Arjun (Fictional Character): Krishna, What's new in GSTR-3B data finalization process of GSTN on Inward and Outward Side? Krishna (Fictional Character): Arjuna, it seems that after September 2020, there will be a complete changeover of GSTR-3B filing process on GSTN. On the inward side, new GSTR 2B will so as to reconcile and match ITC as per GSTR-3B & GSTR-2A. On the outward side, GSTR-1 figures may be reflected in GSTR-3B, so as to reconci..
Arjun (Fictional Character): Krishna, the festival of Ganesh Chaturthi has arrived. What does Ganpati Bappa have to address the taxpayers this year? Krishna(Fictional Character): Arjuna, the festival of Ganesh Chaturthi has brought joy in the environment. Recently, the taxpayer's charter was introduced, wherein the commitment of Income Tax department & expectations of the taxpayers have been set. Not only this, but some measures of widening ..
Arjun (Fictional Character): Krishna, the taxpayer's charter has been announced by PM Modi on 13th August 2020. What is it about? Krishna (Fictional Character): Arjuna, PM Modi divulged the taxpayer's charter by introducing the charter platform as “Transparent Taxation - Honoring the Honest“, that focuses on faceless assessment and faceless appeals. The aim of the charter is that of nurturing the relationship between the Revenue ..
Arjun (Fictional Character): Krishna, many taxpayers are getting notices, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, considering returns of FY 2019-20 filed up to 25th July 2020. This is giving rise to discrepancies in deciding the actual turnover of the taxpayer. What is this issue about? Krishna(Fictional Character): Arjuna, GST department computes system based aggregate turnover of the taxpayer, considering the ret..
Arjun (Fictional Character): Krishna, how are the tax departments and taxpayers going to celebrate the blissful festival of Raksha bandhan this COVID period? Krishna (Fictional Character): Arjuna, uptill now, this year 2020 has been a lot distressful for all of us. But now, here is the festival of Raksha bandhan which would bring joy and blessings in disguise. The tax departments are discharging their role by taking the responsibility and being comp..
Often Taxpayers while filing their Tax returns make innocent mistakes, not with the intention of evading taxes but simply out of ignorance. These mistakes though innocent may prove costly to you and invite notices from the Income Tax Department. Below are 5 such mistakes that you should avoid while filing your ITR:- 1. Not Filing your IT return on time or not filing it at all Taxpayers many time don’t file their return when their Tax Liability is nil but their Gros..
As per the World bank's Forewarn, the global economy is going to shrink by 5.2% this year resulting in a global economic crisis deepest recession catastrophe ever in decades. We cannot deny the fact that Indian economy is under devastating & catastrophic change and is witnessed sinking due reasons below – 1. The contraction in markets, 2. Supply chain crisis, 3. Lack of demand, 4. Credit growth is declining 5. Revenue collection is..
Planning for two streams of revenue / income is a thought most of us have when we become stable with a job or a full time profession. Some of us are lucky to find a part time profession in our passion but many of us are not. I feel the answer lies in tracing our roots and culling out what is relevant for today's life. Today, success is measured by education / job profile. And not by skill set. In fact, we can say that "skill based training" is completely lost barring a..
ART OF FUND RAISING Business profile should be sound. CIBIL Record should be good Documentation should be complete. Project Report/Projections should be sound. Bank transactions should be frequent with constant inflows. Cheque should not be bounced in past 3 months period. ITR should be filed in timely manner with a minimum gap of six months between years. 10 POSSIBLE WAYS OF REFINANCING Y..
A deduction is available under Section 80DD of the I-T Act to a resident taxpayer, if he has incurred expenses for medical treatment, training, and rehabilitation of a dependant parent, with disability..
The first tranche of the Rs 20 lakh crore economic package..
Relaxation in statutory and compliance matters announced by the FM..