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Prime Minister of India has declared his intention to transform India into the world's third-largest economic powerhouse during the Government's upcoming tenure. Conversely, the International Monetary Fund (IMF) has cautioned that India's overall Government debt might surpass 100% of its Gross Domestic Product (GDP) in the medium term and that the country faces a significant risk to its long-term debt sustainability due to the substantial investment required to achieve India's climate change mitigation goals. Nevertheless, India perceives these risks as insignificant since most of its sovereign debt is denominated in the domestic currency and therefore carries limited exposure. The Lok Sabha, Parliament of India, has approved three new bills pertaining to criminal legislation, specifically bills aimed at replacing the Indian Penal Code (IPC), the Indian Evidence Act, and the Code of Criminal Procedure (CrPC). The newly enacted laws are known as the Bhartiya Nyaya Sanhi...

The Indian economy is seeing a sunny side up as the government gears up to outstrip its initial gross tax collection projections for the current fiscal year. Both direct tax and GST collections are painting a picture of potential surplus. Recent indicators suggest that the government might not just meet but exceed the aimed Rs 33 lakh crore mark, potentially hitting over Rs 34.5 lakh crore in gross taxes by the year-end. Reports highlight the stellar performance of both direct taxes and goods and services tax (GST) collections as the driving force behind this fiscal triumph. Preliminary data showcases a significant year-on-year surge of 20.66 per cent in net direct tax collections, showcasing an impressive achievement until December 17, 2023, in the ongoing financial year. Net collections, after factoring in refunds, hit Rs 13.7 lakh crore in FY24, marking a significant rise from the Rs 11.35 lakh crore reported in the corresponding period of the previous fiscal year. In a det...

The income tax department introduced the Tax Information Network (TIN 2.0) last year, aiming to enhance the taxpayer experience on the e-filing portal. Starting April 1, 2023, the entire tax payment system transitioned from the previous TIN-NSDL to TIN 2.0. TIN 2.0, the new e-Pay tax payment platform , is the official income tax department portal designed to offer taxpayers a unified platform for accessing various income tax services, including tax payments. This system replaces the OLTAS-based payment setup and is now integrated into the e-filing portal. A total of 26 banks along with the state-owned and private banks are on board as of now. The assessee of such banks shall be required to visit the income tax department e-filing portal for paying their direct taxes.  What is The Method And Where to Access It? The taxpayers need to log on to the income tax portal  https://www.incometax.gov.in/iec/foportal/ . He can find a pre-login section e-pay tax  https://eportal.incom...

The GST bill refers to the document that shows the tax information on certain transactions consisting of goods or services. GST is a complete indirect tax imposed on the supply of goods and services at every production and distribution chain phase. It acts as proof of tax paid on certain transactions and is an important document for businesses and people concerned with buying or selling goods and services. GST execution in various countries has eased the taxation regime, which makes it more clear and efficient. There is always a risk of bogus activities with any system along with the making and circulation of the bogus GST bills . Acknowledging and reporting these bogus bills is important to maintain the GST system's integrity. The GST bill elements comprised of- Understanding the GSTIN for Businesses: The GSTIN, a distinctive identifier for businesses under GST registration, aids in taxpayer identification and tracking. An Important Factor in Transaction Records for Invoice Numbe...

The Goods and Services Tax (GST) implementation in its starting phase, 2017-18 and 2018-19, posed difficulties in the reconciliation of Form GSTR-2A and GSTR-3B. Section 16 of the CGST Act 2017  was causing certain issues in several instances during the initial GST enactment (i.e., 2017-18 and 2018-19). The section defines the criteria and conditions for availing of Input Tax Credit (ITC) . It was noticed that accurate information regarding outward supplies was not furnished by the supplier invariably in GSTR-1, resulting in differences or discrepancies in the Form GSTR-2A of the recipient. Nevertheless, recipients claimed ITC (input tax credit) for such supplies in Form GSTR-3B. While authorities were carrying out scrutiny/investigation/Audit, it was discovered that in some cases, ITC had been claimed in GSTR-3B. but was not shown in GSTR-2A. Circular No. 183/15/2022 – Dated: 27/12/2022, was released to provide an explanation, to deal with this issue consistently. As per the circu...

