Saturday, November 30, 2024

ITR filing deadline for FY 2023-24 extended to December 15, 2024 for these taxpayers

ITR filing deadline for FY 2023-24 (AY 2024-25) extended: The income tax department has extended the income tax return (ITR) filing for FY 2023-24 (AY 2024-25) deadline for taxpayers having specified and international transactions to December 15, 2024, from November 30, 2024. The extension will help the taxpayers to avoid the penalty of belated ITR filing.

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Friday, November 29, 2024

Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B

GST input tax credit: GST taxpayers who are yet to claim any pending input tax credit for FY 2023-24 can do so by filing the GSTR 3B form today. If today's date is missed in claiming the input tax credit, then he/she may lose out on the benefit of ITC to offset the GST liablity.

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PAN 2.0: How to apply and get a new PAN on your email ID? Here is a step-by-step guide

Get a new PAN on Email: If you are an existing PAN card holder and want to get a PAN on email but there are no changes required in the income tax database, then you can use the facility mentioned below to get the PAN on your email. This facility can be used if the correct email address is updated in income tax records.

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Thursday, November 28, 2024

PAN 2.0's QR code can save you from fraud: Here's why you should apply even though optional

PAN 2.0 QR code: The government announced the PAN 2.0 project where the systems are being upgraded. The new design under PAN 2.0 comes with a QR code that can help taxpayers minimise the risk of fraud using their PAN number. Hence, even if the existing PAN cards are valid, then also taxpayers should apply for new PAN.

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GSTN releases list of 5 approved mobile apps for fast verification of GST invoices, easy input tax credit claim

GST invoice verification: New advisory by GSTN in respect of availability of five official apps for e-invoice verification. Experts say that these apps solve a lot of problems like faster verification of e-invoices which may lead to faster claim of input tax credit and also help in reducing litigations and subdue the problem of fake GST invoices.

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Wednesday, November 27, 2024

New PAN 2.0 system can catch duplicate PANs easily: Check and surrender duplicate PAN soon as Rs 10,000 penalty may apply

Income tax: Permanent Account Number (PAN) 2.0 have an inbuilt mechanism to check for duplicates. So if you have an duplicate PAN, make sure to surrender it before the government catches you. Also now might be a good idea to check if someone used your documents to apply for a duplicate PAN. Because if this is the case then only you will be held responsible for this and penalty might be levied.

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Maharashtra extends deadline for submission of audited accounts by charitable trusts

Maharashtra: The deadline for filing audited accounts for specified trusts in Maharashtra state is extended to December 31, 2024. ​"If trusts don't file it by December 31st (or further extended date, if any) and default in filing audited accounts continues, the charity commissioner can order suspension, removal or dismissal of any trustee of the public trust."

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Tuesday, November 26, 2024

Income tax dept issues FAQs on PAN 2.0 project: Check details about applying for new PAN, change PAN number

Income Tax PAN 2.0: The Ministry of Finance has said: " The existing PAN card holders are not required to apply for a new PAN under the upgraded system (PAN 2.0). The PAN card will not be changed unless the PAN holders want any updation and correction. The existing valid PAN cards will continue to be valid under PAN 2.0."

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Government earned GST of Rs 4,792 crore on education services in FY24; only these services are exempt

Goods and Services tax: Pankaj Chaudhary, minister of state in the ministry of finance said in Lok Sabha that the government has earned Rs 4792.4 crore on taxing various education services which are currently not exemtp from GST. However certain education services still attract nil GST, read below to find what the minister said.

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Monday, November 25, 2024

PAN 2.0: Will it be more like income tax Aadhaar? Know how it will impact the individual taxpayers and businesses

Income tax: The government has announced a new PAN 2.0 project with a total outlay of Rs 1435 crore. The government has also said that this new PAN 2.0 project will enable Common Identifier mechanism which has been a long standing demand of taxpayers. Read below to find out how the new PAN 2.0 might work in the same mechanims as Aadhaar card.

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Sunday, November 24, 2024

Difference between advance tax and self-assessment tax

Let's understand the difference between advance tax and self-assessment tax and how they are calculated.

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Friday, November 22, 2024

This change in GST annual return if not checked properly can result in input tax credit mismatch

Goods and services tax: GST annual form GSTR-9 has a significant change which if not properly checked can result in input tax credit mismatch. ​Manmeet Kaur, Partner, Karanjawala & Co says: "Under the revised instructions, table 8A of GSTR-9 will now be based on GSTR-2B, replacing the previous reliance on GSTR-2A The input tax credit will be reported based on actual utilisation under table 6 based on returns filed under the same financial year."

