Articles by CA Umesh Sharma

Headache of HSN Code for GST taxpayers in GSTR-9 for FY 21-22

CA Umesh Sharma 12 December 2022 at 14:20

From FY 2021-22 onwards, it shall be mandatory to report HSN Summary for Outward Supplies in Table 17 at 6 digits for taxpayers having annual turnover in preceding FY above Rs. 5 Cr. and at 4 digits for all B2B supplies for taxpayers having annual turnover in the preceding FY up to Rs. 5 Cr.

Important Due Dates in the Month of December!

CA Umesh Sharma 06 December 2022 at 08:54

This December Month is full of Due Dates which are important from both GST and Income Tax Point of view

What happens when employee leaves the organization?

CA Umesh Sharma 01 December 2022 at 09:06

The article mentions about the havoc going on with IT Companies' employees leaving the organization

Benefit of Extended Time Limit to avail ITC till Nov 30

CA Umesh Sharma 21 November 2022 at 14:04

CBIC issued a notification to extend the time limit for completion of major compliances of previous financial year 21-22 under GST Act till 30th November 2022 or furnishing of the relevant annual return (GSTR-9), whichever is earlier.

Tax Benefits for Children

CA Umesh Sharma 15 November 2022 at 11:59

14th Nov is celebrated as Children's Day on Hon Mr. Pandit Jawaharlal Nehru's birthday. Every parent spends money from their income on the education, development of their children, but are unaware of the taxation benefits which the parents can enjoy, let us discuss it one by one.

One Nation, One ITR Form, 40 Questions: New Proposal

CA Umesh Sharma 08 November 2022 at 14:50

CBDT has released draft common Income Tax Return Form by merging all the existing returns of income except ITR-7 for all taxpayers barring trusts and non-profit organizations, to which all stakeholders and general public can provide inputs up to December 15.

E-Invoicing for turnover exceeding 10 Crore rupees w.e.f. 1st October

CA Umesh Sharma 27 September 2022 at 08:49

CBIC issued Circular No. 17/2022-GST on 1STAug,2022 specifying mandatory E-invoicing from October 1, 2022forbusinesses whose aggregate turnover exceeds Rs 10 crore in any financial year from 2017-18 to 2021-22, for business-to-business (B2B) supply of goods or services, or both and also for exports.

A big relief by Supreme Court to taxpayers regarding GST Transitional Credit

CA Umesh Sharma 14 September 2022 at 14:07

CBIC issued Circular No. 180/12/2022-GST on 9th Sept,2022 following the judgement of Hon ble Supreme Court in the case of Union of India vs. Filco Trade Centre Pvt. Ltd. with respect to guidelines for filing/revising TRAN-1/ TRAN-2.

Cash transactions and its income tax implications

CA Umesh Sharma 05 September 2022 at 13:50

Mahalaxmi Festival is celebrated with great enthusiasm by the taxpayers and the taxpayers ensure that the proper preparations and arrangements are made for arrival of Goddess Mahalaxmi. Along with this the taxpayer should keep in mind the provisions while dealing in cash.

"Handi" of Arrest in GST smashed by CBIC

CA Umesh Sharma 22 August 2022 at 11:55

On 17th August 2022 Instruction No. 02/2022-23 was issued following the judgement of the Supreme Court in Siddharth v. The State of Uttar Pradesh and Amr, with respect to arrest and bail. The Guidelines has also added that arrest should not be made in cases where is difference in interpretation of law.