Articles by CA Umesh Sharma

Women related Income tax and financial benefits

Posted by CA Umesh Sharma 07 March 2022 7807 Views

Let's discuss the life journey from a girl child to a woman, and what are the rights, Income tax benefits, and other benefits available to women in Indian laws....

Welcome Internal Circular of MH state on GST mismatch issues

Posted by CA Umesh Sharma 28 February 2022 8482 Views

Internal circular has been issued by Maharashtra State GST department on 25/02/2022. The circular has been issued to give guidelines with respect to legal issues pertaining to return scrutiny for tax periods 2017-18 and 18-19.

Updated Return- Advantages and Disadvantages

Posted by CA Umesh Sharma 25 February 2022 5242 Views

Government is trying to provide an opportunity to taxpayers to disclose their income which was previously omitted to be disclosed, and on the other hand will also generate additional revenue for the government. It will facilitate ease of compliance to the taxpayer in a litigation free environment.

Expectations from Union Budget 2022- Halwa or Mithai?

Posted by CA Umesh Sharma 31 January 2022 4316 Views

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. But due to corona, "Halwa" Tradition has been discontinued and "Mithai" has been distributed.

Union Budget and its process!

Posted by CA Umesh Sharma 24 January 2022 5998 Views

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

Who's Budget First? Personal or Union

Posted by CA Umesh Sharma 17 January 2022 3925 Views

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?

Posted by CA Umesh Sharma 11 January 2022 14114 Views

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

Posted by CA Umesh Sharma 03 January 2022 10224 Views

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

Posted by CA Umesh Sharma 27 December 2021 13065 Views

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

Posted by CA Umesh Sharma 27 October 2021 6485 Views

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.