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Have undisclosed foreign income or assets? You must act before December 31 as government gets more data from these new countries

Income tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets and incomes. ​According to Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP, many foreign countries now exchange more granular and updated financial information, enabling Indian tax authorities to better identify undisclosed foreign income and assets.

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Thursday, November 21, 2024

GSTR-3B deadline ended on November 20: File it immediately to avoid loss of pending input tax credit & cancellation of GST registration

Goods and services tax: The deadline to file GSTR-3B was November 20, 2024. If you have missed filing this return then do note the penalty for non filing of GST return may even result in cancellation of GST registration if you do this for straight six months. File GSTR-3B by paying a late fee by November 30, 2024 to claim any pending input tax credit for FY 2023-24.

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Wednesday, November 20, 2024

Income Tax Act review: Will jail punishment for not filing ITR, depositing TDS be relaxed?

Direct Tax code: The government has started the consultation process for reviewing the Income Tax Act, 1961. The review is being done to reduce litigation and make it easy to understand for the common man. There are certain provisions currently under the Act where non-complying can lead to jail time for taxpayers.

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GST audit report in Maharashtra will be issued offline; know what steps to take to avoid future litigation

Goods and services tax: The Maharashtra GST department has issued a circular which allows GST proper officers to conduct the GST audit procedures like its final report in GST-ADT-02 form and Notice for Discrepancy to be issued offline. However by December 31, 2024 the same notice and audit report will be uploaded on the GSTN portal.

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Tuesday, November 19, 2024

Income Tax Department reduces time allowed to apply for old income tax refunds; check the new time limit

ITR Filing: The Central Board of Direct Taxes recently issued a circular for condonation of delay in filing ITR. ​The latest circular has reduced the time limit for applying for condonation of delay. This condonation of delay request is filed by a taxpayer to claim old income tax refunds and carry forward of losses and set off.

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Now a lounge for income taxpayers: These are the tax services you can avail at IITF, 2024 in Pragati Maidan, Delhi

Income tax lounge at Pragati Maidan, New Delhi: Now you can visit the income tax lounge at India International Trade Fair (IITF) near Supreme Court metro station in Delhi. In this lounge you can ask various tax queries to the income tax department officers and get advise and help too in this regard.

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Income Tax Rule Change: Relief for companies, trusts and others for claiming benefit of lower tax, tax audit and others with new condonation of delay rules

Income tax relief: The income tax department has released new rules for granting condonation of delay requests in filing specified forms. These forms are used to apply for lower rate of income tax by various taxpayers like trusts, institutions, corporates, etc. Read here to know more about how to claim income tax relief.

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Monday, November 18, 2024

GSTR 2B input tax issue: A new advisory by GSTN on how to fix it for FY 2023-24

Goods and services tax (GST): The GSTN in an advisory said that if you are facing the issue of non-generation of GSTR 2B which is a statement of input tax credit you can avail then the following might be the reason. ​Chartered Accountant Akhil Pachori says that buyers will not be able to claim input tax credit for pending invoices of FY 2023-24 if the supplier has not filed GSTR 1.

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Deadline for filing GSTR 3B extended for taxpayers in these poll bound states

Goods and services tax (GST): The deadline to file GSTR 3B which is a statement of input tax credit available to claim has been extended to November 21, 2024. "The Government, with the approval of GST Implementation Committee (GIC), has decided to extend the due date of filing of FORM GSTR-3B for the month of October 2024 for the registered persons having their principal place of business in the said States from 2O.11.2024 to 21.11.2024," said CBIC.

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Sunday, November 17, 2024

Chennai-based professional can save Rs 92,000 tax with NPS, other perks; here's how

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Friday, November 15, 2024

ITR filing deadline extension: Has the deadline to file ITR for audit cases been extended from November 15, 2024?

November 15, 2024 ITR filing deadline: The CBDT has not extended the deadline to file income tax return (ITR) for taxpayers whose accounts are required to be audited from the current deadline of November 15, 2024. However, the income tax laws allow the taxpayer to still file ITR (also known as belated ITR) as well.

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Thursday, November 14, 2024

GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24

Goods and services tax (GST): Registered taxpayers won't be able to claim any pending input tax credit if they don't file their GST return by November 30, 2024 for FY 2024-25. CBIC said, "The taxpayer is allowed to claim pending ITC , upto earlier of following dates i.e. a) 30th Nov following the end of the Financial Year, or d) furnishing of annual return. Accordingly, pending ITC pertaining to FY 2023-24 can only be claimed up to November 30, 2024, i.e. filing of October 2024 GSTR-3B," says Divya Bhushan, Tax partner, EY India.

