RK Agarwal and Associates

05/01/2025

*Cheques deposited in the bank, from 01- 01- 2025, will be cleared within 2 hours of depositing the cheque.*

Hence all account holders are advised to:-

* Keep adequate balance in their bank account before issuing the cheque*

As per NPCI guidelines, Continuous Clearing will be implemented from 01/01/2025, the settlement of cheques deposited in clearing will be done on the same day, the clearing of cheques will be on the basis of Opening Balance and the time for accepting clearing cheques will be from 10.00 AM to 2.30 PM.

The implementation of Continuous Clearing from January 1, 2025. Both the cheque issuer and the beneficiary need to be vigilant about maintaining sufficient funds. Here's what could happen:

*Penalties for Insufficient Funds:*
1.Cheque Issuer:
- If the issuer does not have enough funds in their account, the cheque will bounce, and they will likely to face penalties from their bank. This could also negatively impact their credit score.

2.Cheque Beneficiary:
- If the cheque bounces due to insufficient funds, the beneficiary will also incur penalties. This can lead to penalties.

*Points to Note:*

- `For Issuer:` Ensure your account has sufficient funds before issuing a cheque to avoid penalties.

- `For Beneficiary:` Confirm with the issuer that their account has adequate balance before accepting and depositing the cheque.

This change emphasizes the need for both parties to manage their accounts carefully to avoid penalties and ensure smooth transactions.

27/07/2024

File your return of income for FY 2023-24
Last date of filing of your tax return is 31st July 2024.

23/06/2024

The client is happy and received their refund in just eight days. Always trust a professional instead of a non-professional. Professionals know very well how to save on taxes and they also provide good suggestions for future tax savings.

09/07/2023

27/03/2023

Hey Tax Payers,

Last day to link your Pan with Adhaar is 31/03/2023.

You may check your Pan-adhaar linking status using the bot given below, It's a bot made by CAs and don't worry no data is saved and it's totally safe.

All the data received is from income tax site itself and details are masked to protect your privacy.

https://t.me/TAX_COMPLIANCE_FILING_BOT

If your pan and adhaar are not linked, please do the same immediately after paying government challan of Rs.1000.

If PAN is not linked to respective Adhaar your PAN will become invalid.

You can contact right away.

15/03/2023

**Changes in Form 26AS**

Part I – Details of Tax Deducted at Source: No Change

Part II – Details of Tax Deducted at Source for 15G/15H: No Change

Part III – Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section (1) of section 194S: Newly added

PART-IV- Details of Tax Deducted at Source u/s 194IA/ 1941B/ 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee: of Virtual Digital Asset): Section 194S is also now to be reflected in Form 26AS.

PART-V-Details of Tax Collected at Source: Earlier details were shown in Part B.

PART-VI-Details of Paid Refund (For which source for other details refer AIS at E-Filing Portal): Earlier details were shown in Part D.

PART-VII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset).

PART-VIII-TDS/TCS Defaults* (Processing of Statements): Earlier details were shown in Part G.

Transaction that will not be reflected in Form 26AS from now:

Details of Tax Paid (Other than TDS and TCS).

Details of SFT Transactions.

Details of Turnover as per GSTR -3B

Thanks and Regards

14/03/2023

Income Tax Deptt is sending this SMS to Taxpayers to sensitise about payment of advance tax due on 15th March,2023. The initiative of Tax administration in reaching out to taxpayers through social media and DM (Direct Message) and reminding the taxpayers of its various obligations including to pay advance tax in time is good and laudable.

However the text of this SMS message

"Attention Mr ######xx Income Tax Deptt has received information about certain significant financial transactions during Financial Year 2022-23 is a little scary and is causing anxiety amongst taxpayers as it gives an impression that tax payer has done something wrong. Also Financial transactions per se does not mean the taxpayer is liable to pay Advance Tax. It could have been a little happily worded like "Dear Taxpayer Please consider all financial transactions entered during FY 2022-23 (being reflected in your account in Annual Information System AIS) and pay appropriate advance tax by 15th March,2023."

Let us be humble and polite so as to bridge the trust deficit between taxpayers and Tax administration.

26/02/2023

As we are nearing end of Financial year, note these points to save Capital gains tax

(Long term capital gains/loss = For holding period more than 1 year

Short term capital gains/loss = For holding period less than 1 year)

- 1 lakh profit in a Financial year is exempt as Long term capital gains. So book profits in shares & mutual funds together upto 1 lakh, and reinvest

- If profits are more than 1 lakh, check if you can book loss in any of the holdings to set off. You can buy back the next day

- Short term capital gains are taxed at 15%, book losses and buy back next day to set off any profits.

- Both Long and short term losses can be carried forward for 8 years. So booking losses can help save future taxes. ( Make sure you file IT returns on time)

- LTC losses can be set off against LTCG only. STC losses can be set off against ST and LT capital gains

- Futures & Options profit /loss will be taxed along with normal tax slab.

24/02/2023

Chartered Accountants or Advocates who had filed GST Returns or Otherwise assisted in Business but are not Beneficiary or Part of Fraud should not be summoned by Department.

Important Judgement:
Akhil Krishan Maggu vs DGGSTI 2019-VIL-565-P&H