# tin
37 posts in `tin` tag
GST Amnesty Scheme Relief 52nd GST Council Meeting
The GST Council introduced an amnesty program on Saturday, permitting taxpayers to challenge demand orders issued by tax inspectors until January 31, 2024, for orders issued up to March 2023.
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By Krishna
Upcoming GST Council Meeting October 7 Key Agenda
The upcoming GST Council meeting is scheduled to take place at New Delhi's Vigyan Bhawan this week, although the specific topics on the agenda have not been revealed yet.
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By Krishna
TIN TAN VAT PAN DSC DIN Detailed Comparison
Among these, TIN, TAN, VAT, PAN, DSC, and DIN are frequently encountered. All of these have different purposes and are essential for individuals and businesses alike. Let's delve into the differences and importance of each of these alphanumeric codes.
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By Krishna
Nitin Gadkari Clarifies No 10 Percent GST on Diesel Cars
Gadkari made these comments at a conference in New Delhi where executives from various car companies like Tata Motors, Mahindra and Mahindra, Maruti Suzuki, Mercedes, and Volkswagen were present.
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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
Income Tax 88 Percent Processed ITR Verified 14000 Returns Awaiting Verification
The income tax department is continually enhancing its efforts to provide efficient taxpayer services. As part of these efforts, the time it takes to process ITRs (after verification) has been significantly reduced.
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By Krishna
GST Update gstin Important Advisory Biometric Aadhaar Authentication Registration
On August 28, 2023, the Goods and Services Tax Network (GSTN) shared guidance about GST registration for folks chosen for Aadhaar authentication.
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By Krishna
Exciting Feature Addition pay later income tax e-filing website
One standout feature is the 'Pay Later' option on the e-filing portal. This allows people to file Income Tax Returns (ITRs) without rushing to pay their taxes upfront. This article explores the details of this feature, covering its how to use it properly.
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By Krishna
Identifying fake GST original vs fake differences
To prevent fraud, it's essential to verify the authenticity of GST bills. These bills are often used for claims and filing Income Tax Credits. To stay safe, customers can easily check if the bill given to them is genuine.
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By Krishna
Patience Pays: Understanding Income Tax Refund Processing Time
The response hinges on diverse elements, encompassing tax authorities' processing duration, data precision, and the selected refund method.
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By Krishna
Moonlighting in ITR: Under IT Department Investigation - Learn What it Is
Given the evolving job landscape, particularly due to job cuts and layoffs, numerous workers are seeking extra avenues to supplement their earnings alongside their primary employment.
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By Krishna
8 Financial Transactions You Can Still Do with an Inactive PAN Card: Exploring Possibilities
Having an inactive PAN can pose challenges for individuals when conducting certain transactions. However, there are specific transactions that can still be carried out with an inactive PAN, For more information, refer to the following article.
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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
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
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
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
Key Updates: Changes in Income Tax Return Forms for FY 2022-23 (AY 2023-24) Affecting ITR Filing
Additionally, in unique scenarios, the taxpayer may be eligible to claim TCS credit pertaining to another individual to offset their own tax obligation. To cater to these exceptional scenarios, the ITR form now offers an option for taxpayers to claim credit for TCS related to another person.
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By Krishna
Delhi Government Initiates New Process to Revoke Cancelled GSTINs until June 30th
These individuals must adhere to specific procedures for revoking their canceled registration. Additionally, individuals who failed to file a petition to revoke the cancellation of their GST registration within the designated timeframe under Section 30 of the DGST Act are directed to follow these steps
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By Krishna
Delhi Government Initiates New Process to Revoke Cancelled GSTINs until June 30th
These individuals must adhere to specific procedures for revoking their canceled registration. Additionally, individuals who failed to file a petition to revoke the cancellation of their GST registration within the designated timeframe under Section 30 of the DGST Act are directed to follow these steps
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By Krishna
Income Tax Rules: Setting Off Long-Term Capital Loss from Debt Mutual Funds
For investments made after March 31st, 2023, in mutual fund schemes with a domestic equity investment that does not exceed 35% of the total investment, the profits will be considered as short-term capital gains along with the holding period.
