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A show cause notice would have been issued by the GST department for mismatch of the GST ITC claims , errors in reports, and discrepancies in the e-way bill and turnover.  From 2017-18 to the present the agency would have incorporated investigating the returns and started issuing random notices to the assessors. In the majority of the cases towards fetching the discrepancies in the tax liability represented in GSTR-1, the notices would have been issued, and the tax payment via 3B, mismatches in the assessees ITC received via GSTR-2B, and non-matching of turnover and tax shown in the e-way bill with GSTR-3B and GSTR-1 , among other reasons. Tax experts stated that with the adoption of the GST, there would have been various GST legislation amendments and the framework of the return forms was treated to be impossible at the time for the government in order to implement, which caused confusion and a surge in the discomforts to the businesses. Several letters have been issued by the age...

It is obligatory for the companies to convey to the Registrar of Companies (ROC) the appointment of the auditor via Form ADT-1 under the Companies Act 2013. For ADT-1, the same article furnishes a complete overview of the filing fees, the filing form procedure with the Ministry of Corporate Affairs (MCA), the last date of submission, and the required documentation needed to file the ADT-1.  At What Time to File Form ADT-1 with MCA? Form ADT-1 should get filed with the Registrar of Companies (ROC) within 15 days of the Annual General Meeting (AGM) at which the auditor was appointed or reappointed under the Companies Act 2013. For the companies that are new the time duration is 15 days of the first board meeting which must be conducted within 30 days of the establishment for filing the form. Facts for Filing Form ADT-1 The filing obligation of Form ADT-1 counted with the company and not the auditor.  For every sort of company along with listed, private, public, and unlisted the...

A Step-by-Step Guide to Generate GST E-Invoices Under the Finance Ministry, The Central Board of Indirect Taxes and Customs (CBIC) issued a notice through a notification last week on the reduction in the revenue threshold for e-invoicing. As per the notification, enterprises having revenue of more than Rs. 5 crores, from the previous Rs. 10 crores, in any financial year will be required to produce e-invoices for business-to-business (B2B) transactions including supply of goods and services and exports which will come in action from August 1, 2023. Goods and Services Tax Network (GSTN),through the e-invoice system, substantiates B2B invoices electronically which are uploaded by suppliers and the Invoice Registration Portal (IRP) generates an identification number for every invoice. Validated invoice data is transferred from the IRP to the GST portal in real time, eradicating the requirement to manually enter data during the filing of the GSTR-1 return. CBIC's new turnover criteria ...

24 banks have been cleared by the Income Tax Department including ICICI Bank, RBL Bank, and HDFC Bank. This major step has been taken to accept tax payments made using e-pay tax service available in the e-filing portal . The e-Pay tax facility now allows taxpayers to pay taxes through debit card, net banking, over the counter payment, NEFT, RTGS, and through different payment gateways of authorised banks. In order to pay tax through e-Pay, taxpayers are required to fill in their Permanent Account Number or PAN and mobile number. You will receive an OTP. After filling OTP, you will be landed on the e-Pay page. Below are the authorised banks for e-Pay purposes- 24 Authorised Banks for the Tax Payment Through E-Pay Service Indian Bank Union Bank Axis Bank UCO Bank Bank of Baroda South Indian Bank Bank of India State Bank of India Bank of Maharashtra RBL Bank Canara Bank Punjab & Sind Bank Central Bank of India Punjab National Bank City Union Bank Kotak Mahindra Bank Federal Bank Karur...

The ITR can be filed by the assessees online for the AY 2023-24 with the help of released Excel utilities for ITR-1 and ITR-4.  Simple Defintion of ITR 1 Individuals who are residents but are not ordinarily residents can use ITR-1 to file their taxes. They should have a total income of up to Rs 50 lakh, including salary, one residential property, and other sources of income such as interest and agricultural revenue up to Rs 5000. What is an ITR 4? For tax filing by individuals, HUFs, and Firms (other than LLP), who are a resident having total income up to Rs 50 lakh and securing income from business and profession, ITR-4 could be in use, the income can be calculated under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5000. Below mentioned are the steps that you can comply with for filing the ITR online through the assistance of offline ITR-1 and ITR-4 Excel utilities. Step 1: Proceed to the incometax.gov.in website. Step 2: Tap on "Login", enter informa...