SGPA & Associates

Taxpayers can now reduce their tax burden via marginal relief in new tax regime ONLY if the income is slightly greater than
Rs. 7,00,000.
Your tax amount in that case will not be higher than the difference between your actual taxable income and threshold limit of Rs. 7,00,000.

📢 Attention Business Owners and MSMEs! 📢

According to Section 15 of the MSMED Act, 2006, it's mandatory for business enterprises to ensure timely payments to MSMEs (Micro and Small Entrepreneurs) . Here's the breakdown:

1️⃣ If there's NO written agreement between the parties, payment to MSMEs should be made within 15 days.

2️⃣ However, if there is a written agreement, payment must be made based on the agreed-upon timeline, which should not exceed 45 days.

It's crucial to adhere to these timelines to foster a fair and supportive business environment for MSMEs. Let's ensure prompt payments and promote growth for all parties involved!

🕒 According to the newly added clause (h) of Section 43B, any sum payable by the assessee to an MSME beyond the time limit specified in Section 15 of the MSMED Act will be allowed as a deduction only in the previous year in which the sum has been actually paid.

💼💰

Join our CA Firm in Kolkata's Rajarhat area! We're hiring Articles/paid staff—freshers welcome for comprehensive exposure in Income Tax, GST, ROC & Audit. Experienced candidates with GST & Income Tax knowledge can apply.

Send CV to [email protected] or call 7019336899.

Call now to connect with business.

📢 Important Ministry of Corporate Affairs Notification!

🌐 The Central Government has officially established a Central Processing Centre at the Indian Institute of Corporate Affairs, situated at Plot No. 6,7,8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code- 122050, with territorial jurisdiction across India.

💻 The primary function of this Central Processing Centre is the processing and disposal of ROC (Registrar of Companies) e-forms. These forms should be filed with the appropriate fee as specified in the Companies (Registration of Offices and Fees) Rules, 2014.

📅 Effective from the 6th February 2024, this notification is a crucial update to be aware of for businesses navigating ROC compliance.

🌍 For detailed information and clarifications, feel free to connect with us.

🚀📊

🔔 Important Update for Businesses in FY 23-24 Onwards! 🚨

📢 Attention Business Owners! An urgent heads-up regarding Section 43B(H) and its impact on outstanding MSME creditors in the upcoming financial years, starting FY 23-24. 📊💡

🚫 Disallowed Purchases = Unpaid MSME Creditors:
Starting from the FY 23-24, if any MSME creditor in your balance sheet remains unpaid, the corresponding purchase from them could be disallowed. This means you might have to pay income tax on the outstanding purchase amount, regardless of the purchase's genuineness. 📆💰

⚠️ Timely Payments Are Key:
To avoid this additional tax liability, it's crucial to ensure that payments to MSME creditors (Micro or Small category) are made within the specified timeframe of 15 or 45 days. ⏳💼

🔍 Micro and Small Enterprise Definitions:

Micro Enterprises: Turnover

📢 Important Update! 🌐🔒

Hey GST Registered Taxpayers! 🛡️✨

GSTN just dropped a game-changer to beef up your login security! 🚀 They've introduced Two-Factor Authentication (2FA) to add an extra layer of protection when accessing the GST portal.
The pilot launch in Haryana was a success, and now it's making its way to Punjab, Chandigarh, Uttarakhand, Rajasthan, and Delhi in phase one. 🌍🔐 In phase two, get ready for 2FA action across all states in India!
What's 2FA, you ask? After entering your user ID and password, you'll receive a one-time password (OTP) on your Primary Authorized Signatory's mobile number and email. 📲💻
Tip: Keep your authorized signatory's email and mobile number updated on the GST Portal to catch those OTPs. The OTP will only be requested if you switch systems (desktop, laptop, or browser) or location.

The 2FA is applicable from December 01, 2023. 🗓️💥

Check out the advisory here: https://www.gst.gov.in/newsandupdates/read/618

Stay secure, stay savvy! 🛡️🌐

📣 Attention TDS Deductors! 📣

🔍 Ensure PAN-Aadhaar Linkage for Deductees before TDS Payment! 🔗

Dear TDS Deductors,

A friendly reminder to all our diligent deductors regarding a crucial step before processing TDS payments.

👉 According to the latest rules, it is imperative to verify and ensure the PAN-Aadhaar linkage of your deductees. 🧐 If the PAN and Aadhaar are not linked, a higher TDS rate of 20% needs to be deducted.

To check the linkage status, simply click on the provided link: https://eportal.incometax.gov.in/iec/foservices/ #/pre-login/link-aadhaar-status

Ensure compliance and make the process smoother for everyone involved.

e-Filing Home Page, Income Tax Department, Government of India

🎉 Celebrating Independence Day with Pride! 🎉

SGPA & Associates extends warm wishes on this auspicious occasion. May our nation's spirit inspire us to achieve new heights of financial success together. Happy Independence Day! 🌟🙌

Wishing our entire CA fraternity a joyous CA Day, honoring our unwavering dedication to excellence and invaluable contributions to the world of finance. Together, we shape a brighter financial future. Happy 75th CA DAY. Jai Hind.

Wishing all the dedicated doctors a Happy Doctors' Day - Your selfless service and unwavering commitment to saving lives inspire us all.

📢 Need help with your income tax return filing? Look no further! 📊

Ensure a smooth and accurate tax return filing process by availing the services of professionals. While it may be tempting to go for lower-priced options, it's crucial to understand the potential risks involved.