Since 2018, hoteliers have expressed their apprehensions that this tax incongruity results in a decline in restaurant patrons, who prefer standalone restaurants due to the tax advantages they provide. Industry stakeholders advocate for a standardized 5% GST rate across all dining establishments to create equitable ground. In a landscape where standalone restaurants thrive nationwide, intensifying competition, the hotel industry questions the relevance of a hotel room rate in determining dining options. Compounding the challenges is the growing trend among hotel guests to opt for food delivery services from external sources. The process of the GST department which ties the dining GST to the hotels declared room tariff and the hotel restaurants at a competitive disadvantage. For instance, a meal costing ₹2,000 at a standalone restaurant incurs only ₹100 in GST, whereas the same meal at a hotel restaurant would attract ₹360 in taxes. The predicament is further intensified for mid-market ...

In today's competitive business world, optimizing payroll procedures is essential for efficiency, cost reduction, and compliance with tax laws. Gen Desktop Payroll Software stands out as a comprehensive solution suitable for businesses of any scale, offering an array of features that simplify payroll management and improve HR functions. What are the Advantages of Using Gen Desktop Payroll Software?  Mentioned Below are some of the different  features of the Gen payroll software  for HR Administration -  #1. Simplify Tax Returns Filing and Compliance  Remaining updated with evolving tax regulations, the software ensures businesses adhere to all statutory requirements. It automatically computes and deducts various taxes such as TDS, PT, and local taxes, simplifying tax compliance and mitigating the risk of penalties. Moreover, it facilitates effortless e-return filing for PF, ESI, and other obligatory filings, ultimately saving time and simplifying these processes...

The Madras High Court has decreed that flavored milk will be subject to a reduced GST rate of 5%. This ruling also curtails the authority of the GST Council in product classification, emphasizing that its role is merely advisory, not determinative. In a recent ruling prompted by a writ petition from Parle Agro disputing the categorization of flavored milk, the Madras High Court referenced a Supreme Court case, Mohit Mineral Private Limited . The apex court's stance emphasized that the GST Council's suggestions aren't binding on the Union and states. Applying the principle of noscitur a sociis to interpret 'Beverage containing milk,' the High Court concluded that it exclusively refers to plant or seed-based milk, excluding dairy milk. Chapter 4 of the GST tariff classification covers dairy products, including milk. Justice C. Saravanan, in the Madras High Court's single bench, classified flavored milk under GST tariff heading 0404. However, the Court highlighted ...

The GST return filing process (FORM GSTR-3B) E-Flyer has been released by the SAG Infotech Private L:imited. Process of return filing Filing Form GSTR-3B – Monthly and Quarterly Return by Normal Taxpayer What is the method to make, save, pay taxes, and file the Form GSTR-3B return? Form GSTR-3B is said to be the easier summary return, its objective is for the assessees to show their GST obligation summary for a certain tax duration and the discharge of these liabilities. A normal assessee is needed to file the FORM GSTR-3B returns for every tax period. Login and Navigate to Form GSTR-3B Monthly Return page: 1. Access the www.gst.gov.in URL. The GST Home page is shown. Login to the GST Portal with valid credentials. 2. Tap on the Services > Returns > Returns Dashboard option. 3. The file returns page is shown. Choose the Financial year, Quarter (Quarter 1 – 4), and period (month) for which you wish to file the return from the drop-down list. Tap on the SEARCH button.  4....

A Tax deduction at source (TDS) is a difficult landscape that requires efficient tools to navigate. Companies and people use user-friendly TDS return filing software in this digital age of tax. The aim of this intro is to examine five cutting-edge solutions developed to facilitate TDS management and ensure adherence to tax laws.  Users can effortlessly handle their tax debts with these software choices, thanks to involuntary interfaces and powerful features. With these creative TDS filing solutions, you can supervise your taxes to the highest degree of comfort and accuracy. #1. Gen TDS Software Gen TDS Return Software is developed to make your TDS and TCS filing procedure hassle-free. With its easy-to-use interface, you can file TDS and TCS returns online without taking extra burden. The platform is designed to keep all the regulations of TRACES and CPC as a priority. This makes sure that your filing adheres to all the regulations.  The platform is equipped with features such...

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma...

Managing Tax Deducted at Source (TDS) is a critical aspect of tax compliance for both businesses and individuals in India. It involves intricate calculations, deductions, reporting, and filing, necessitating precise solutions due to its complexity and evolving regulations. SAG Infotech's Gen TDS software has gained significant recognition in the Indian market for its comprehensive features and tools designed to simplify TDS compliance. In this overview, we'll explore the key attributes, benefits, and importance of Gen TDS software within the tax context. What is Tax Deducted At Source (TDS)? In India, the government employs Tax Deducted at Source (TDS) to gather taxes from various income sources. Essentially, when making payments to recipients, a specific percentage of tax is deducted by the payer and then remitted to the government. TDS applies to various types of income, such as commissions, rent, interest from fixed deposits, salaries, and more. Understanding TDS is...

