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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 ...

As the December 31 deadline approaches for submitting the annual return forms GSTR-9 and GSTR-9C for the financial year 2024 25, several leading tax professional bodies such as the Bombay Chartered Accountants' Society, the Madhya Pradesh Tax Law Bar Association, and the Commercial Tax Practitioners Association in Indore have made official representations expressing concerns about the unusual challenges posed by recent changes to the forms and certain technical difficulties. They have requested an extension of the due date for filing GSTR-9 and GSTR-9C . As requested, the Bombay Chartered Accountants’ Society (BCAS) and the Malad Chamber of Tax Consultants have made an official request for an extension of the due date for filing the annual return forms GSTR-9 and GSTR-9C for the financial year 2024-25. They have sought an extension of at least three months beyond the current due date. Why Tax Authorities Seek An Extension? Tax bodies are demanding an extension because "For FY ...

This article serves as a clear and helpful guide to reporting Input Tax Credit (ITC) under GST. It explains the process of claiming, reversing, and reclaiming ITC across different financial years. Through three carefully designed case studies, the article clearly outlines the GSTR-3B tables that must be used to report each ITC movement. It covers various cases, including those within the same financial year, reclaims of ITC from previous years, and cases where ITC is reversed in FY 2024-25 and reclaimed in FY 2025-26. Additionally, the article discusses Rule 37 and Rule 37A, explaining how these provisions impact ITC eligibility and the related process. It also explains the important rules for determining whether ITC should be treated as a current or previous year credit. Accurate reporting across GSTR-9 Tables 6B, 6H, 6A1, 7A, 7H, and 13 ensures smoother GST compliance and reduces the risk of reporting errors. Understanding the Process of ITC (Input Tax Credit) Claims and Reversa...

The Central Board of Direct Taxes (CBDT) has announced a new framework aimed at facilitating the rectification of errors in tax returns and the issuance of refunds under the Income Tax Act, 1961. This decision aims to simplify the process for individual taxpayers to correct mistakes related to tax computation, prepaid tax credits, or refund processing.  Under this new framework, the Commissioner of Income Tax at the Centralized Processing Centre (CPC) in Bengaluru will have the authority to manage cases that involve mistakes in records, including issues related to refunds, as stated in the notification. Rules That Assist Taxpayers Under the revised framework, the Income Tax Department can now address issues under Section 154 of the Act that involve: Errors in tax calculations or refund determinations Failure to consider prepaid tax credits (such as advance tax, TDS, or self-assessment tax) Omission of eligible reliefs Incorrect calculations of interest under Section 244A (which per...

In 2025, India made amendments to its Goods and Services Tax (GST) system, which was introduced in 2017. The primary purpose of this amendment is to ensure that businesses and individuals comply with tax regulations, reduce tax fraud, and streamline tax management through the use of technology. The GST Network (GSTN) and the Central Board of Indirect Taxes and Customs (CBIC) have implemented new processes and software systems to streamline the tax return filing procedure for individuals. These improvements aim to simplify the tax filing process, minimise errors, and ensure that all taxpayers, as well as tax professionals, fulfil their tax obligations responsibly. Updates for the same have been given, and the impact they have had on business, accounting, and GST software providers. GSTR‑3B Locking Mechanism Introduced from July 2025 In 2025, an amendment was introduced regarding how businesses report their taxes using GSTR-3B. Now, the details of sales made by businesses, referred to as...

It is important to adhere to the rules in today’s fast-moving world of taxes. With the rise of the Goods and Services Tax (GST), the system has become more digital and stringent, and even small mistakes can result in large fines or statutory problems. To overcome such issues, SAG Infotech’s Gen GST software has arrived. It safeguards your business from issues by ensuring that your GST filings are performed effectively within time. Error-Free GST Return Filing Errors may occur from the manual entry of the data when the business manages a large volume of invoices. The automatic checking feature of the Gen GST software helps in preventing these errors and furnishing assistive suggestions. In this way, the common problems could be prevented, which makes the procedure streamlined and reliable. Mismatches in GSTR-1 and GSTR-3B Incorrect HSN/SAC codes Missing invoices or B2B/B2C misreporting Inaccurate input tax credit (ITC) claims The software, by lessening these errors, ensures that yo...

Maintaining the rules and regulations is important for any company in the present fast-paced business world. Therefore, it is important for Company Secretaries (CSs) who are working in different businesses to ensure that their companies comply with the norms of the authorities like the Ministry of Corporate Affairs (MCA) in India. Various professionals are seeking software to help make their tasks easier with the rising rules and engaging paperwork, It has become more complicated to run businesses, with a requirement to file reports within time to the Registrar of Companies (ROC) and handle Limited Liability Partnerships (LLPs). Gen Complaw by SAG Infotech is one of the trusted options among Company Secretaries. It has been made to assist with compliance related to ROC and LLPs, proposing a reliable and facilitated solution that supports compliance professionals in doing their jobs in an effective way. Features that Make Gen Complaw the Best Choice We have listed below the features of ...