Don't let the complexities of tax filing overwhelm you. Reach out to trusted professionals who can simplify the process and ensure you're on the right track. 📝💼💰

🌼🙏 Team SGPA & Associates wishes you a very Happy Rathyatra! 🌼🙏

May the divine blessings of Lord Jagannath, Lord Balabhadra, and Devi Subhadra shower upon you and your loved ones on this auspicious occasion. Rathyatra, also known as the Chariot Festival, holds tremendous significance in Hindu culture as it commemorates the journey of Lord Jagannath to his aunt's house. Wishing you a blissful Rathyatra filled with devotion, blessings, and the divine presence of Lord Jagannath. May you be bestowed with happiness and fulfillment in all your endeavors.

Happy Rathyatra to you and your loved ones! 🌼🙏

📢 Get Your Finances in Order! 📊💼

📆 It's that time of the year again, folks! The clock is ticking, and the deadline for filing your Income Tax Returns (ITR) is fast approaching. Don't wait until the last minute! 🕒

💰 Why is ITR filing important, you ask? Well, let us break it down for you:

✅ Compliance: Filing your ITR is not just a legal requirement; it's a responsibility as a citizen. Show that you're a law-abiding taxpayer and contribute to the nation's progress! 🇮🇳

✅ Financial Transparency: Filing your Income Tax Return accurately showcases your financial transparency. It provides a comprehensive picture of your income, investments, and expenses, which can be immensely beneficial for loans, visas, or other financial endeavors.

✅ Refunds and Deductions: Missing out on Income Tax Return (ITR) filing means missing out on potential tax refunds and deductions. Don't let your hard-earned money slip away! Maximize your savings by availing the benefits you rightfully deserve.

✅ Future Planning: Your ITR acts as a financial record that can assist in future planning. It serves as proof of income, helping you achieve your dreams, be it buying a house, starting a business, or securing your family's future.

👉🏼 But fret not! We've got your back! Our team of experienced tax professionals is here to guide you through the ITR filing process smoothly and effortlessly. 💪🏼💼

📞 Contact us now and schedule a consultation to ensure you file your ITR accurately and on time. Let us handle the complexities while you focus on what you do best. 💼✨

💼 Don't delay, take charge of your finances today! File your ITR and stay on top of your tax game! 💰💼

ATTN ITR FILERS

ITR 1-4
ENABLED FOR FILING FY 22-23 (AY 23-24)

SHARE YOUR REQUISITE DETAILS FOR FILING THE SAME TO AVOID LAST MINUTE RUSH

-TEAM SGPA & ASSOCIATES
[email protected]
+91-7847837543

wa.me

Under the new tax regime, deductions under Chapter VIA are limited to only two specific cases. Firstly, taxpayers can claim a deduction under Section 80CCD(2) for contributions made by their employer towards the National Pension System (NPS). This means that an employer's contribution towards an employee's NPS will also be eligible for a deduction.

For private sector employees, they can claim a deduction of up to 10% of their salary, which includes basic salary and Dearness Allowance. On the other hand, government employees can claim a deduction of up to 14%. This is an important aspect to keep in mind when filing taxes under the new regime.

Secondly, Section 80CCH allows for deductions to individuals enrolled in the Agnipath Scheme on or after November 1, 2022. Taxpayers under this scheme can claim a deduction equal to the amount of contributions made to the Agniveer Corpus Fund.

It is essential to stay updated with the latest tax regulations to make the most of the available deductions and exemptions. Understanding these deductions can help taxpayers optimize their tax planning strategies and maximize their savings.

Wishing you a prosperous start to the new financial year, filled with abundance, good fortune, and financial growth, as well as an abundance of peace, humility, and excellent health.

May this year bring you many opportunities for success and may you make the most of them. Best wishes!

CA SACHIN GUPTA
Partner
SGPA & Associates

Jai Shree Hanuman

🌹*जय श्री राम*🌹

Key Highlights of Budget 2022-23- Direct Taxes

• No Change in Tax Rates/ Slabs for Individuals.

• Virtual digital assets (Cryptocurrency):
Income from transfer of virtual digital assets to be taxed at 30%; No deduction for expenses other than cost of acquisition; No set off of losses
TDS @ 1% on consideration above specific threshold
Gift to be taxed u/s 56(2)(x) of the Income Tax Act

• Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY

• Reduced AMT rates for Cooperatives from 18.5% to 15%

• Reduced surcharge for Cooperatives with total income of 1cr to 10Cr

• Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of 60 years

• Deduction for National Pension Scheme for State Government employees u/s 80CCC made at par with Central Govt.

• Startups established before 31.03.2023 (earlier – 31.03.2022; now extended by 1 year) will be provided tax breaks

• Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now extended by 1 year)

• Surcharge of certain AOPs to be capped at 15%

• Surcharge on Long Term Capital Gains on any assets to be capped at 15%

BUDGET 22-23 JUST IN

Gain on Transfer of virtual assets (BTC/NFT) is now taxable @30%.

NO DEDUCTION OTHER THAN COST OF ACQUISITION, NO SET OFF/ CARRY FORWARD OF LOSS

-Team SGPA & ASSOCIATES

Happy Republic Day from our whole team of SGPA & Associates 🇮🇳

Subho Bijoya and Happy Dussehra to you and your family.

Regards,
SGPA & ASSOCIATES
Chartered Accountants

DGFT (Directorate General of Foreign Trade) has mandated all IEC holders to update the Importer-Exporter Code (IEC) yearly before 1st July 2021. The IEC not updated within this prescribed period would be de-activated and will have impact on your upcoming Import/Export Transactions.

Subsequently, if you wish to re-activate the IEC (post de-activation for non-compliance), you would be required to update the IEC first. IEC shall be auto re-activated on updation after June.

Income Tax Department is preparing a new system and will be launching a NEW E- filing portal, thus the existing portal will NOT BE AVAILABLE to the taxpayers for a period of 6 days from 1st June to 6th June 2021.

Last day Gst audit extension