Articles by CA Umesh Sharma

Key Deadlines to remember in the month of December!

CA Umesh Sharma 12 December 2024 at 08:45

December isn't just about celebrations; it's also a busy month for taxpayers and businesses. Missing any important deadline will lead to fines, interest, or may even lose refunds.

Taxpayers Win - Favourable Case for Rebate u/s 87A on Short-Term Capital Gains

CA Umesh Sharma 26 November 2024 at 08:39

It's a noteworthy Beena Manishbhai Fofaria V/s CIT(Appeals) case that clarifies the application of Section 87A, especially after the amendments brought by the Finance Act, 2023. This ruling is beneficial for many taxpayers.

Understanding the New IMS (Invoice Management System) on GST Portal

CA Umesh Sharma 19 November 2024 at 08:38

IMS allows recipient taxpayers to take various actions like accept, reject, or keep invoices pending based on the records uploaded by their suppliers in GSTR-1 or IFF. This gives recipients control over their Input Tax Credit (ITC) eligibility before filing GSTR-3B.

Updates Related To Revamp of IT Act 1961

CA Umesh Sharma 12 November 2024 at 05:56

On occasion of the 165th year of Income Tax Finance Minister Nirmala Sitharaman ji has announced that the much-awaited new direct tax law would soon be introduced in 2025

This Diwali, Celebrate with GST Firecrackers!

CA Umesh Sharma 29 October 2024 at 08:36

Let's discuss some key important GST firecrackers that will help taxpayers in better compliance with GST law.

Cleaning of Books of Accounts and their Worship on the eve of Diwali - Part 2

CA Umesh Sharma 22 October 2024 at 08:26

Discover how to handle old financial records during Diwali cleaning, as Krishna guides Arjuna through record-keeping requirements under Income Tax, GST and Companies Act. Ensure compliance and align your financial discipline with the spirit of Diwali renewal.

9 Days of Navratri: 9 Key Points from Safari Retreats ITC Case

CA Umesh Sharma 07 October 2024 at 14:50

Just like Navratri has 9 days, each with a special meaning, the Safari Retreats judgement offers 9 key points for businesses when it comes to claiming Input Tax Credit (ITC) under GST. Let's explore these 9 key points, one for each day of Navratri

What is the Direct Tax Vivad Se Vishwas Scheme, 2024?

CA Umesh Sharma 23 September 2024 at 14:21

Under Direct Tax Vivad Se Vishwas Scheme, 2024scheme, appellants with pending appeals or writ petitions related to direct taxes can resolve disputes by paying a portion of the disputed tax, interest, penalty, fee. The benefits vary depending on when the dispute is settled.

As Ganesha Removes Hurdles, GST Council Eases the Road for Taxpayers!!

CA Umesh Sharma 16 September 2024 at 13:30

During the 54th GST Council meeting on 9th September 2024, several helpful recommendations were made to ease the path for taxpayers and businesses. These changes can be seen as blessings from Lord Ganesha himself.

Understanding Income Tax and GST for Mandal's and Religious Temples!

CA Umesh Sharma 09 September 2024 at 16:33

While the focus is on devotion and charity, religious and charitable entities such as Ganpati mandals and temples should also be mindful of their tax obligations.