A Sood & Co

09/09/2022

Hiring trainees for Delhi location

Please DM

14/06/2021

Due to difficulties reported by taxpayers in filing form 15CA and 15CB,. these forms can be submitted manually to authorised dealers till 30th June 2021.

10/06/2021

www.asoodco.com

20/01/2021

Mandatory Mentioning of HSN Codes from 1st April 2021:

1. A registered person having aggregate turnover in previous financial year Up to 5 crores shall mention 4 digits of HSN Code number in their tax invoice.

2. A registered person having aggregate turnover in previous financial year more than 5 crores shall mention 6 digits of HSN Code number in their tax invoice.

3. A registered person having aggregate turnover in previous financial year up to 5 crores may not mention the number of digits of HSN Code on their tax invoices if the supplies/sales are made to Unregistered persons.

30/12/2020

1) Audit under Income Tax Act 15.01.2021

2) Returns with Audit 15.02.2021

3) Other than Tax Audit Returns 10.01.2021

4) Vivad Se Vishwas 31.01.2021

4) Annual Return U/s 44 (CGST Act, 2017) 28.02.2021

01/12/2020

Wef 01.12.2020,The following banks basic details such as Neft code, account Number etc.,are going to change for Accounts Holders due to merger.

*Be careful while filing ITR else refund if any would be bounced back.*

Also to get these numbers changes at various institution from where direct credits and debits are effetced.

1.Oriental Bank of Commerce and United Bank of India Merged with Punjab National Bank

2 Dena Bank and Vijaya Bank merged with Bank of Baroda

3 Syndicate Bank Merged with Canara Bank

4 Allhabad Bank merged with Indian Bank

5 Corporation Bank Merged with Union Bank of India

The Account Number, Neft code and few more changes on Cheque book

28/11/2020

26/08/2020

Regarding Interest to be paid on Late Payment of GST

As per Notification no. 63/2020 – Central Tax, dt: 25th August, 2020, the Central Government hereby appoints the 1st day of September, 2020 as the date on which the provisions of Section 100 of the Finance (No.2) Act, 2019 shall come into force: -

What is Section 100 of Finance (No.2) Act, 2019

In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:–– “Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”.

So, Interest will be applicable on Net Tax Liability with effect from 1st September, 2020 according to above said notification.

25/08/2020

Outcomes of Faceless Assessment Scheme:-

• Faceless assessment in electronic mode.

• No human interface (Assesse, AR and IT Officers).

• Notices to be issued electronically by Central cell.

• Cases to be allocated to assessment units in a random manner.

• Central Cell to be the single point of contact between taxpayer and the Department.

• Without permission communication directly not possible by IT officers.

• Selection of a tax payer only through system using data analytics and AIR.

• Abolition of territorial jurisdiction, which means a tax payer, may belong to one city but the ITR may be assessed in some other city through random selection by computer.

• Automated random allocation of cases.

• Central issuance of notices with Document Identification No. (DIN).

• No physical interface, no need to visit the income tax office.

• Team-based assessments and team-based review.

• Draft assessment order in one city, review in another city and finalisation in third city.

17/08/2020

From now onwards The information Income tax offices will capture the below data n subject to tax scrutiny notices

1 Education fees paid more than INR 1.00L per annum.
2 Power Bill paid more than INR 1.00L per annum.
3 Property Tax paid more than INR 20,000/- per annum.
4 Payment to hotel more than INR 20,000/-
5 Purchase of Whitegoods such as TV, Refrigerator, phones more than INR 1.00L Value. Also included are Jewellery, watches, marble, granite, tiles etc. etc. (detailed list will be announced soon).
6 Health insurance premium paid more than INR 20,000/- per annum.
7 Insurance premium paid more than INR 50,000/- per annum.
8 Domestic Business class travel and Foreign Travel.
9 Lockers details in the Bank.
10 INR 25.00L deposit in savings account.
11 INR 50.00L deposit in current Account.
12 Total of INR 30.00L transactions in bank account.
13 All shares purchases and sales including DMAT transactions.
14 If Rent paid is more than INR 40,000/-pm filling ITR is must.
Above list is in addition to the
 Existing high value transactions in like credit card, savings, bonds, current account, foreign exchange, insurance etc.
 TDS on Forex buys, Rent above INR 50,000 pm, TDS on interiors/contract works and TDS on purchases of goods above 50L.
 E-commerce platform TDS/TCS IT and GST.

18/06/2020

with explanation to due dates update