Important Information & Documents for CA-CS & Tax Professions

For Maharashtra and Jharkhand
October, 2024 GSTR 3B due date extended by 1 day to 21/11/2024

🚨 Income Tax-Paying Population.

India 🇮🇳- 2.2%
China 🇨🇳- 10%
USA 🇺🇸- 60%

(Approximately)

GSTR -9 & 9C

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Gujarat govt announces relaxation in GST interest and penalty for taxpayers

The Central Government has introduced amendments to the Central Goods and Services Tax Act, 2017, under the Finance (No. 2) Act, 2024, aimed at enhancing tax compliance and easing taxpayer burdens. In alignment, the Gujarat government has issued an ordinance amending the state GST Act to extend these relaxations in GST interest and penalty to taxpayers in Gujarat.

In a press release, the Commissionerate of State Tax stated, “With the objective of ensuring greater tax compliance and easing burden on taxpayers, the Central Government has amended Central Goods and Services Tax Act, 2017 vide the Finance (No. 2) Act, 2024 containing various relaxations. Accordingly, the Government of Gujarat, has promulgated an Ordinance to amend the Gujarat GST Act for extending these relaxations to taxpayers of Gujarat. The notifications describing manner and procedure to avail relaxations like the GST Amnesty scheme, availment of ITC under section 16(5) and 16(6), etc. have also been issued.

“As per the amender provisions and notifications, cases falling under section 73 of the GST Act pertaining to the financial years 2017-18, 2018-19, and 2019-20 are eligible to avail the benefit of interest and/or penalty waiver. Eligible taxpayers can avail the benefit through an online application from 01.11.2024 till 31.03.2025.”

“Taxpayers are also eligible to avail ITC under section 16(5) and 16(6) for the financial years 2017-18, 2018-19, 2019-20 and 2020-21. To do so, eligible taxpayers will have to apply online for rectification. Taxpayers eligible to avail these relaxations are encouraged to prefer their applications in time,” the release also noted.

Source from: deshgujarat.com/2024/11/04/guj…

शुभ दिपावली 🪔

*Major GST Update from 1st Nov 2024*

Starting from 1st November 2024, a new compliance rule 47A is coming into effect for *Self Invoicing in cases of Reverse Charge Mechanism (RCM).*

Under the Finance Act 2024 (Part 2) and Notification 20/2024, *all GST-registered recipients liable under RCM must issue self-invoices within 30 days of supply receipt.*

Previously, there was no clear time limit, leading to confusion. This change aims to bring consistency and ensure timely tax compliance.

Key Points:
✅ New 30-day time limit for RCM self-invoices.
✅ Effective from 1st November 2024.

📍*Don't forget to report SELF INVOICES IN GSTR-1 also from November onwards - Table 13 (Documents issued during the Period)* because time limit of same has been notified now by CBIC!

Commonly Used TDS Sections with TDS Rates

Audited Income Tax Returns has been extended to 15th November 2024!

GSTR-9 and GSTR-9C Mandatory V/s Optional Tables for FY 2023-24

GSTR-9 & GSTR-9C are live on portal, below is the Table showing Mandatory vs Optional Fields while filling the same.

Hope this will ease the Annual return fillings!

Sorry Guys till now I am not available as earlier my father was very serious due to heart attack and admitted to hospital.

But after giving tough fight I couldn't save my father and he left us on 12/10/2014.

Will be active after Diwali as still there some Pooja and last rituals are going on.

Thank you for your co operation 🙏

A true legend 🙏. RIP 💐🌷💐

GST-Alert-07-Master-GST-Alert-on-RCM-on-Services-and-Goods-updated-till-1.10.2023-1.pdf

Key TDS rate changes effective today (01/10/2024) , as per Budget 2024 📖

🤝Section 194H - TDS on Commission/Brokerage reduced from 5% to 2%

🏠 Section 194IB- Rent payments by individuals/HUF reduced from 5% to 2%

🏥Section 194DA - Life insurance policy payments reduced from 5% to 2%

💰Section 194G- Lottery ticket commission reduced from 5% to 2% 🎲

👷Section 194M -  Certain sums paid by individuals/HUF reduced from 5% to 2%

🛍️ Section 194-O- E-commerce payments reduced from 1% to 0.1%

🔔Important note:

👥 Section 194T- (10% TDS on partner payments) will not be applicable from today 🚫,  it will be applicable from April 1, 2025.

Circular No. 11/2024 dated 01-10-2024 issued by CBDT prescribing the Order authorizing Income Tax Authorities to admit an application or claim for refund and carry forward loss and set off thereof under Section 119(2)(b) of Income Tax Act 1961

Powers vested in hands of ➡️
✔️Pr. CIT/CIT = if the amount of such claims is not more than Rs. 1 crore for any one assessment year.

✔️CCIT = if the amount of such claims exceeds Rs. 1 crore but is not more than Rs.3 crores for anyone assessment year.

✔️Pr. CCIT = if the amount of such claims exceeds Rs. 3 crores for anyone assessment year.

✔️CPC Bengaluru = acceptance/rejection of petitions under section 119(2)(b) of the Act seeking condonation of delay in verifying the return of income by sending the ITR-V.

➡️No condonation application for claim of refund/loss shall be entertained beyond five years from the end of the assessment year for which such application/claim is made. The time limit for tiling of such application within five years from the end of assessment year will be applicable for applications filed on or after 01.10.2024.

