M/s Gupta Anoop & Co.

M/s Gupta Anoop & Co. An efficient result oriented FCA,LLB with30+ years of experience in managing overall finance function

" U define Ur Own Life, Don’t Let Other People Write Ur Script “An efficient result oriented professional with 30+ years of experience in managing overall finance function in conceptualizing and implementing financial planning & management, procedures & controls, maintenance & finalisation of accounts, working capital management, profitability monitoring, capital restructuring, project implementat

ion and building internal financial controls. Possess remarkable track records of working with companies based at United Kingdom and well versed with Indian / UK business laws. He is I charge of overseas operations and remote / online services meeting assigned targets in an efficient and effective manner dealing with internal & external customers. Rich experience in entire gamut of accounting and finance operations entailing preparations and maintenance of statutory books of accounts and administering the finalization of year-end financial statements.
• Preparing and analysing, quarterly, half-yearly and annual reports and accounts for periodical reporting and presenting to clients globally.
• Excellence in monitoring cash flows and ensuring that funds are arranged in the most cost effective manner after projecting accurate cash forecast ensuring that there is no shortage of cash in hand.
• Building, maintaining and improving complex data analysis models that help clients track their business and take strategic decisions.
• Experienced in performing monthly closing activities involving finalization of monthly accounts and preparation of Balance Sheet and Profit & Loss statement of the company.
• Track record of overseeing financial statements including trial balance, bank reconciliation reports, profit & loss account, age-wise account payables and receivables statements and balance sheets.
• Actively building and managing the relationships and interface with internal team and other deal advisory professionals.

"MCA is launching final set of 38 Company Forms [including 13 Annual filing forms, 6 Audit/Cost audit forms] on 14th Jul...
31/05/2025

"MCA is launching final set of 38 Company Forms [including 13 Annual filing forms, 6 Audit/Cost audit forms] on 14th July 2025 at 12:00 AM." The list of all the 38 forms is as under:

Attention - "Advisory on reporting values in Table 3.2 of GSTR-3B"This is to inform taxpayers of the following developme...
16/05/2025

Attention - "Advisory on reporting values in Table 3.2 of GSTR-3B"
This is to inform taxpayers of the following developments concerning Table 3.2 of Form GSTR-3B:

1.As per the earlier advisory dated April 11, 2025, it was communicated that the auto-populated values in Table 3.2 of Form GSTR-3B would be made non-editable starting from the April 2025 tax period (i.e., for the return to be filed in May 2025).

2.However, GSTN has received several representations and grievances from taxpayers regarding this change. These concerns are currently being examined and will be suitably addressed in due course.

3.In the interest of taxpayer convenience and to facilitate smooth filing, it has been decided that Table 3.2 shall remain editable for the time being. Taxpayers are advised to report or amend the auto populated entries, if required and furnish their returns accurately, ensuring the correctness of the disclosed information.

4.Taxpayers will be duly informed through a separate communication once the proposed changes are implemented on the GST Portal.

Updates in Refund Filing Process for various refund categories-Reg1. GSTN has been made important changes in the refund ...
08/05/2025

Updates in Refund Filing Process for various refund categories-Reg
1. GSTN has been made important changes in the refund filing process under the following categories:

(a) Export of Services with payment of tax
(b) Supplies made to SEZ Unit/SEZ Developer with payment of tax
(c) On account of Refund by Supplier of Deemed export
2. For the above refund categories, the requirement to select a specific tax period (‘From’ and ‘To’) while filing refund applications has been removed. The taxpayers can now directly proceed with selecting the refund category as above and clicking on “Create Refund Application.”

3. Taxpayers must ensure that all the returns (GSTR-1, GSTR-3B etc) due till the date of refund application, are filed.

4. The said refund categories are changed from ‘Tax Period based filing’ to ‘Invoice based filing’. The taxpayers can upload eligible invoices and claim refund in the following statements:

(a) Export of Services with payment of Tax (Statement 2)
(b) SEZ Supplies with payment of Tax (Statement 4)
(c) In case of Deemed Exports, the application by Supplier (Statement 5B)
The invoices once uploaded with a refund application will be locked for any further amendment and will not be available for any subsequent refund claims. The said invoices will be unlocked only if the refund application is withdrawn or a deficiency memo is issued.

