Sudhir K & Associates- Chartered Accountants

Sudhir K & Associates- Chartered Accountants We are One Stop Solution for all your Corporate Compliance Requirement such as Audit, GST, Income Ta

Taxpayers having AATO upto Rs. 2 crores exempt from filing Form GSTR-9/9A for the FY 2021-22The CBIC vide Notification N...
06/07/2022

Taxpayers having AATO upto Rs. 2 crores exempt from filing Form GSTR-9/9A for the FY 2021-22

The CBIC vide Notification No. 10/2022- Central Tax dated July 05, 2022 exempted taxpayers having AATO upto Rs. 2 crores from filing annual return in Form GSTR-9/9A for the financial year 2021-22

Notification link - https://taxinformation.cbic.gov.in/view-pdf/1009413/ENG/Notifications

Team,
Sudhir K & Associates
Chartered Accountants
Have any query. Reach us at +91 88605 35443

06/07/2022

Extension of the due date for filing Form GST CMP-08 for the first quarter of Financial Year 2022-23

The CBIC vide Notification No. 11/2022-Central Tax dated July 05, 2022 amended Notification No. 21/2019 – Central Tax dated April 23, 2019 (as amended) to extended the due date for filing Form GST CMP-08 for the first quarter of Financial Year 2022-23 from July 18, 2022 to July 31, 2022.

Notification link - https://taxinformation.cbic.gov.in/view-pdf/1009414/ENG/Notifications

Team,
Sudhir K & Associates
Chartered Accountants
Have any query reach us at +91 88605 35443

06/07/2022

Waiver of late fee for delay in furnishing Form GSTR-04

The CBIC vide Notification No. 12/2022- Central Tax dated July 05, 2022 amended sixth proviso to Notification No. 73/2017 – Central Tax dated December 29, 2017 (as amended) to extended the waiver of late fee for delay in furnishing Form GSTR-04 for Financial Year 2021-22 till July 28, 2022.

Team,
Sudhir K & Associates,
Chartered Accountants
Reach us at: +91 88605 35443

,

27/06/2022

Section 194-R-TDS on benefit or perquisite in respect of business or profession:-

>>Section 194-R will be effective from 1st July 2022.

>>The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct TDS @10% of the value or aggregate of the value of such benefit or perquisite, before providing such benefit or perquisite.

>>TDS will be deducted even if benefit/perquisite is wholly or partially is kind.

>>TDS will be applicable only if the value of benefits/perquisite exceeds Rs 20000 in the financial year.

>>Individual or HUF not required to deduct TDS is their Sales/Turnover/Gross receipts from the Business does not exceed Rs 1 Crore and from Profession does not exceed Rs 50 lakh during the last financial year.

CBDT Guidelines
>>The CBDT issued guidelines for Section 194-R- As per guidelines:-
--TDS u/s 194-R will be applicable even if the value of benefit/perquisite is not taxable in the hands of the recipient.

--TDS will be applicable even if the benefits/perquisite is wholly or partially in kind.

--TDS u/s 194 R will be applicable even when the benefits/perquisite is in the form of Capital Asset like Car, House, Share etc.

--TDS will be applicable on Free Samples given by the person. However, No TDS is required to be deducted u/s 194R of the Act on sales discounts, cash discounts, and rebates allowed to customers.

To download the complete Guidelines Click on the below link:-
https://incometaxindia.gov.in/communications/circular/circular-no-12-2022.pdf

Need any assistance: Call or Whatsapp at +91 88605 35443

Team,
Sudhir K & Associates
Chartered Accountants

The CBDT vide Notification No. 53/2022-Income Tax, Dated: 10th May 2022 notified a new set of rules to amend the existin...
11/05/2022

The CBDT vide Notification No. 53/2022-Income Tax, Dated: 10th May 2022 notified a new set of rules to amend the existing Income-tax Rules, 1962.

The purpose of this amendment is to prescribe three new transactions for the purpose of invoking the mandate of applying for PAN.

Now for the following Transactions furnishing of Pan will be mandatory:-

1.) Cash deposit of Rs 20 lakh or more in a financial year, in one or
more Bank accounts.

2.) Cash withdrawal of Rs 20 lakh or more in a financial year, in one or more Bank accounts.

3.) Opening of a current account or cash credit account by a person with any Bank or Post office.

4.) The above notification shall come into force after the expiry of 15 days from the date of their publication.

Team,
Sudhir K & Associates
Chartered Accountants

> The MCA vide General Circular No. 02 dated April 05, 2022, issued a clarification of holding of Annual General Meeting...
06/05/2022

> The MCA vide General Circular No. 02 dated April 05, 2022, issued a clarification of holding of Annual General Meeting (“AGM”) through Video Conference (“VC”) or Other Audio-Visual Means (“OAVM”) up to December 31, 2022.

> It has been decided to allow the companies whose AGMs are due in the Year 2022, to conduct their AGMs on or before December 31, 2022, in accordance with the requirements laid down in Para 3 and Para 4 of General Circular No. 20/2020 dated May 05, 2020.

Link for General Circular No. 20/2020 dated May 05, 2020-https://www.mca.gov.in/Ministry/pdf/Circular20_05052020.pdf

> It is clarified that this Circular shall not be construed as conferring any extension of time for holding of AGMs by the companies under the Companies Act 2013 (the act) and the companies which have not adhered to the relevant timelines shall be liable to legal action under the appropriate provisions of the Act.

Source Link: https://bit.ly/3w3wGOa

Team,
Sudhir K & Associates
Chartered Accountants

The Central Board of Direct Taxes ("CBDT") has enabled the common offline utilities for e-filing of Tax Audit Report For...
06/05/2022

The Central Board of Direct Taxes ("CBDT") has enabled the common offline utilities for e-filing of Tax Audit Report Form 3CA-3CD and 3CB-3CD for the Assessment Year (“A.Y.”) 2022-23.

Taxpayers can download Offline Utility through “Downloads” Menu option.

The Common offline utilities can be accessed at: https://www.incometax.gov.in/iec/foportal/downloads/income-tax-forms

Team,
Sudhir K & Associates
Chartered Accountant

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features...
03/05/2022

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

>>The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).

>>The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.

>>The taxpayers have also been provided with the facility of turnover updation in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.

>>This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs.

>>The taxpayer can amend the turnover twice within the month of May, 2022. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who can amend the values furnished by the taxpayer wherever required.

Source Link: https://www.gst.gov.in/newsandupdates/read/537

Team
Sudhir K & Associates
Chartered Accountants

The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated April 27, 2022 w.r.t. GSTR-1/IFF enhancements a...
27/04/2022

The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated April 27, 2022 w.r.t. GSTR-1/IFF enhancements and improvements deployed on GST Portal.

Source GST Site
Source Link: - https://www.gst.gov.in/newsandupdates/read/534

Team,
Sudhir K & Associates
Chartered Accountants

Address

D-14/219, 1st Floor, Sector-3, Rohini, Near Ayodhya Chowk, Opp. Canara Bank
Delhi
110085

Opening Hours

Monday 10am - 7pm
Tuesday 10am - 7pm
Wednesday 10am - 7pm
Thursday 10am - 7pm
Friday 10am - 7pm
Saturday 10am - 7pm

Telephone

+918860535443

Website

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