Articles by CA Umesh Sharma

Treatment of GST for TDS/TCS on purchase/sale of goods

CA Umesh Sharma 05 July 2021 at 12:20

TDS/TCS is to be deducted/collected u/s 194Q/206C(1H) respectively, if purchase/sales to a single party exceed Rs.50 Lacs. Whether the amount of GST is to be included in the calculation of the above limitation? Let us understand.

TDS on Purchase of Goods in Income Tax w.e.f 1st July 2021

CA Umesh Sharma 22 June 2021 at 09:39

Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.

New "Taxpayer Friendly" Income Tax E-filing Portal 2.0

CA Umesh Sharma 09 June 2021 at 09:31

The new e-filing portal is aimed to give ease, a modern and smooth interface to taxpayers. It is another initiative for providing ease of compliance to taxpayers and other stakeholders.

Extension of Income Tax Due Dates

CA Umesh Sharma 27 May 2021 at 09:42

CBDT has issued a circular on 20.5.2021 for an extension of due dates for various returns and compliances under the Income Tax Act. Let us discuss the extended due dates.

Relaxation in GST compliances for March/April 2021 return

CA Umesh Sharma 18 May 2021 at 09:39

What are the reliefs given by the Central Government under GST to the merchants during this lockdown due to the coronavirus pandemic? Let us discuss.

Relief to Covid Patients only for payment to Hospitals in cash

CA Umesh Sharma 11 May 2021 at 10:04

CBDT has notified all Hospitals, Dispensaries, Nursing Homes, Covid Care Centres, or similar other medical facilities providing Covid treatment to patients for section 269ST so that they can receive cash payments of Rs. 2 lacs or more.

Buyer cannot be punished 1st for default of the seller under GST

CA Umesh Sharma 05 May 2021 at 09:51

Madras HC has recently given some relief to the recipient of goods from the reversal of ITC when no action was taken by the GST department against the defaulting Seller who has not paid the tax collected from the recipient.

10 things to consider before filing March 2021 GST Return

CA Umesh Sharma 18 April 2021 at 18:45

In this article, we discuss 10 things that a businessman should consider, before filing the GST Return for the month of March 2021.

What is new this time in GST Gudi Padwa?

CA Umesh Sharma 12 April 2021 at 14:25

This time in GST new things are in the Tax Invoice. W.e.f 1st April 2021, all GST taxpayers will have to furnish HSN or SAC in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory.

ITR Forms and Tax Audit New Report for FY 2020-21

CA Umesh Sharma 07 April 2021 at 14:35

Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.