GST ITC-4 Form Explained Form GST ITC-04, prescribed under Rule 45(3) of the CGST Rules, is a mandatory declaration filed by a principal manufacturer to report the movement of inputs and capital goods sent to and received back from a job worker. It tracks inventory across all stages, including transfers between job workers and direct supplies made from a job worker's premises. The form captures key compliance details, such as the job worker's GSTIN, delivery challan numbers and dates, item descriptions, quantities, taxable values, and applicable tax rates. Understanding Job Work Under GST Rules Under Section 2(68) of the CGST Act, 2017, job work means any treatment or process undertaken by a person on goods belonging to another registered person. The person carrying out such treatment or process is referred to as the job worker. Who Must File Form GST ITC-04? A registered principal sending inputs or capital goods to a job worker must furnish the prescribed information in F...

  Accountants and tax consultants often face challenges in managing taxes. They have to handle multiple clients while preparing tax returns. Moreover, they have to generate meaningful reports within tight deadlines. These regular duties can become overwhelming and stressful.  The manual management of such chores consumes much time and can cause errors. Here, Genius software becomes effective. It permits tax experts to work seamlessly and efficiently, so they can spend more time supporting their clients and providing effective services. An efficient method for managing Tax Compliance Using Genius Software CAs and CSs frequently encounter the challenge of keeping track of multiple norms and crucial deadlines. However, this operation is streamlined under Genius Software . It brings many tasks together in a single and easy-to-use platform. Instead of juggling multiple devices and spreadsheets. The tax professionals can manage everything from preparing tax returns and managing...

All taxpayers should file their ITR on time. By doing so, salaried individuals can avoid the stress of last-minute filing, potential technical glitches on the e-filing portal, and unnecessary delays. Additionally, late filing may attract penalties and interest, making it important to complete the filing process well before the due date. If taxpayers miss the deadline to file their income tax returns , they will face a late fee as outlined in section 234F of the Income Tax Act. The penalties can vary, with some going up to Rs. 5,000, depending on how much money the person makes and how late the filing is. If a person's total income is less than Rs. 5 lakh, the maximum fine for late filing is Rs. 1,000. However, if their total income exceeds Rs. 5 lakh, the fine can go up to Rs. 5,000. If a salaried individual does not file their Income Tax Return (ITR) on time, they may face additional costs, including interest on any unpaid tax liability and the loss of certain tax benefit...

In India, the new Income-tax Act is scheduled to come into effect on April 1, 2026. The legislation is designed to simplify tax compliance for taxpayers, reduce tax-related litigation, and promote a more transparent, technology-driven tax ecosystem. These reforms align with the government’s ongoing efforts to enhance the efficiency and effectiveness of the overall tax administration system. During a recent address in Pune, Vivek Wadekar highlighted concerns surrounding the Income-tax Act, 1961. He stated that the Act has undergone more than 4,000 amendments over the years, making the legal framework highly complex. According to him, this complexity frequently results in tax disputes due to varying interpretations of different provisions of the law. The Income-tax Act, 2025 , introduced several revisions aimed at simplifying the language used in tax laws and regulations. These changes are intended to improve clarity for both taxpayers and tax authorities, helping ensure a better und...

Payroll is one of the important functions in any business that requires being processed with few errors. Every month, the payroll processing of small and medium enterprises requires a lot of time for the company’s HR and finance teams. Still, most companies prefer to process payroll manually, which consumes a lot more time and is subject to errors as well.  The application of an ineffective and untimely payroll not only increases the cost of the process, but also the person working on it gets frustrated, and the morale of the employees goes down as well. On the other hand, with the use of timely, fast and efficient payroll, companies become successful and stand themselves apart from the average ones. Currently, the Indian market observes the availability of numerous payroll software. As claimed by their developers, all the software is designed to supply smooth payroll processing for organisations. Now, the thing that needs to be done carefully is the selection of the right software...

The Telangana High Court has instructed the Customs authorities to provisionally release 127 units of imported multi-functional copying and scanning machines that were seized by the department. This is contingent upon the importer depositing the increased duty amount and providing a bank guarantee of 10% of the total value of the goods. M/s Akshya Copier Solutions, an importer, has submitted the writ petition contesting the seizure memo and asking for immediate clearance of the consignment imported. The applicant, before the High Court alleging that the Customs department had seized various models of second-hand highly specialised equipment, like copying and scanning machines. The department denied clearance despite the applicant being ready to pay the applicable duties on the declared value. The importer said that the seizure and continued detention of the goods were arbitrary and unreasonable, allegedly contrary to the provisions of the Customs Act, 1962, the Import ...