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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 ₹...

  Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seco...

 Depending on its former decision in M/s Anandeshwar Traders v. State of U.P. and Others , the Allahabad High Court ruled that the burden to prove the double movement of goods based on the same documents lies on the department. The Allahabad High Court in M/s Anandeshwar Traders v. State of U.P. and Others ruled that the positive burden to prove that goods had been transported on an earlier occasion is in the Assessing Authority. The court noted that as no inquiries were incurred from taxpayers, toll plazas, purchasing dealers, or any other source as to whether goods had been transported earlier, no presumption can be drawn by the authorities just on the e-way bill. The Court in M/s Anandeshwar Traders ruled that a conclusion without proof cannot be drawn against the double use of e-way bills. Such a conclusion ought to be based on facts and proof that the assessing authority determined which has been examined to test the order correctness and not the conclusions, recorded without...

In the realm of bolstering tax administration integrity, five states, including states such as Tamil Nadu, Telangana, Karnataka and others, are considering Aadhaar-based authentication for GST registration . This move aims for enhanced transparency and accuracy. The decision emerged from the recent third National Coordination Meeting of senior Central and State GST officers, focusing on GST framework discussions. At present, the states of Andhra Pradesh, Gujarat and the Union Territory of Puducherry have initiated a trial program for Aadhaar authentication of taxpayers, which demonstrates how implementing such a system could bring some important advantages and is entirely feasible. As other states show their willingness to adopt this system, it has the potential to revolutionize the Good and Search Tax (GST) registration processes, leading to a significant transformation in the way taxpayers are verified and registered. Many Indian states have been increasingly concerned about identity...

The Income Tax Section 143(1) makes many provisions, including the most recent amendments, clear to taxpayers, and this becomes especially important as the deadline for filing ITRs draws near.    The IT Department's preliminary review of a taxpayer's filed return is indicated by a notification sent to them U/S 143(1) of the Income Tax Act. Even though this seems ordinary, failure to pay attention to important details now can cause problems. In this instance, we draw attention to crucial safety measures that guarantee a comprehensive examination of these notifications, protecting taxpayers against possible mistakes or inconsistencies. Verification of Individual Details: Examining an intimation requires first carefully confirming personal details like name, Permanent Account Number (PAN) , and assessment year. Even small errors in these specifics could cause misunderstandings or cause delays in other processes. Survey of Wages: Make sure that all of the income sources you list...

Due to a major step taken by the IT Department, taxpayers in India can now take advantage of filing their Income Tax Returns (ITRs) for the AY 2024-25 early. ITRs 1, 2, 4, and 6 can now be accessed through the government e-filing portal starting on April 1, 2024.  With over 23,000 ITR forms completed thus far, the department's initiative has been well-received and suggests a proactive start to the tax filing season. Thanks to this extra development, taxpayers may now file their returns on time and avoid the last-minute rush that frequently results in mistakes and fines. Making the Process of Filing Taxes Simpler Allowing taxpayers to file their Income Tax Returns (ITRs) on the first day of the new assessment year is a commendable step done by the Income Tax Department to assist taxpayers. This innovative action is a major break from the department's conventional procedures and demonstrates its dedication to providing taxpayers with hassle-free services and making complianc...

The CBDT department has announced some impressive news for taxpayers as they kick off the new ITR forms for FY 2023-24 (AY 2024-25). The department has introduced a wide range of income tax filing utilities on the e-filing portal, including the ITR-1 (Sahaj), ITR-2, ITR-4 (Sugam), and ITR-6 for the Financial Year 2023-24. The taxpayers can file their ITR-1, ITR-2, and ITR-4 forms for the FY 2023-24 can be offline, online, or in Excel format, while ITR-6 is only available in offline mode. The taxpayers have the option to exclude themselves from the newly introduced tax system by completing Form 10-IEA, which complies with Section 115BAC and IT Rule 21AGA. Although the utility for filing Income Tax Returns is available, most taxpayers can't submit their ITR immediately for several reasons. SFT Not Yet Filed: Statement of Financial Transactions (SFT) for the AY 2024-25 must be filed by May 31, 2024, and the Annual Information Statement (AIS) will be updated only after the SFT filing...

