Dhiraj K Singh & co. Chartered Accountants Firm

New time limit for reporting of invoices on IRP Portal

The Finance Ministry has proposed to introduce a common Income Tax Return (ITR) by merging all existing ITRs, except ITR -7(Trust)

*Major changes in Exemptions applicable from 18-07-22*

(1) Renting of residential dwelling to a registered person is taxable.

(2) Hotels, Inns, Guest house, club or campsite by whatever name called - charging even upto Rs 1000/- per room per day are now taxable at 12%

(3) No exemptions of RCM on GTA where freight is ₹1500 or ₹750. Now Reverse Charge on GTA services will be applicable from ₹1.

(4) Services by RBI, IRDA, SEBI, FSSAI, GSTN and cord blood banks are now taxable.

(5) Services by hospital charging room charges more than Rs 5000/- per day is taxable. But if charges are charged for ICU or CCU or ICCU then no GST is applicable.

(6) Treatment or disposal of common bio-medical waste to clinical establishments are taxable

(7) Now Warehousing Services of Nuts & Vegetables, Spices, Copra, Sugarcane, Jaggery, Raw Vegetables Fibres such as Cotton, flax, jute etc., indigo, unmanufactured to***co, betel leaves, tendu leaves & coffee withdrawn

(8) Tour Operator Services provided to a foreign tourist for the tour performed in India is proportionately taxed based on the number of days spent in India & Outside India.

(9) Few Exemption withdrawn for Fumigation Services

New section 194R

Further Update on 29.04.2022 on https://www.incometax.gov.in

The timeline to update UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs.

UDIN Directorate The Institute of Chartered Accountants of India 28th April 2022

Home e-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries

अगर कोई कर्मचारी प्रोविडेंट फंड में एक वित्त वर्ष में 2.5 लाख रुपए से ज्यादा कंट्रीब्यूशन करता है तो 2.5 लाख रुपए के ऊपर डिपॉजिट पर मिले ब्याज पर टैक्स (Tax on Interest) चुकाना होगा.
Tax Calculation: EPF अकाउंट में डिपॉजिट 2.5 लाख रुपए से ऊपर पैसे पर मिलने वाला ब्याज अब टैक्सेबल है.
मतलब 1 अप्रैल 2022 से आपके EPF अकाउंट पर जमा होने वाले पैसे पर जो ब्याज मिलेगा उस पर टैक्स की कैलकुलेशन होगी. आइए समझते हैं कि नया नियम क्या है? इसका आप पर कितना और कैसे असर पड़ेगा? EPF में टैक्सेबल और नॉन टैक्सेबल पर कैसे काटा जाएगा TDS?
EPF पर टैक्स का नया गणित?
सरकार ने प्रोविडेंट फंड अकाउंट का ज्यादा फायदा उठाने वालों की वजह से यह कदम उठाया है. फाइनेंस एक्ट 2021 (Finance act 2021) में नया प्रावधान जोड़ा गया. अगर कोई कर्मचारी प्रोविडेंट फंड में एक वित्त वर्ष में 2.5 लाख रुपए से ज्यादा कंट्रीब्यूशन करता है तो 2.5 लाख रुपए के ऊपर डिपॉजिट पर मिले ब्याज पर टैक्स (Tax on Interest) चुकाना होगा.
मान लीजिए अगर 3 लाख रुपए अकाउंट में हैं तो अतिरिक्त 50,000 रुपए पर मिले ब्याज पर टैक्स लगेगा.
दो प्रोविडेंट फंड अकाउंट बनेंगे
अब प्रोविडेंट फंड (Provident fund) में दो अकाउंट होंगे. पहला- टैक्सेबल अकाउंट और दूसरा- नॉन-टैक्सेबल अकाउंट.
नॉन टैक्सेबल: ऐसे समझिए कि अगर किसी के EPF अकाउंट में 5 लाख रुपए जमा हैं तो नए नियम के तहत 31 मार्च 2022 तक जमा रकम बिना टैक्स वाले खाते में जमा होगी. इस पर कोई टैक्स नहीं लगेगा.
टैक्सेबल: मौजूदा वित्तीय वर्ष में किसी के EPF अकाउंट में 2.50 लाख रुपए से ज्यादा रकम जमा होती है तो अतिरिक्त राशि पर मिलने वाला ब्याज टैक्स के दायरे में आएगा. इस पर कैलुकेलेशन के लिए बाकी पैसा टैक्सेबल अकाउंट में जमा होगा. उसमें जो ब्याज मिलेगा उस पर टैक्स कटेगा.

