TDS/TCS is applicable on the net amount payable or received after considering debit and credit notes, provided such notes exist before deduction/collection; post-deduction credit notes do not require reversal of TDS/TCS.
HSN digits vary by transaction: 4/6 digits for domestic goods, 6 digits for services and e-invoices, and 8 digits mandatorily for imports. Using the correct digit length is essential to avoid invoice rejection and GST non-compliance.
Basic Customs Duty and Social Welfare Surcharge are always capitalised/expensed as part of purchase cost at the time of Bill of Entry, whereas IGST on import is expensed only if ITC is not available.
For filing the first correction statement, you must quote the RRR of the accepted original TDS return for Q3 FY 2025–26. The “Invalid Previous RRR” error usually arises due to wrong correction type, wrong consolidated file, TAN/FY mismatch, or TRACES sync delay—not because a prior correction RRR is missing.
For lenders with only opening balances and no current-year credits, Section 68 does not apply. You only need to submit the ledger and previous year balance sheet. Identity, creditworthiness, and genuineness are not required to be re-proved unless there is a fresh credit during the year.
When shifting to GST registration-wise accounting in Tally Prime, opening balances won’t auto-split. The correct approach is to pass adjustment journal entries on 01-04-2025, reallocating balances from the old combined ledger to Andhra and Maharashtra GST registrations. Do not modify past-year data.
A partner can contribute more than ₹2,00,000 in cash as capital to a firm without violating Section 269ST, provided it is a genuine capital contribution. ❌ No penalty under Section 271DA applies in such a case.
CAclubindia