The Madras High Court rejected to interrupt the removal of service of an Additional District Judge who was charged with committing in a conference call with the accused in the Sankararaman murder case. Justice SM Subramaniam and Justice K Rajasekar stated that a Judicial Officer was desired to hold a high level of virtue. In the current case, the charges against the Judicial officer were proven. The court said that the charges were grave and touched upon the integrity and honesty of a Judicial officer. Therefore, the court held that the penalty of removal from service was not disproportionate. "We are of the opinion that the Judicial Officers are expected to maintain a high level of integrity and in the present case, the charges Nos.1 and 4 against the writ petitioner, were held proved. The proved charges, viz., charge Nos.1 and 4 are grave in nature, touching upon the integrity and honesty of the Judicial Officer. Therefore, the punishment of removal from service, cannot be const...

Did you receive a questionable GST notice? Do not panic! This article can help you spot bogus GST summonses and avoid difficulties. Let's go explore! Identifying a False GST Summons or Tax Notice A fake GST summons or tax notice is a forgery intended to resemble genuine government mail, usually from tax officials. The goal is to persuade recipients to make superfluous payments or disclose personal information. Scammers use your fear of penalties or additional charges to compel you to take immediate action without considering its legitimacy. Before replying to such letters, always check with the appropriate government authority. Overview of DGGI's Advisory The collaboration between the CBIC and the DGGI aims to uphold GST laws and prevent fraudulent activities. Their most recent advice, issued on February 10, 2024, intends to help taxpayers identify and address bogus GST communications. This guidance aims to improve consumers' and enterprises' awareness of GST legislati...

Income Tax and TDS are both terms that are commonly used phrases among Indian taxpayers, notwithstanding their distinct variances. While they may appear identical, they have distinct functions. Income tax is deducted from the payer's total profit or annual return, whereas TDS is deducted from the payer's sources of income depending on the expected tax due. Furthermore, each tax has a distinct collection mechanism. What Does Income Tax Entail? Income tax is levied on the whole yearly income earned by individuals or businesses throughout the fiscal year. The Income Tax Act of 1961 governs the methods for calculating, assessing, and collecting taxes. It applies to a variety of income sources, such as wages, property income, professional or business revenues, and capital gains. Individuals earning more than Rs. 2.5 lakhs (under the old tax regime) or ₹3 lakhs (under the new tax regime) are required to pay income tax . Failure to do so is considered tax evasion and penalised by law....

Article 73 of the Central Goods and Services Tax Act grants authority to authorized officers for the assessment of tax liability, interest, and penalties. Despite the initial three-year timeframe, subsequent amendments and notifications have prolonged deadlines, giving rise to discussions and legal controversies.  The inclusion of Section 168A in the 2020 amendment provides the government with the ability to extend limits in cases of force majeure. Nevertheless, challenges arise from the retrospective application and interpretations of the term "force majeure," contributing to complexities and disputes, as evidenced by recent legal cases. Research in Detail Section 73 of the Central Goods and Services Tax Act confers authority upon the designated officer to assess tax liability, interest, and penalties. Subsection (10) initially sets three years for issuing orders, yet this temporal limitation has been subject to amendments via GST notifications .  For instance,  the orig...

E Form MGT-7 and E Form MGT-7 A are essential filings necessary for all companies, regardless of size—be it a small company, other than a small company, or an OPC. These forms, namely MGT-7 and MGT-7 A, mandate companies to submit annual returns, shareholding specifics, and other relevant details. Compliance involves adhering to the rules and guidelines outlined by the MCA while furnishing these forms. Why do you opt for Gen CompLaw with XBRL Software for E-form MGT 7 Filing? The Gen Complaw with ROC Filing software stands as a leader in its field, proving highly efficient in facilitating the preparation of ROC e-forms, XBRL submissions, Resolutions, Minutes, Registers, and various MIS reports. Developed by SAG Infotech, this product ensures timely and error-free "XBRL" e-filings. Its effectiveness extends to aiding statutory compliances under the Companies Act, 2013, including the maintenance of fixed assets registers. With its ability to deliver faster responses in shorter...

The departmental audit involves reviewing departmental accounts to ensure correct tax payments, proper utilization of Input Tax Credit (ITC), avoiding excessive refund claims, etc. With the looming deadline for issuing show cause notices for the period of July 2017 to March 2018, the department has intensified its audit activities, aiming to finalize audits, raise audit points, and issue notices promptly. Hence, registered individuals must understand and adhere to effective practices to facilitate a smooth departmental audit. Though it might seem improbable, achieving a seamless departmental audit is plausible. Here are some recommended practices for handling departmental audits. Appropriate Provision Under the CGST Act Section 65 of the CGST Act furnishes that the commissioner or any officer authorized by him can perform an audit of any registered person. The audit can either be performed at the place of business of the registered person or the officer of the departmental officer. The...