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Wednesday, November 13, 2024

Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST

Goods and services tax (GST): The goods and services tax network (GSTN) has implemented a new feature inside the invoice management system (IMS) on the GST portal where suppliers can see whether the buyer has accepted or rejected the invoice saved by them. Experts say this is positive for buyers as now they will be able to claim input tax credit faster due to faster rectification of errors.

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New GSTN feature to correct mistakes in GST invoice matching process for claiming input tax credit; Know how it works

Input tax credit: The goods and services tax network (GSTN) has introduced a solution to help GST registered taxpayers into claiming the correct amount of input tax credit despite human error by the supplier in the invoice. GSTN said that the Invoice Management System (IMS) is still new so GST registered recipients may take some time getting used to this system.

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Tuesday, November 12, 2024

Who needs to file GST annual return by December 31, 2024

Goods and Services tax: GST annual return using GSTR 9 or 9A needs to be filed by GST registered taxpayers on or before December 31, 2024. Question arises do all GST registered taxpayers need to file GST annual return and if so then which form to use GSTR 9 or 9A? Read the story to know more.

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ITR filing deadline is November 15, 2024 for these taxpayers; file tax audit report before filing ITR

Income tax return: File your income tax return if you are liable to submit a tax audit report. The deadline for ITR filing is November 15, 2024 and this ITR cannot be filed without first submitting a tax audit report. However do note, for transfer pricing cases the ITR filing deadline is November 30, 2024 for FY 2023-24.

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Aadhaar PAN linking deadline: Will PAN become inoperative if you don't link it with Aadhaar by December 31, 2024?

PAN-Aadhaar linking last date: Is it true that if your PAN is not linked with Aadhaar by December 31, 2024? There are numerous reports online suggesting that if PAN is not linked with Aadhaar by December 31, 2024, then PAN will become deactivated. Know the correct last date and how to link PAN with Aadhaar.

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Sunday, November 10, 2024

Tax saving: Gurugram-based professional can cut tax by Rs 37,000 with NPS, various perks

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Friday, November 8, 2024

New process to pay tax demand under GST amnesty scheme clarified by GSTN

GST amnesty scheme: If you want to apply for Goods and Services Tax (GST) amnesty scheme waiver of interest and penalty then you need to follow this new process clarified by Goods and Service Tax Network (GSTN). ​"It is informed that Form GST SPL-01 and Form GST SPL-02 are under development and the same will be made available on the common portal tentatively from the first week of January 2025," said GSTN.

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GST, customs, excise case hearings to be virtual by default now: Expert views on pros and cons

GST case: The hearings of cases relating to Goods and Services tax (GST), Central Excise and Customs to be now made through virtual mode i.e. video conferencing. However if a taxpayer wants then by submitting a written request the proceedings can be conducted through physical mode. Read below to find out which mode is good for whom.

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Thursday, November 7, 2024

No input tax credit if e-invoice not uploaded in GST portal within 30 days: New rule soon

GST: Buyers will not be able to claim input tax credit (ITC) if specified sellers or suppliers do not upload the e-invoice within 30 days from the date of its generation. ​"From 1st April 2025, taxpayers with an AATO of Rs 10 crore and above would not be allowed to report e-invoices older than 30 days from the date of reporting on IRP portals."

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Wednesday, November 6, 2024

GST tax demand not settled despite payment? New online form notified to help taxpayers adjust tax demand amount; here's how to do it

GST: New GST form DRC-03A enabled on the GST portal. This form will help you adjust tax demand already paid with a specific tax demand order. "​In case the taxpayer fails to file an application in FORM GST DRC-03A on the common portal, the proper officer may proceed to recover the amount payable as per provisions of section 78 and section 79 of CGST Act."

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Monday, November 4, 2024

Buying house by selling equity shares? Here’s how you can claim tax exemption for LTCG on stocks sold

Save LTCG tax on equity: To finance the down payment for buying a house, many people sell their assets such as equity shares, equity mutual funds, gold, etc. The income tax laws allow taxpayers to claim tax exemption on the long-term capital gains arising from the sale of equity shares and other capital assets.

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Sunday, November 3, 2024

How NPS can help you save Rs 55,000 tax in new regime

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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