Kuldeep Goyal & Associates

25/07/2023

FM Nirmala Sitharaman announced that the Centre has sent one lakh notices for non-filing of returns, under-reported income, and misrepresentation of income. These notices were sent to individuals whose income was found to be close to Rs 50 lakh. The notices were for old returns filed 4 to 6 years earlier, and they were sent during the last 14 months.

07/07/2023

04/03/2022

What is Advance Tax?
Advance tax refers to tax you pay before the end of the financial year. For instance, Tax paid for financial year 2021-22 before 31/03/2022 will be considered as Advance tax.
As per the provisions of Income tax Act, 1961, Assessee is required to pay Advance tax if his tax liability for a particular year is Rs. 10k or more. The amount shall be calculated by estimating the current year income. Any taxes already paid or deducted/ collected by third party shall be deducted to arrive at the Advance tax liability.

Why was Advance Tax introduced?
By paying tax in advance, you help the government and also yourself by not finding it hard to pay the whole tax at one go at the end. This way, if your advance tax liability for a financial year has exceeded Rs 10,000, you are expected to pay it in the same financial year.

Method of payment of Advance tax?
Due dates of Advance tax for All Assessee
Upto 15th June of the year – upto 15% of estimated tax liability
Upto 15th September of the year – upto 45% (Gross) of estimated tax liability
Upto 15th December of the year – upto 75% (Gross) of estimated tax liability
Upto 15th March of the year – Upto 100% (Gross) of estimated tax liability
Note: Tax paid upto 31st March of the year will also be considered as Advance tax paid.
Let us take one example. Suppose your Tax Liability for the F.Y. 2021-22 estimated at Rs. 10L. Thus, by 15th June 2021, you have to pay 15% of your estimated tax liability i.e., 1.5L (15% of 10L). By 15th September 2021, you have to pay 45% (Gross) of your estimated tax liability i.e., 4.5L (45% of 10). You have already paid 1.5L earlier. Therefore, Net tax liability to be paid before 15th September 2021 is Rs. 3L (4.5L-1.5L). Similarly, Net tax liability to be paid upto 15th December 2021 is Rs. 3L (7.5L being 75% (Gross) of 10L reduced by 4.5L paid upto Sept Month). Similarly, Net tax liability to be paid upto 15th March 2022 is Rs. 2.5L (10L being 100% (Gross) of 10L reduced by 7.5L paid upto dec Month).

Hope you have understood the provisions. If you any confusion/ query, you can connect with me. In the next article, we will cover interest and penalty liabilities for late Payment/ Non-payment of Advance tax. Till then, Stay Connected.

18/09/2021

The central government has extended the deadline of PAN-Aadhaar linking from September 30, 2021 to March 31, 2022. The due date for completion of penalty proceedings under the Income-tax Act has also been extended from Sept 30, 2021 to March 31, 2022, said the government of India.

01/08/2021

🏵️ In *simple words the changes* are:

👉 1. *Upto 2 Crores* Turnover - Exemption from Annual Return filling i.e. Filling of *GSTR 9 not required*

🌱 2. *Between 2 Crores to 5 Crores* - *Only GSTR 9* Required

🎯 3. *Above 5 Crores* - *GSTR 9 and Self Certified GSTR 9C* is required

🕯️ 4. *Mandatory certification* in reconciliation statement *by Chartered Accountant or Cost Accountant is not required* from F.Y. 2020-2021

🪙 *Notification 30/2021 - Central Tax :*

🍒 1. Requirement of *Furnishing of Annual Return* [Form GSTR 9/9A/9B] *by 31 December* following the end of financial year.
👉 If aggregate *turnover* during a financial year *exceeds 5 crore rupees*, then self-certified reconciliation statement in *FORM GSTR-9C* along with the annual return by 31st December following the end of financial year.

🍍 2. Few *modifications in Form GSTR 9 and GSTR 9C* to make these forms applicable for F.Y. 2020-2021 and also to make Form GSTR 9C *self-certifiable by registered Person.*

🪙 Notification 31/2021 - Central Tax

🌀 *Exemption from filling of Annual Return* for F.Y. 2020-2021 *if aggregate turnover in the financial year 2020-21 is upto two crore rupees*

15/05/2021

Rate of tax column added in GSTR-1 for each HSN/SAC furnished in HSN summary

Total value has been replaced with Rate of tax for each HSN summary from the return for tax period of *May 2021* onwards.

03/04/2021

All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible.

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03/04/2021

New/unique series of invoices to be raised for FY 2021-22 as per Rule 46(b) of the CGST Rules, so that there is no duplication or repetition of invoices with the preceding financial year.

01/04/2021

CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 FY 2020-21

19/02/2021

https://youtu.be/spCHxUl8rBs

This video is a latest update on GST Late fees waiver off and Input Tax Credit relief expected to be given to the GST registered taxpayers.For Video on Lates...

02/09/2020

GSTR 10 - Final Return to be filed within 3 months

Every registered person who is required to furnish a return under sub-section (1) of section 39 and whose registration has been cancelled shall furnish a final return within three months of the date of cancellation or date of order of cancellation, whichever is later, in such form and manner as may be prescribed.