NBG & CO.

NBG & CO. First Chartered Accountancy Firm in town, posseses experts from Finance field.

23/07/2024

Taxation Updates on Budget :
* Limit of exemption at capital gains proposed at Rs 1.25 lakh a year
* STT on F&O hiked to 0.02% and 0.1%
* Corporate tax rate on foreign companies reduced to 25%
* Limit of LTCG hiked from 10% to 12.5%
* Short term gains on certain financial assets will be 20 percent, rest is applicable tax rate
* Long term capital gains will be 12.5 percent
* Listed financial assets held for more than a year will be classified as long term
* TDS rate on e-commerce operators to be reduced to 0.1 percent from 1 percent
* Tax rate of 20 per cent on certain assets. Rest to attract applicable rates
* Listed financial assets held for more than a year will be classified as long term
* Unlisted bonds and debentures, irrespective of holding period, to attract CGT as pwer applicable rates
* Abolishment of Angel Tax announced for all classes of investors
* Professionals in MNCs who get esops and then invest in movable assets abroad of upto Rs 20 lakh decriminalized / non-penalised
* Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000
* Deduction on family pension for pensioners to be enhanced to 25K Rs
* Salaried employee will save Rs 17,500 in income tax
New tax regime Tax rate structure to be revised as follows:
• 0-3L -- 0%
• 3-7 L -- 5%
• 7-10 L -- 10 %
• 10 - 12 L -- 15 %
• 12 - 15 L -- 20%
• over 15 L -- 30%

22/06/2024

*53rd GST Council Meeting - Press Release Summary*

1. Waiving interest and penalty u/s 73 for demand notices - FY 17-18, 18-19 and 19-20 in cases where tax is fully paid in notice by 31.03.2025
2. Time limit to avail ITC 16(4) upto 30.11.2021 for FY - 17-18 to 20-21
3. Monetary limit for Dept Appeal - 20L GSTAT, 1Cr HC, 2Cr SC
4. Maximum amount for Pre-deposit reduced
5. Amendment in filing GST appeals before Tribunal
6. GSTR-4 due date from 30th April to 30th June
7. Amendment in CGST Rules - Interest not leviable on amount in Credit ledger as on due date of filing GSTR-3B return
8. GSTR-1A introduced - missed out in GSTR-1 can be included in GSTR-1A before filing GSTR-3B.
9. Bio metric Aadhar based authentication - to combat fraudulent ITC on fake invoice

*Regards*
NBG & Co.

JFI
26/04/2024

JFI

Latest amendment for Tax Audit Purpose
17/01/2024

Latest amendment for Tax Audit Purpose

17/05/2023

KINDLY TAKE THE FOLLOWING UNDER NOTE:

Attention GST Dealers - From 16.05.2023 to 15.07.2023, the GST Department will inspect the registered place of Business in the context of preventing fake GST registrations all over India, during this time it is very important for the dealers to take care of some things:

1. The name of the firm with GST number should be written at your place of business.
2. All your warehouses, branches, additional places of business should be registered in your registration certificate.
3. Your registration certificate should be affixed at your place of business and additional place of business, godown etc.
4. Your completed books of accounts and documents must be kept at your principal place of business.
This is written in the GST rules made in 2017 and the penalty and consequences for not following them are also written in the GST law.
Please be alert and follow them

List of items that are becoming cheaper from 18.07.22Taxes will be cut on on ostomy appliances and on transport of good...
17/07/2022

List of items that are becoming cheaper from 18.07.22

Taxes will be cut on on ostomy appliances and on transport of goods and passengers by ropeways to 5 per cent from July 18, from 12 per cent.

Renting of truck, goods carriage where the cost of fuel is included will now attract a lower 12 per cent rate as against 18 per cent.

GST exemption on the transport of passengers by air to and from northeastern states and Bagdogra will be restricted to economy class only.

Electric vehicles, whether or not fitted with a battery pack, would be eligible for the concessional GST rate of 5 per cent from July 18.

17/07/2022

List of items that are becoming more expensive from 18.07.2022

Customers will have to pay 5 per cent GST on pre-packed, labelled food items like atta, paneer and curd, besides hospital rooms with rent above Rs 5,000.

In addition, hotel rooms with tariff of up to Rs 1,000/day, maps and charts, including atlases, will attract a 12 per cent Goods and Services Tax (GST)

A total of 18 per cent GST will be levied on tetra packs and fees charged by banks for the issue of cheques (loose or in book form).

Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners; LED lamps; drawing and marking out instruments will be hiked to 18 per cent, from 12 per cent currently, to correct the inverted duty anomaly.

Solar water heater will now attract 12 per cent GST as compared to 5 per cent earlier.

Some services such as work contracts for roads, bridges, railways, metro, effluent treatment plants and crematoriums too will see tax going up to 18 per cent from the current 12 per cent.

