Articles by CA Umesh Sharma

Who's Budget First? Personal or Union

CA Umesh Sharma 17 January 2022 at 11:44

Honorable Finance Minister Mrs. Nirmala Sitharaman will be declaring the Finance Budget of 2022-23 on 01st February in the Lok Sabha. Everyone is excited for the Budget.

When recovery will be initiated on difference between GSTR-1 & GSTR-3B?

CA Umesh Sharma 11 January 2022 at 11:28

If the taxpayer is able to justify the differences between GSTR 1 and GSTR 3B, then there may not be any requirement to initiate proceedings for recovery under section 79.

File GSTR-1 in time to avoid litigations in GST

CA Umesh Sharma 03 January 2022 at 12:40

If supplier does not file GSTR-1 timely and correct it can affect the business relationship adversely and the recipient can also recover interest from supplier as recipient cannot claim ITC of the same.

Attention: Restrictions on availment of ITC as per GSTR-2A from 1st January 2022

CA Umesh Sharma 27 December 2021 at 17:08

What is the new amendment that has been notified by the CBIC in respect of claim of ITC which will be applicable from 1st Jan 2022?

Cleaning of Books of Accounts and their Worship on the occasion of Diwali

CA Umesh Sharma 27 October 2021 at 09:42

In business, many tax laws are applicable. Every law prescribes provisions for maintaining books of accounts and relevant records. So, one should discard old books as per provisions of law.

Taxation of Mutual Fund SIP

CA Umesh Sharma 19 October 2021 at 09:48

An investor can claim deduction up to Rs. 1,50,000/- u/s 80C for investments made in SIP. However, deduction is available only if the SIP is of an Equity Linked Savings Scheme Mutual Fund.

10 Important Points to Consider before Filing September 2021 GST Return

CA Umesh Sharma 11 October 2021 at 14:42

Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.

Changes in GST rates of various goods and services

CA Umesh Sharma 05 October 2021 at 09:33

CBIC has issued Notification No.06/2021–Central Tax (Rate) to Notification No.12/2021–Central Tax (Rate) to amend the existing notifications which will be effective from 1st October 2021.

Side Effects of poor functioning of New Income Tax Portal

CA Umesh Sharma 29 September 2021 at 09:36

Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.