OneShisht Consulting LLP

23/06/2024

Maximizing tax refunds when filing your Income Tax Return (ITR) requires strategic planning and a comprehensive understanding of tax laws and available deductions. Here are key steps to help you make the most of your tax refunds:

1. *Utilize Section 80C:* Invest in eligible instruments such as PPF, NSC, EPF, life insurance premiums, and ELSS mutual funds.
2. *Claim Section 80D:* Deduct health insurance premiums for yourself, your family, and your parents.
3. *Use Section 80E:* Deduct interest paid on education loans.
4. *Donate for Section 80G:* Claim deductions for donations to specified charities.
5. *Leverage Section 24(b):* Deduct home loan interest for self-occupied property.
6. *House Rent Allowance (HRA):* Claim exemption if paying rent and receiving HRA.
7. *Standard Deduction:* Claim standard deduction if salaried.
8. *Section 80TTA:* Claim for savings account interest.
9. *Optimize Capital Gains:* Utilize the benefit of indexation for long-term gains and invest in Section 54EC bonds.
10. *Medical Expenses:* Claim medical expenses for senior citizen parents if no health insurance premium is paid for them.
11. Review Form 26AS & AIS/TIS:
- Verify TDS details in Form 26AS for accuracy and to prevent missed claims.
12. Seek Professional Advice:
- Consider consulting tax professionals or using reliable tax filing software for expert guidance.

By following these steps, you can optimize your tax refunds and ensure you are not paying more than necessary.



D Rana & Associates - Chartered Accountants
OneShisht Consulting LLP

30/08/2021

New Central Tax Notifications issued by the Government. Dates extended for Amnesty Scheme, Application for revocation of Cancellation and filing GSTR 1/3B with EVC.

Call us at +918468010843 if you have any queries related to GST , Income tax or any other compliances.

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30/08/2021

Let there be love and laughter in your life with Lord Krishna's blessings. Happy Janmashtami!

29/05/2021

Key Highlights of 43rd GST Council Meeting held on Friday dated 28-05-2021:

1. Full Exemption from IGST on import of COVID relief items whether on payment basis or free of cost for donating to State Govt. or authorised agency. The exemption shall be valid upto 31.08.21.

2. Further the above exemption has been extended on black fungus medicine also. And a committee constituted to suggest reduction in GST rates in medical items.

3. For Small taxpayers with turnover upto 2 Cr. GSTR-9 is optional for FY 2020-21.

4. Self-Certified GSTR-9C to filled by taxpayers with annual turnover equal to or more than 5 Cr. (No CA/CMA certification required)

5. Late Fees for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 has been reduced/ waived if pending return filled between 01.06.21 to 31.08.21 :
-Max. Rs. 500/- Per return for Nil return
-Max. Rs. 1000 /- Per return for Other return

6. Reduced maximum late fee to apply for taxpayers on GST Returns filed for any future tax period based on turnover.

7. Further extension in due dates of GSTR-1, 4, ITC-04, IFF and reduction in rate of interest and waiver of late fees for the returns upto May 21.

8. Cumulative application of Rule 36(4) further deferred till June 2021 return.

9. Time limit for completion of various actions by department or taxpayers end to be extended till 30-06-21. (Where the timelines for actions have been extended by Hon'ble Supreme Court, the same would apply)

11. GSTR-1/3B return shall continue as default return filing system with some recommended amendments.

12. Retrospective amendment in Section 50 related to Interest on net cash basis w.e.f. 01.07.2017.
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Vineet Rana RNJ Advisory LLP

02/04/2021

Income Tax update:
CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. To facilitate taxpayers & to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms.
#21-22

01/04/2021

01/04/2021

HSN Code has been made mandatory for all the taxpayers irrespective of the turnover starting from 01st April, 2021as per the following turnover criteria:

- Turnover upto INR 5 crores in preceeding FY - 4 Digits HSN is mandatory for all the B2B tax invoices.
- Turnover more than INR 5 crores in preceeding FY - 6 Digits HSN is mandatory for all the tax invoices.

👉 Further, 4- digits HSN Code is optional in respect of supplies made to *unregistered persons i.e., B2C supplies* for a registered person having aggregate turnover upto INR 5 crores in the previous financial year.

👉 Please note that if the HSN Code is not mentioned in the supply invoice, in that case buyer will not be able to Claim ITC on their purchases.

For more details on HSN code invoicing, call us at +91 8468010843.

01/04/2021

Mandatory audit trail of companies' accounts to curb backdate entries:

MCA has issued a notification making it mandatory for companies to record audit trail of every financial transaction done on accounting software.

From April 1, every company using accounting software for books of accounts will have to ensure creating an edit log of each change made along with the date when it is done. They have to ensure that the audit trail cannot be disabled.

It is now the companies’ responsibility to ensure that audit trail is invincible and the same cannot be disabled.

For more details relating to the latest amendments call us at +91 8468010843.

01/04/2021

Important things to do at the beginning of new Financial Year:

A GST taxpayer is required to keep the following in mind at the beginning of the FY 2021-22:

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

Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series as per your convenience.

2. E-Invoicing has been made mandatory for the taxpayers having a turnover of INR 50 crores w.e.f. 01st April, 2021. Further the term turnover shall include the turnover of all the GST numbers under a single PAN.

3. HSN Code has been made mandatory for all the taxpayers irrespective of the turnover starting from 01st April, 2021as per the following turnover criteria:

- Turnover upto INR 5 crores in preceeding FY - 4 Digits HSN is mandatory for all the B2B tax invoices.

- Turnover more than INR 5 crores in preceeding FY - 6 Digits HSN is mandatory for all the tax invoices.

👉 Further, 4- digits HSN Code is optional in respect of supplies made to *unregistered persons i.e., B2C supplies* for a registered person having aggregate turnover upto INR 5 crores in the previous financial year.

👉 Please note that if the HSN Code is not mentioned in the supply invoice, in that case buyer will not be able to Claim ITC on their purchases.

4. The facility to *opt-in or opt- out of the QRMP Scheme* for the first quarter of FY 2021-22 i.e., From April 1, 2021 to June 30, 2021 is now open at GST Portal. Any taxpayer desirous of opting in or opting out of the QRMP scheme can do the same by *30th April ,2021.

5. A tax payer having aggregate turnover of *upto INR 5 crore* in the preceding financial year is required to intimate the periodicity *(quarterly or monthly)* for filing GSTR 1 before the filing of the first return for the current year. Periodicity of filing return will be deemed to be monthly for all taxpayers unless quarterly filing of the return is opted for.

For more details, call us at +91 8468010843.

RNJ Advisory LLP

11/03/2021

Wishing you all a very Happy Mahashivratri. May Lord Shiva bless all of us with Happiness, Hope, Strength and Peace always.

ॐ नमः शिवाय: 🙏

RNJ Advisory LLP

10/03/2021

GST Updates:

Taxpayers having turnover exceeding Rs 50 Crores will have to generate E-Invoices effective April 1, 2021.

Notification No. 5/2021 CT dated 08/03/2021.



RNJ Advisory LLP