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The new GST limit for business turnover exceeding 5 cr shall start tomorrow. Under the Ministry of Finance, a circular of GST system, the businesses having a turnover of exceeding 5 cr shall be needed to get generate the e-invoice from 1st August. From 1st August, companies having B2B transactional value exceeding Rs 5 cr shall need to produce an electronic or e-invoice. For all the B2B transactions the companies should generate an electronic invoice when their yearly revenue would be equal to or more than Rs 10 cr.  For the bigger companies with a turnover exceeding Rs 500 cr and within three years the limit would get diminished to Rs 5 cr. Under GST law e-invoicing for B2B transactions was mandatory for companies with yearly revenues exceeding Rs 500 cr wef 1st Oct 2020, for those with yearly revenues exceeding Rs 100 cr wef 1st January 2021.  The firms holding a turnover exceeding Rs 50 cr would start generating B2B e-invoices from 1st April 2021. The barrier from the dat...

The Goods and Services Tax Network (GSTN) has made public use of an offline utility for forms GSTR-9 and GSTR-9C for the Fiscal Year 2023-24. All registered taxpayers who were formerly normal taxpayers, including SEZ units and SEZ developers, need to file Form GSTR-9 once every fiscal year. In this return, taxpayers are required to include information about their purchases, sales, input tax credit, and any demands or refund claims. The GSTR 9C reconciliation statement compares the details from the yearly returns filed under GSTR-9 for the relevant fiscal year with the details available in the taxpayer's audited annual financial statement. It includes information regarding the taxpayer's gross and taxable income as stated in its books of accounts, as well as the comparable values acquired by summing all of the GST returns submitted throughout the fiscal year. How to Prepare GSTR-9 Form Using Offline Tool? First of all, kindly make sure you download the updated version of the G...

Below are some common and frequently used terms related to taxation and their definitions in layman's language as per the Income Tax Act in India. What is Inclusive Income? The money you earn or get from different sources in a year. Salary, business profit, rent, interest, dividends, etc. All are considered income. What is Tax Deductible  Tax deductible refers to the amount of money you can subtract from your total income, which helps lower the amount of income that is subject to taxation. These deductions are allowed according to the Income Tax Act and may include expenses like medical costs, donations to specific funds, and more. An Overview of GST (Goods and Services Tax) GST is a comprehensive indirect tax applied to the supply of goods and services tax . It is brought in place of various other indirect taxes like service tax, excise duty, and VAT. GST applies different tax rates to different types of goods and services. Advance Pricing Agreement (APA) APA is a special agreemen...

Nobody wants to be served with an income tax notice. This is the most common worry that maximum taxpayers have. Therefore, learning about such notices and making yourself aware about its purpose can relieve much of the associated worry. Tax authorities issue notices for a range of reasons, and not all bring trouble to you. In this detailed article, various types of income tax notices, their meanings, and awareness taxpayers need to know are discussed. Moreover, this article also guides you on how to respond to these notices under the compliance of the recent tax laws. Statement Under Section 143(1): The Income Tax Department has released a statement under Section 143(1) , which is one of the most common notices served. It is not about any audit or conducting scrutiny notice but rather an announcement confirming the tax return processed by the taxpayer. Details about income, claimed deductions, and tax calculations are mentioned in this notice. Also, any adjustments made by the tax auth...

Individuals may receive a notification under Section 139(9) of the Income Tax Act of 1961 if the Assessing Officer (AO) finds their income tax return (ITR) to be "defective." According to some reports, this may happen if the ITR has errors or missing information. One common instance is when a person's name on their PAN card is spelled differently than it is on their ITR form. The income tax department will issue a notification to rectify the defective ITR in such circumstances. Major Reasons for Defective Income Tax Returns A defective Income tax return can result from several mistakes or discrepancies, say tax experts. Here are some common reasons: Addressing Data Inaccuracy in the AIS (Accounting Information System) This can happen when the taxpayer enters the incorrect challan number when submitting their ITR, pays advance tax for the incorrect assessment year, or has discrepancies between their Form 26AS, AIS, or TIS because their employer or bank submitted ...