Advisory on Table-12 of GSTR-1 or GSTR-1AApr 11th, 2025It to inform that GSTN has implemented phase wise changes in Tabl...
16/04/2025

Advisory on Table-12 of GSTR-1 or GSTR-1A
Apr 11th, 2025

It to inform that GSTN has implemented phase wise changes in Table-12 of GSTR-1 or GSTR-1A. For the same various advisories have been issued time to time, which are available on GST Portal. GSTN is going to implement Phase-III of Table 12 of GSTR 1 & 1A from April, 2025 tax period onwards. Which implies:

(1). Table-12 has been bifurcated into two tables namely B2B and B2C, to report these summary of these supplies HSN wise separately in corresponding table.

(2). Manual entry of HSN will not be allowed. Taxpayer will be able to choose correct HSN from given Drop down.

For detailed advisory on the above issue, kindly refer to Advisory dated Jan 22nd, 2025 issued by GSTN, which is available on the GST Portal at https://services.gst.gov.in/services/advisoryandreleases/read/574.

"Advisory on reporting values in Table 3.2 of GSTR-3B"Apr 11th, 20251. Table 3.2 of Form GSTR-3B captures the inter-stat...
11/04/2025

"Advisory on reporting values in Table 3.2 of GSTR-3B"
Apr 11th, 2025

1. Table 3.2 of Form GSTR-3B captures the inter-state supplies made to unregistered persons, composition taxpayers, and UIN holders out of the supplies declared in Table 3.1 & 3.1.1 of GSTR-3B. The values in Table 3.2 of GSTR-3B auto-populates from corresponding inter-state supplies declared in GSTR-1, GSTR-1A, and IFF in requisite tables.

2. It is to inform you that from April-2025 tax period, inter-state supplies auto-populated in Table 3.2 of GSTR-3B will be made non-editable. The GSTR-3B shall be filed with the auto-populated values as generated by the system only.

3. Therefore, in case any modification/amendment is required in auto-populated values of Table 3.2 of GSTR-3B, same can be done only by amending the corresponding values in respective tables of GSTR-1A or through Form GSTR-1/IFF filed for subsequent tax periods.

4. To ensure that GSTR-3B is filed accurately with the correct values of inter-state supplies, it is advised to report the correct values in GSTR-1, GSTR-1A, or IFF. This will ensure the auto-populated values in Table 3.2 of GSTR-3B are accurate and compliant with GST regulations.

Wishing You All A Very Happy Financial New Year
01/04/2025

Wishing You All A Very Happy Financial New Year

28/03/2025

‼️Issue in filing applications (SPL 01/SPL 02) under waiver scheme‼️

1. Grievances are raised by taxpayers regarding difficulties faced while filing the waiver applications. Following grievances faced by taxpayers have come to the notice of GSTN and team is working to resolve the issues at the earliest.
i. Order number is not available in dropdown for selection in SPL 02.
ii. Order details are not getting auto populated after selection of a particular order in SPL 02.
iii. Payment details are not getting auto populated in Table 4 of SPL 02.
iv. After filing the SPL 02 for a demand order, the taxpayer is not able to make payment using “Payment towards Demand” for that order. Also, taxpayer is not able to adjust the amount paid through DRC 03, against the same demand order, using DRC 03A.
v. Not able to withdraw the Appeal applications (APL 01) filed before First Appellate authority against a particular order.

2. It is learned that there is a misconception among the trade that the last date to file waiver application is 31.03.2025. In this regard, it may be noted that the last date to file waiver applications is not 31.03.2025. As per Rule 164(6) of CGST Rules, 2017, the taxpayers have to file waiver applications within a period of three months from the notified date. Therefore, the taxpayers can file waiver applications in SPL 01/02 till 30.06.2025.

3. However, as per Notification 21/2024-CT dated 8.10.2024, the due date for payment of tax payable for availing wavier scheme is 31.03.2025. Therefore, the taxpayers are advised to pay the requisite amount within due date using "Payment Towards Demand" functionality in GST portal.