In India, many taxpayers file their Income Tax Return (ITR) early to get a head start. However, experts advise waiting until Form 26AS and the Annual Information Statement (AIS) are fully updated. Filing too early can lead to significant issues and discrepancies. Risks of Filing Your ITR Too Early If taxpayers file their Income Tax Return (ITR) before Form 26AS and the Annual Information Statement (AIS) are fully updated, it can lead to significant problems. These forms usually take about a week to reflect updates after the TDS and Statement of Financial Transactions (SFT) filing deadline on May 31. Here are the risks associated with filing your ITR too early: Your Income Tax Return (ITR) might show discrepancies related to Tax Deducted at Source (TDS) or reported income  If there are discrepancies, you may receive a notice from the Income Tax Department. If the claim for TDS is missing, in some cases, you might need to file a revised return. Additionally, if you update your i...

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

As we approach the end of the 2024-25 financial year, businesses must execute several critical tasks to ensure adherence to Goods and Services Tax (GST) regulations and facilitate a seamless transition into the upcoming fiscal period.   This post will address crucial aspects of GST reconciliations among return filings, obligations related to GST on outward supplies, the reverse charge mechanism, and other compliance obligations.  GST Reconciliations B/W Return Forms  A comparison between the data of outward supplies in books and the GST returns (books, GSTR-1, and GSTR-3B) can help recognise possible changes to the GST returns. Turnover and taxes should also be included in this differentiation.  The differences can be identified by making a settlement between the documented rates in books and the reported rates in GSTR-1, counting tax ledgers, and 3B for the reverse charge mechanism (RCM).  Recommended: Do Not Buy GST Software If These Features Are Not Ava...

An influential move has been taken by the Goods and Services Tax Network (GSTN) to ease the GST registration processes, introducing a new verification procedure for applicants from Uttar Pradesh (U.P.). GST registration applicants under the advisory on 16 March 2025, may now be identified on the GST portal using data analysis and risk parameters, mandating them to complete biometric-based Aadhaar authentication. They shall be required to furnish a photograph and present the original copies of documents uploaded with the application. Date of Implementation and Processing GSTN has made the new functionality and has started in Uttar Pradesh from 15th March 2025. The same feature introduces document verification and an appointment booking system for the petitioner determined for biometric authentication. Steps in the Revised Authentication Process  An applicant on submitting Form GST REG-01 will get an email that has either- A link for the OTP-based Aadhaar Authentication, permit...

Taxpayers are confused often about choosing an effective income tax regime. For a specific fiscal year income tax department permits the person to choose their preferred income tax regime with the frequency of switches allowed based on the person's profession or particular criteria specified in the tax norms. The two tax regimes are available old tax regime and the new tax regime. Following the union budget 2023, the new tax regime acts as the default option. While submitting proofs and tax return filing the taxpayers should signify their chosen tax regime.  Switching B/W New and Old Tax Regimes If you are keen on tax saving instruments though realize that you are not able to claim the deductions for them as of not notifying your employer of choosing from the old tax regime then there is a solution. Switching between the Old Regime and the New Regime is feasible for the persons permitting their annual tax regime to alternate between the older and the new regimes if specific condi...

The Bengal government, led by CM Mamata Banerjee, has launched a new initiative called the GST Amnesty Scheme. This program is designed to help collect unpaid Goods and Services Tax (GST) from 2017 to 2020. It comes in response to many taxpayers' challenges when the GST system was first introduced. The scheme, introduced by adding Section 128A to the CGST Act , offers a waiver of interest and penalties on specific tax demands raised under Section 73 for the financial years 2017-18, 2018-19, and 2019-20.  To benefit from this scheme, taxpayers must pay the full tax amount by March 31, 2025, and submit their application online through the designated portal by June 30, 2025.  The Directorate of Commercial Taxes is reaching out to around 20,000 taxpayers within the state to address about 34,000 requests for tax payments. They want to help these individuals settle their outstanding tax dues. The Directorate has started outreach programs with various groups, such as trade associatio...

Income Tax Return Filing- The normal Income tax return filing due date for AY 2024-25 ended on July 31, 2024. On December 31, 2024, the due date to file a belated ITR with a penalty amount of Rs 5000 will end. The Income Tax Department after the July 31 deadline will provide different categories of taxpayers with specific deadlines to furnish income tax return filing (ITR) . For instance, the tax department has extended the ITR filing date for those who require the audit of their accounts from 31st October 2024 to 15th November 2024. Below we talk 5 amendments in the rules of the income tax concerning tax returns filing via the taxpayers. With New Form 26AS Improved Tax Transparency The introduction of the new Form 26AS furnishes the complete data to the taxpayer along with the details of tax deductions or collections at source, demands, payment of taxes, specified financial transactions (SFTs) and refunds. Also, the inclusion of SFT data assures that the taxpayers know about their tra...

Compliance with PF and ESI Regulations Complying with India's payroll tax regulations is a critical responsibility for employers, aimed at fostering a fair work environment. Among these regulations, the rules governing Provident Fund (PF) and Employees' State Insurance (ESI) are particularly vital.  These ensure employee savings and health benefits while holding businesses accountable to safeguard their workforce's interests. However, managing compliance can be challenging due to evolving laws, intricate documentation, and the need for precise record-keeping. Non-compliance not only attracts penalties but can also damage a company’s reputation. Employers must grasp the fundamentals of these rules to effectively navigate their obligations.  PF serves as a retirement savings scheme, requiring contributions from both employers and employees, which grow over time with compounded interest. ESI, on the other hand, provides medical and financial benefits through a shared contr...