT), through Public Notice No. 20/2023 dated June 30, 2023, has prolonged the deadline for applying under the Amnesty Scheme until December 31, 2023. Additionally, the deadline for making payment of Customs Duty along with interest has been extended until March 31, 2024.
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By Krishna
CBDT Clarifies PAN-Aadhaar Linking Deadline: Stay Informed
The income tax department has provided a clarification regarding PAN-Aadhaar linking for individuals who have paid the penalty but failed to link them by June 30, 2023. It is crucial to remember that June 30, 2023, was the deadline for linking PAN with Aadhaar.
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By Krishna
Income Tax Compliance Calendar: July 2023 Deadlines and Important Dates
Here is the comprehensive income tax compliance schedule for July 2023. It is crucial to keep track of the deadlines to prevent incurring avoidable penalties. The deadline for filing Income Tax Returns (ITR) without any fines is July 31st, 2023.
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By Krishna
Income Tax Department Cracks Down on Tax-Evading Social Media Influencers: Learn More about the Action Taken
In a recent development, the Income Tax Department has taken a step further by utilizing data analytics to examine the social media accounts of influencers. They aim to identify any disparities between their social status and the income declared in their Income Tax Returns (ITRs).
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By Krishna
CBDT Extends Time Limits for TDS/TCS Statement Submission
The initial deadline for submitting the statement of tax deduction for the first quarter of the financial year 2023-24, which was originally set for July 31, 2023, has now been postponed to September 30, 2023.
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By Krishna
CBDT Extends Deadline: Additional 2 Months for Filing Form 26Q, 27Q, & 27EQ
The CBDT has extended the deadline for filing specific TDS/TCS statements to September 30, 2023. In accordance with the authority granted under Section 119 of the Income Tax Act, 1961, the board has granted a waiver for fulfilling the following compliance requirements.
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By Krishna
Extension of ITR due date not applicable to assessees subject to audit under other acts
The Income Tax Appellate Tribunal (ITAT) has ruled that the extension of the income tax return (ITR) due date for cases requiring tax audit cannot be applied to assesses who are liable for audit under any other Act.
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By Krishna
June 2023 Tracker For Income Tax and GST Compliance
The June 2023 Tracker for Income Tax and GST Compliance provides a comprehensive overview of important deadlines and requirements for tax compliance in June 2023. It serves as a valuable resource for individuals and businesses, ensuring they stay on top of their income tax and Goods and Services Tax (GST) obligations.
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By Krishna
Penalty For Non-Compliance With Companies Main Objective
As per the sources, several companies registered with the Ministry of Affairs fail to comply with the laws, regulations, and requirements of declaring the objectives according to the object clause of the memorandum of association.
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By Krishna
Statutory & Compliance Calendar For May 2023
The tax calendar is a crucial tool that helps people and organizations stay compliant by keeping them informed of their duties and deadlines related to taxes.
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By Krishna
Statutory & Compliance Calendar For April 2023
The new financial year has started and the statutory and compliance calendar for April 2023-24 is here. April is a significant month for all taxpayers and businesses to complete all the vital compliance filing before the due dates.
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By Krishna
Statutory & Compliance Calendar For January 2023
All businesses, regardless of the business structure held onto statutory compliance and complete all the vital filings before the due dates. For all business transactions, there are some essential compliances that a business owner must fulfill as a moral duty. These compliances are timely framed and must be completed within the prescribed time by the Government.
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By Krishna
Statutory and Compliance Calendar For The Month of December 2022
As we all know that complying with the compliance deadline is very important and mandates the appropriate planning. Therefore to keep updated on the various statutory and compliance deadlines we have put together a consolidated compliance calendar that shows all the important due dates.
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By Krishna
Statutory Compliance Calendar for October 2020
Calendar for Corporate Compliance in October 2020... This page lists several statutory law compliance requirements for the month of October 2020.
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By Krishna
Govt extends timelines of certain compliances
Govt Extends Timelines Of Certain Compliances, To Mitigate The Difficulties Faced By Taxpayers Due To The Ongoing COVID-19 Pandemic.
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By Krishna
Extension of Time Limits of Certain Compliance to Provide Relief to Taxpayers
It has been determined to offer income-tax exemption to ex-gratia payments in order to alleviate the burden on the taxpayer's family members.
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By Krishna
Tax Compliance and Statutory due dates for November 2022
TDS Certificate; Tax Compliance and Statutory Due Dates for November 2022. November 14, 2022. Date by which TDS Certificates for taxes owed under...
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By Krishna
All Statutory Compliance Calendar for September 2020
The taxpayers are now required to report their input tax credit input tax credit (ITC) availment, inverted of input tax credit (ITC) and ineligible/blocked (ITC) carefully according to the new format of table 4 mentioned in the GSTR-3B at the GST portal.
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By Krishna
Compliance Calendar for the Month of October, 2022
Observance requirements under the 1961 Income Tax Act. Statement for the period ending September 30, 2022, of TCS deposits.
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By Krishna