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By Krishna
Introducing Form 10-IEA: CBDT's Latest Addition for Business Owners and Professionals Choosing the Old Tax Regime
As per the CBDT release, individuals with business or professional income who wish to opt out of the new tax regime must submit Form 10-IEA before the due date mentioned in Section 139(1) of the Income-tax Act, 1961, for filing their income tax return for the respective assessment year.
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By Krishna
ITAT: Deduction u/s 80IA/80IB Reduces Business Profits for Computing Deduction u/s 80HHC
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) based its decision on the ruling of a Larger Bench of the Supreme Court in the case of Micro Lab (supra), which was decided on 17.9.2018 in CA No.007427/2012.
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By Krishna
Deposit 2000 notes without attracting income tax notice
Notice
RBI: There has been a decrease in the overall worth of Rs. 2000 notes in circulation, accounting for approximately 10.8% of the total as of March 31, 2023, which is around Rs 3.62 lakh crore.
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By Krishna
Self assessment tax pay online
Self-Assessment Tax stands for the tax paid by individuals on their assessed income after considering Tax Deducted at Source (TDS) and advance tax. It is the balance tax amount that needs to be settled before filing the income tax return. Self-Assessment Tax allows taxpayers to meet their remaining tax liabilities and ensure compliance with income tax regulations.
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By Krishna
GST Council Expected to Give Approval to Tribunal Blueprint
During the GST Council meeting, the final operational plan for the tribunal is expected to be presented for approval.
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By Krishna
Interest Under Section 234A, 234B, & 234C
Interest under sections 234A, 234B, and 234C are crucial provisions under the Indian Income Tax Act that deal with the imposition of interest charges for various non-compliance scenarios. These sections aim to ensure timely tax payments and compliance with tax regulations.
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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
Automated GST Scrutiny to Result In Notices For Data Discrepancies
According to experts, the recent implementation of automated scrutiny of Goods and Services Tax (GST) returns by the central government may result in taxpayers receiving notices when there are discrepancies between various types of tax returns.
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By Krishna
How to Handle GST Return Scrutiny Notice-ASMT-10
If you are registered under GST, it is mandatory for you to submit GST returns as per the regulations of GST law. Nevertheless, there might be situations where you receive a scrutiny notice, specifically ASMT-10, to examine the correctness and comprehensiveness of your GST returns.
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By Krishna
CBIC rolls out Automated Return Scrutiny Module for GST returns
During a performance review of the Central Board of Indirect Taxes & Customs (CBIC), Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman instructed the swift implementation of an Automated Return Scrutiny Module for GST returns.
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By Krishna
Time Barring of Scrutiny of GST Returns of Delhi Taxpayers For The FY 2017-18, 2018-19 & 2019-20
The Delhi GST Department said in a Circular vide F.3/432/GST/Policy/2022/582-89 on 08 May, 2023, regarding the time barring of Scrutiny of GST Returns of Delhi taxpayers for the FY 2017-18, 2018-19 & 2019-20.
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By Krishna
Finance Minister Instructed CBIC To Implement Its Automated GST Return Scrutiny
The Finance Minister instructed the CBIC to introduce an automated GST return scrutiny system by the following week & and to develop an action plan that utilizes technology to expand the taxpayer base..
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By Krishna
Analysis of New Disclosures in GSTR-3B
The 47th meeting of the GST council was held on 28th, and 29th June 2022. The GST council advised clarifying the furnishing of correct and relevant information on supplies of inter-state and the amount of blocked input tax credit as well as inverted thereof in form GSTR-3B.
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By Krishna
Provisions Of Online Correction In Form 26QB
Till FY 2013-14, form 26QB could not be revised to rectify any kind of errors in information.
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By Krishna
Timeline For Holding Annual General Meeting is Extended
A Big Relief Given By Ministry Of Corporate Affairs Extending The Timeline For Holding Annual General Meeting Till December 31st From September 30th.
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By Krishna
Recommendations of the 42nd GST Council Meeting
The 42nd GST council meeting was held on 5th October 2020 as well as on 12th October 2020. The meetings were chaired by Finance Minister.
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By Krishna
What is a GST Audit
The records, returns, and other related documents must be allocated or maintained under GST or more laws.
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By Krishna