New FNO rules by SEBI

1) Upfront Collection of option premium from option buyers ( isme kuch farak nahi hai hum already pura amount pay karke hi option buy karte hai ) bus issue yeh abhi lot size increase hoga to ek lot buy karne ke liye jada amount Dena hoga and uske against me qty b increase hoga.

2) Removal of calendar spread on expiry day ( Calendar strategy basically option sellers jo margin benefit use karke option sell karte the on expiry ab wo allowed nahi hoga)

3) Intraday Monitoring of position limits ( Phele ek bar photo lete the abhi 4 bar track karenge kahi margin shortfall to nahi huwa hai in intraday ) yeh acha rule jisse broker and baki ka ecosystem smoothly run Kar sake.

4) Increase in Contract size of index option ( 15L ka minimum contract size hoga effectively from 20th Nov 2024 ) işse issue ayaega chote level par option sellers jo hai jo ek do lot me kaam karte hai ab unko jada margin Dena hoga and unka ROI kam hojayega. And finally unke pass option buying ka hi option bachega.

5) Rationalization of weekly index option expiry ( NSE and BSE dono ko ek index ka option dia hai for weekly expiry baki ke index ab sab monthly expiry ke liye hi honge)

6) Increase in tail risk coverage on the day of options expiry ( Expiry and uske ek do din phele se hi ab 2% margin jada Dena hoga for safety) kuch jada imp nahi hai yeh.

Yeh sab rules in sab dates par applicable hona start honge ⬇️

*Tax Audit Due Date Extended to 07-October-2024*

https://incometaxindia.gov.in/news/circular-10-2024.pdf

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Many clients have started receiving Intimation Orders with Demands in the last 4-5 days!

✔️ At time of filing of ITR, 87A Rebate was allowed to assessees in New Regime.

✔️ Government brought changes in Utility in the month of July by not allowing 87A rebate against Special Rate incomes in New Regime

✔️ Such ITRs which took benefit of 87A in the New Regime are now being processed - WITH A DEMAND - to pay taxes without allowing Rebate u/s 87A!

❎ The sad part ? You can't switch to Old Regime in Revised ITR - hence, you don't have any other option than to pay taxes on such Special Rate incomes !!

Final FAQs on Invoice Management System (IMS) by Infosys_GSTN 📄💡

🚀 Launch Date: 1st October

🗂 Record Management:

All accepted/rejected records for a particular GSTR-2B period will be removed from IMS upon the filing of GSTR-3B for that period. Only pending records and future period invoices will remain in the IMS.

📥 Document Availability:

Documents will be available in IMS as soon as the supplier saves them in their GSTR-1/1A/IFF. These will then be accessible to the recipient taxpayer in IMS for action.

⚙️ Default Action:

By default, all records will flow into the “No Action” category. Records with “No Action” status will be deemed accepted at the time of GSTR-2B generation.

🔄 Multiple Actions Allowed:

Actions can be taken multiple times on a record before filing GSTR-3B. If multiple actions are performed, the latest action will overwrite the previous one.

📝 Document Treatment Based on Action:

Accept ✅ – Accepted records will be part of the ‘ITC Available’ section of GSTR-2B and will auto-populate in GSTR-3B.
Reject ❌ – Rejected records will be part of the ‘ITC Rejected’ section of GSTR-2B and will not auto-populate in GSTR-3B.
Pending ⏳ – Pending records will not appear in GSTR-2B or GSTR-3B and will remain on the IMS dashboard until accepted or rejected.
No Action 🛑 – Records with "No Action" will be deemed accepted at GSTR-2B generation.

🧾 RCM Invoices:

Not part of IMS, but will continue to be included in GSTR-2B as they are currently reflected.

📊 Excel Download:

An Excel download facility is available to download IMS data. 📥

💡 Action Timing:

If an action is taken on a record before the generation of GSTR-2B, that record will auto-populate in GSTR-3B. If the action is taken after GSTR-2B generation, the recipient will need to recompute GSTR-2B to reflect the changes in GSTR-3B.

⛔️ Non-Filing of GSTR-3B:

If the previous period's GSTR-3B is not filed, the system will not generate the draft GSTR-2B on the 14th of the subsequent month.

📅 Quarterly Taxpayers:

GSTR-2B will not be generated for months M1 and M2 of the quarter.

🛠 GSTR-2A Continuity:

GSTR-2A will continue to be generated as it is now.

🔄 Recompute After Changes:

If the recipient makes changes on the IMS dashboard after the system generates the draft GSTR-2B, it's mandatory to recompute GSTR-2B. 🔄

https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-09/Webinar%20PPT%20for%203CA-3CD_3CB-3CD_13.09.2024.pdf#

Webinar PPT for 3CA-3CD & 3CB-3CD dated 13.09.2024 by Income Tax

Late Fee for GST Returns (Pic 1)

E-Invoicing under GST (Pic 2)

Blocked Credit u/s 17(5) (Pic 3)

Waiver of Interest and Penalty for 2017-18 to 2019-20 (Pic 4)

The Direct Tax Vivad Se Vishwas Scheme, 2024 is here, effective from October 1, 2024!

Taxmann's Master Guide to Income Tax Act – Uniquely authoritative resource providing unmatched, timely and in-depth analysis of the amendments to the Income-tax Act by the Finance (No. 2) Act, 2024


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All about TAX AUDIT APPLICABILITY FOR AY 24-25 FOR business, professionals and transporters

A lot has been changed after AY 2017-18 for Tax audit and Presumtive taxation

Since Tax Audit season is on peak . Here is deatiled analysis in just 4 slides