Services rendered by regulators such as RBI, IRDA and SEBI will be taxed at 18 per cent and so will be renting of a residential dwelling to business entities.

Bio-medical waste treatment facilities shall attract 12 per cent GST, while non-ICU hospital rooms exceeding Rs 5,000/day will be levied 5 per cent GST, without input tax credit, to the extent of the amount charged for the room.

Besides, individuals will only be able to claim GST exemption for training or coaching in recreational activities relating to arts or culture or sports.

22/04/2022

Income Tax Update :

CBDT has notified additional conditions u/s 139(1) for compulsory return filing under following situations:

👉🏿 Turnover from business exceeds Rs 60 lacs

👉🏿 Gross receipts from Profession exceeds Rs 10 lacs

👉🏿 TDS/TCS exceeds Rs 25000

👉🏿 Deposit in Savings bank account is Rs 50 lacs or more

21/09/2021

Updates of GST Meeting :

 Interest is to be paid by a taxpayer on “ineligible ITC
availed and utilized” @18% w.e.f. 01-07-2017 and not on
“ineligible ITC availed”.

Aadhaar authentication of registration to be made
mandatory for being eligible for filing refund claim and
application for revocation of cancellation of
registration.

 Late fee for delayed filing of FORM GSTR-1 to be autopopulated and collected in next open return in FORM
GSTR-3B.

 Refund to be disbursed in the bank account, which is
linked with same PAN on which registration has been
obtained under GST.

 A registered person shall not be allowed to furnish
FORM GSTR-1, if he has not furnished the return in
FORM GSTR-3B for the preceding month.

Taxpayers whose annual aggregate turnover in
preceding financial year is above ₹ 5 crores shall furnish
ITC-04 once in six months and others need to file ITC 04
annually

Supply of mentha oil from unregistered person has been
brought under reverse charge. Exports of Mentha oil
should be allowed only against LUT and consequential
refund of input tax credit

In terms of the recent directions of the Hon’ble High
Court of Kerala, the issue of whether specified
petroleum products should be brought within the ambit
of GST was placed for consideration before the Council.
After due deliberation, the Council was of the view that
it is not appropriate to do so at this stage.

A uniform GST rate of 18% would apply to all paper and
paperboard containers, whether corrugated or noncorrugated.

Wishing u all a Very Happy and Prosperous Diwali from NBG & CO.With Warm Regards,CA. Abhishek Bathla | FCA, CCCAB (I.C.A...
12/11/2020

Wishing u all a Very Happy and Prosperous Diwali from NBG & CO.

With Warm Regards,

CA. Abhishek Bathla | FCA, CCCAB (I.C.A.I)

NBG & Co.
Chartered Accountants
Rudrapur :-
16 RR Quarter,
Near G.G.I.C Rudrapur
U.S.Nagar, Uttarakhand-263153

Rudrapur :-
Indra Colony
Near Ramleela Ground
U.S.Nagar, Uttarakhand-263153

Kichha
Ward No-8, Behind Urvashi Cinema
U.S.Nagar, Uttarakhand-263148

Contacts:
9690212000
8192880000
8449857171

25/06/2020

CBDT has issued a Notification No. 35/2020/ F. No. 370142/23/2020-TPL further extending the time limits of compliances under Income Tax Act:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31.07.2020.

👉 Due date for filing Income Tax Return for F.Y 2019-20 has been extended to 30.11.2020.

👉 Due date for furnishing the report of audit under any provision of Income Tax for FY 2019-20 has been extended to 31.10.2020.

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lakh for FY 2018-19.

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31.07.2020 for FY 2019-20.

👉 Deductions u/s 54 or 54GB has been extended to 30.09.2020 for investment falling between 20.03.2020 to 29.09.2020

👉 Beginning of manufacture u/s 10AA condition has been extended to 30.09.2020 for the period falling between 20.03.2020 to 29.09.2020.

👉 TDS Certificates for Q4 2019-20 can be issued till 15.08.2020 including Form 16 of employees.

👉 The date for furnishing of TDS/TCS statements for the Q4 2019-20 has been extended to 31.07.2020

👉 The date for furnishing of TDS/TCS statements for government offices for the Q4 2019-20 has been extended to 15.07.2020

👉 Direct Tax Vivad se Vishwas scheme has been extended till 30.12.2020.

👉 Compliance such as notice, replies, appeals etc from 20.03.2020 to 31.12.2020, the time is extended till 31.03.2021

Address

16 RR Quarter, Near G. G. I. C
Rudrapur
263153

Opening Hours

Monday 10am - 8pm
Tuesday 10am - 8pm
Wednesday 10am - 8pm
Thursday 10am - 8pm
Friday 10am - 8pm
Saturday 10am - 8pm

Telephone

+919690212000

Website

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