SAG Infotech: Need Tax Software (Call 0141-4072000)

This article will furnish a comprehensive understanding of how to apply and get your PAN 2.0. Permanent Account Number (PAN) has been essential for financial activities in India for a long time. Now, with the introduction of PAN 2.0 . It is secure and has been tech-friendly compared to before, and has the feature of a QR code for easy verification and improved encryption. Comply with the below-mentioned steps to get your PAN 2.0 without any hardship: Steps to Apply New PAN 2.0 Online Step 1: See what's New with PAN 2.0 QR Code: Date of Birth, Your name, and Photo for Seamless Authentication Better Security: Advanced Encryption Reduces Fraud Risks Digital Option: The e-PAN, a digital version of your card, is quick and easy to access. Step 2: Check If You're Qualified Indian Citizens are required to use Form 49A Foreign Nationals are required to use Form 49AA What is the need: It's obligatory for tax filing, large deposits, property purchases, and more Step 3: Choose y...

With the passing of the year, December becomes a crucial month for the assessees to satisfy their financial and compliance obligations. With the significant due dates for tax deductions advance tax payments and return filing, proactive planning is significant to avoid penalties and ensure smooth compliance. This December 2024 tax calendar furnishes a roadmap of important dates and obligations if you are an individual, a business, or part of a government office. In India where the Financial year runs from April 1 to March 31 remain informed that such income tax due dates are more than solely a requirement but an opportunity. You can fulfill your dues and optimize your tax planning, maximizing deductions and benefits while turning year-end tax planning into a smart financial move by monitoring the key dates.  Due Dates of the Income Tax in December 2024 07th  December , 2024 ​The due date for the deposit of Tax deducted/collected for November 2024. All the sums deducted/colle...

The GST Council is scheduled to be held on December 21 to discuss an important proposal regarding potential exemptions or reductions in GST rates on health and life insurance. The announcement was made via a post on the social media platform X. The conference is set to take place in Jaisalmer, and will be presided over by Union Finance Minister Nirmala Sitharaman, alongside state finance ministers. Key discussions are expected on rate rationalization, with lowering GST on several essential goods from the current 12% bracket to 5%, based on suggestions from the 55th GST council’s meeting board of state ministers. Currently, the GST system operates under a four-tier tax structure, with rates of 5%, 12%, 18%, and 28%. In its last session on September 9, the council directed a group of ministers (GoM) to prepare their report on GST charges for insurance by the end of October. Following this directive, the GoM for health and life insurance met last month, reaching a consensus to exem...

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

Changes in GST Rules for Businesses An update to the e-invoicing process for businesses has been announced by the Goods and Services Tax Network (GSTN). W.e.f April 1, 2025 the assessees with an annual  aggregate turnover (AATO) of Rs 10 crore or more than that shall now be obligated to upload e-invoices to the Invoice Registration Portal (IRP) within 30 days from the date of invoice issuance. Earlier, On businesses with an AATO of Rs 100 crore or exceeds, this 30 days requirement is applicable. Starting in April 2025 the same regulation shall extend to a larger group of taxpayers, along with those that have the smaller businesses. The same shall be applied to the people having an Aggregate Annual Turnover (AATO) of more than Rs 10 crore, which results in a larger group of GST assessees being affected. As per the GST norms the suppliers and sellers having a designated annual aggregate turnover (AATO) should make an electronic invoice (e-invoice) and after that on the IRP portal fo...

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore.  This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores.  Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic.  They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged.  This dedication is also evident in the ₹...