GSTR 9 and GSTR 9C date extended to 28.02.2022

RBI *has not issued any instructions or requirement* to get Certificate of Know you customer by CA if client is known to him - RTI Reply to CA Nitin Hargude , Kolhapur . Also read other important points wrt certifications. https://taxguru.in/rbi/rbi-replies-signing-non-audited-financials-cas.html

RBI replies on signing of non-audited financials by CAs In reply to RTI by Nitin Pandurang Hargude on requ.... Read More

Extension of date for Roc 2020-21....

Income tax due date extension A Y 2021-22

Due date extension notification dated 29.08.2021

Due date extended:-
- TDS return for 4th Quarter F.Y 2020-21=15.07.2021

- Form 10A/ 10AB For renewal/registration of trust = 31.08.2021

Details about 194Q

Relaxation on levy of additional fees for Company and LLP.

Latest income tax update dated 30.04.2021

*Compliance date under Income tax act further extended:*
1) Tax audit extended to 15.01.2021.
2) ITR (whose accounts are required to be audited) extended to 15.02.2021.
3) Other ITRs extended to 10.01.2021.
4) Declaration for Vivad se Vishwas scheme extended to 31.01.2021.

Due date for Annual Return compliance under *GST Act* for *F.Y.: 2019-20 * further extended to 28.02.2021.

We, Dhiraj K Singh & Co., a Chartered Accountant firm, have vacancies in our firm located at 5th Floor, Shahi Bhawan, Oppo. Pantaloons, Exhibitiin Road, Patna for CA Articles and Paid ups.We are looking for 2 articles and 3 paid up staffs.
Experience required: Direct entry or CA inter or B.com
Stipend: As per industry norms
Office Time: 10am to 7pm

Transfer cases can also apply.

B.com

This Independence day, let us pray for freedom from COVID 19 virus and all the social evils.

Wishing you all a Happy 74th Independence Day.

Jai Hind, Jai Bharat.

Regards,
CA Dhiraj Kumar

In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due dt for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification in S.O. 2512(E) dt 29th July, 2020.

40th GST council meeting held today and brought good news as expected from GOI.Key decisions are as follows:-
1) Waiver of late fee:Tax payers having Nil liability in GSTR 3B for the period July 2017 to January 2020 and have not yet filed their returns can now file GSTR 3B with Zero late fee.

2)Reduced late fee: Tax payers not covered above i.e. taxpayers having liability in any month for the period starting July 2017 ending January 2020 and who have not yet filed their returns, can now file GSTR3B with late fee capped maximum to Rs. 500 per return w.r.t. the month in which liability was payable.

3)Another great step for small taxpayers by govt.:

Small taxpayers having turnover upto Rs. 5 crores can now file GSTR-3B for the month of May, June and July 2020 till 30.09.2020.

!!Stay updated with due dates!!

Last date to file ITR of A.Y. 2019-20 is 30.06.2020.

ITR for A.Y. 2020-21 for Assessees having Salary income is available for filing now.
CA Dhiraj Kumar

New TDS rate is effective from 14th May 2020.

MSME Registration:-
-Adhar card
-Pan card
- IFSC code
- Bank account no
- Business Name
- Nature of Business
- GST NO
- ITR V

Due date for filing of GST annual return F.Y 2018-19 is extended from 30.06.2020 to 30.09.2020.

Ease of doing business policy w.r.t trademark and FSSAI registration is very user friendly. Happy to use.

In pursuance of Govt's decision to issue pending income tax refunds upto Rs.5 lakh to help taxpayers in Covid-19 pandemic situation,CBDT has already issued over 10.2 lakh refunds totalling to about Rs. 4,250 crore as on April 14th, 2020.

Income Tax India on Twitter “In pursuance of Govt's decision to issue pending income tax refunds upto Rs.5 lakh to help taxpayers in Covid-19 pandemic situation,CBDT has already issued over 10.2 lakh refunds totalling to about Rs. 4,250 crore as on April 14th, 2020. ”

Gst registration applied yesterday
&
Approved today.

#1 day marathon

# DHIRAJ K SINGH & CO.