The Delhi High Court invalidated the assessment order passed under the Income Tax Act, 1961 citing it was issued before the deadline for filing a reply to the show cause notice (SCN) had passed. The petitioner, Wonder Bricks, argued that the assessment order was flawed because it was issued prior to the designated date, despite the show cause notice allowing sufficient time for a response by May 5, 2023, at 15:49 hours. Sanjeev Menon, representing the respondent/revenue, stated that he had not received a copy of the case papers. The Court granted a period for the respondent to provide instructions. It was emphasized that if instructions were received opposing the writ petition, a counter-affidavit would be submitted. However, no counter-affidavit was filed, leaving the petitioner's claims unchallenged. A Division Bench comprising Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the assessment order was clearly passed before the deadline for filing a reply to the show...

LLP compliance refers to the essential adherence to legal and regulatory requirements by Limited Liability Partnerships (LLPs). Entrepreneurial success relies not only on innovative ideas and unwavering dedication but also on making it necessary to pay attention to legal and regulatory obligations.  For Indian entrepreneurs, LLP compliance is a crucial aspect to consider. LLP, which stands for Limited Liability Partnership, offers the advantages of a partnership structure along with the protection of limited liability. Nevertheless, these benefits come with specific responsibilities towards regulatory compliance. What Is LLP Compliance and Why Is It Important? LLP Compliance refers to the necessary guidelines and filings that every Limited Liability Partnership (LLP) in India must adhere to. It serves as a mechanism implemented by the government to promote transparency, uphold good governance practices, and establish accountability among the businesses. Compliance with these regu...

GSTN has introduced Form DRC-01C to address discrepancies in Input Tax Credit (ITC) between GSTR 2B and GSTR 3B, as outlined in the newly added Rule 88D of the Central Goods and Services Tax Rules, 2017 ("the CGST Rules"), through Notification No. 38/2023-Central Tax dated August 4, 2023. The Applicable Rule of CGST Rule 88D of the Central Goods and Services Tax Rules Rule 88D of the CGST Rules details the procedure for tackling the discrepancies in the input tax credit available according to the auto-generated statement contained in the Input Tax Credit in GST and that availed in return. (1) If a registered person claims more input tax credit in their tax return (FORM GSTR-3B) for a specific period than the available input tax credit stipulated in the auto-generated statement (FORM GSTR-2B) for that period, concerning that period or periods, depends on the scenario, by that sum and that percentage, as may be advised by the Council, the said registered person will be notifi...

Tax auditors play a crucial role in verifying the precision and openness of financial records when it comes to financial governance. They maintain records for individuals, businesses, trusts, and institutions. However, to uphold the integrity of the auditing process, it is vitally important to establish explicit guidelines and disqualifications for individuals who serve as income tax auditors .  This article will delve into the specific disqualifications in accordance with the Act. Certified Chartered Accountant with an Active Practice Certificate The Income Tax Act has some qualification criteria for tax auditor eligibility. An individual must meet the definition of a chartered accountant as outlined in clause (b) of sub-section (1) of Section 2 of the Chartered Accountants Act, 1949. Additionally, it is necessary for them to hold a valid practice certificate under Sub-section (1) of Section 6 of the Chartered Accountants Act, 1949. The eligibility criteria under the Act make sur...

An updated version of the common offline utility for the Income tax return (ITR) 1 to ITR 4 is been launched by the income tax department dated 22nd September 2023. An offline income tax tool is a software resource offered by tax authorities, such as the income tax department, which enables individuals to complete and submit their income tax returns offline . This utility is commonly accessible as downloadable software or an Excel spreadsheet that individuals can complete with their personal and financial information. SAHAJ (ITR-1) Form ITR-1, also referred to as the Sahaj Form is one of the income tax return documents utilized by individual taxpayers in India to submit their annual income tax declarations. It is intended for individuals whose income originates from sources like salary or pension. File ITR 2 Form  ITR-2 can be employed by individuals or Hindu Undivided Families (HUFs) who do not meet the eligibility criteria for filing ITR-1 (Sahaj). They should not have income fro...