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Articles by CA Umesh Sharma

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Changes in Income Tax in 2024: New Rules, New Opportunities!

Posted by CA Umesh Sharma 17 December 2024 584 Views

The government has focused on simplifying tax laws, improving compliance and promoting economic growth. Let us analyze the major changes.



Key Deadlines to remember in the month of December!

Posted by CA Umesh Sharma 12 December 2024 821 Views

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

Posted by CA Umesh Sharma 26 November 2024 9807 Views

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

Posted by CA Umesh Sharma 19 November 2024 1460 Views

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

Posted by CA Umesh Sharma 12 November 2024 1197 Views

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!

Posted by CA Umesh Sharma 29 October 2024 702 Views

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

Posted by CA Umesh Sharma 22 October 2024 555 Views

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

Posted by CA Umesh Sharma 07 October 2024 705 Views

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?

Posted by CA Umesh Sharma 23 September 2024 971 Views

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!!

Posted by CA Umesh Sharma 16 September 2024 1101 Views

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.




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