4. In case any difficulty is faced in using the said functionality, then the taxpayers are advised to make a Voluntary Payment using Form DRC-03 under category ‘Others’. After completing the payment, they can submit the Form DRC-03A to link the payment made in DRC-03 with the relevant demand order.

5. If Payment details are not auto populated in Table 4 of SPL 02, it is advised to verify the same in electronic liability ledger on GST portal. Then the taxpayer can proceed for filing waiver application. The navigation path to access the electronic liability ledger is Login>> Services>> Ledgers>> Electronic Liability Register

Taxpayers are advised to make the payment on or before 31.03.2025 and file the waiver application on or before 30.06.2025. For any other issues faced, the taxpayers are advised to raise grievance ticket immediately so that issue can be resolved.

TDS / TCS – Changes w.e.f. 1st April 2025Higlighted Points❕ 1. Section 194D – Payment related to Insurance CommissionThe...
28/03/2025

TDS / TCS – Changes w.e.f. 1st April 2025
Higlighted Points❕

1. Section 194D – Payment related to Insurance Commission
The TDS @2% would apply on Section 194D – Payment related to Insurance Commission, till 31st March this was 5%. The Threshold amount is now ₹ 20,000/- (earlier it was ₹ 15,000/-)
2. Introduction of TDS on payment to Partners towards Salary, Bonus, etc.
A new Section 194T has been introduced for TDS @10% for payments made to Partners towards Salary, Bonus, Incentives, etc.
3. Correction Statements – limited to the previous six years only
As per the current provisions, one can file correction statements for any period as many times with practically no restrictions. It is now proposed that no correction statement can be filed after six years on completion of the financial year. This is applicable w.e.f. 1st April ’25. It implies that during the period Apr’25 to Mar’26, correction statements for FY:2019-20 onwards will only be allowed. Correction related to Q4 is also permitted for seven years.

Correction Statements: Limited to the Last Six Years
Circular from TIN – Correction Statement

4. For delayed deposit of TCS, increase in interest rates
Interest u/s 206(7) on delayed deposit of TCS is currently 1% per month of part thereof from the date of collection of tax. This rate will now be increased to 1.5% w.e.f. 1st April ’25.
5. Amendment in the penal provision related to TDS – Section 271H
Presently, sub-section (3) of section 271H allows filing of TDS / TCS Return within one year from the due date as specified. To facilitate better compliance, it is proposed to modify this one-year period to one month. It implies that TDS / TCS return must be filed latest within one month from the date it falls due to avoid penal action.
6. Removal of TCS on Sale of Goods
Section 206C(1H): Previously, both TDS under Section 194Q and TCS under Section 206C(1H) applied to certain transactions.
The Budget removes TCS on the Sale of Goods, preventing double taxation.
7. Changes in TCS Provisions
Liberalized Remittance Scheme (Section 206C(1G)):
Previous Limit: ₹ 7 Lakh
New Limit: ₹ 10 Lakh

Education Remittances (Section 206C(1G)):

TCS has been completely removed for education-related remittances when funded by a loan from a recognized financial institution.
8. Removal of Higher TDS / TCS Rates for Non-Filers
Previously, non-filers of income tax returns were subject to higher TDS and TCS rates under Section 206AB & 206CCA
9. Increase in TDS / TCS threshold limits

The threshold limit applicable for TDS & TCS has been revised for some sections which is summarized below:

At Gupta Anoop & Co., Chartered Accountants, we undertook a comprehensive analysis of the recent Union Budget 2025, focu...
13/02/2025

At Gupta Anoop & Co., Chartered Accountants, we undertook a comprehensive analysis of the recent Union Budget 2025, focusing on its impact under the Income Tax Act.

Update
09/06/2023

Update

Update
27/05/2023

Update

Address

721-B, 7th Floor, Vibhuti Khand
Lucknow
226010

Opening Hours

Monday 10am - 6:30pm
Tuesday 10am - 6:30pm
Wednesday 10am - 6:30pm
Thursday 10am - 6:30pm
Friday 10am - 6:30pm
Saturday 10am - 6:30pm

Telephone

+915224042040

Website

Alerts

Be the first to know and let us send you an email when M/s Gupta Anoop & Co. posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to M/s Gupta Anoop & Co.:

Shortcuts

Share

Category