Agarwal Sakshi & Company - Chartered Accountants

28/03/2023

Aadhar PAN Linking due date extended to 30th June 2023.

25/02/2023

Incorporation
This is an era of startups or expanding your businesses and for this you need to incorporate your legal entity like Company/ Partnership Firm/ LLP. But most of us don’t know how to incorporate and comply with the rules and regulations of the government.

Further, incorporation is not the end of the picture. After the incorporation actual game starts that how to deal with compliances, due dates, various notices from different department and so on.

Here comes the role of Agarwal Sakshi & Company (ASC), they ensure that all compliances are regular on time, handle your legal matters and most important they just not incorporate your entity they also help in building your business.

CA Anubhav Bansal Agarwal Sakshi & Company - Chartered Accountants Income Tax Department, Government Of India CHARTERED ACCOUNTANT Chartered-Accountant Jobs Chartered Accountants@casakshiagarwal StartupIndia Noida, India

21/02/2023

Update from 49th GST Council Meeting:

Currently, a late fee of Rs 200 per day (Rs 100 CGST + Rs 100 SGST), up to a maximum of 0.5% of the turnover in the State or UT (0.25% CGST + 0.25% SGST), is payable in case of delayed submission of an annual return.

A maximum of Rs 50 per day (Rs 25 CGST + Rs 25 SGST), up to 0.04 percent of his revenue in the State or Union territory (0.02% CGST + 0.02% SGST), is charged to registered people with an aggregate turnover of up to Rs 5 crores in the relevant financial year.

A maximum of Rs. 100 per day (Rs. 50 CGST + Rs. 50 SGST) is allowed for registered persons with an aggregate annual turnover of more than Rs. 5 crores and up to Rs. 20 crores in the relevant financial year, subject to a maximum calculated at 0.04 percent of his annual turnover in the State or Union territory (0.02% CGST + 0.02% SGST).

Amnesty in relation to outstanding returns in Forms GSTR-4, GSTR-9, and GSTR-10: In order to offer assistance to many taxpayers, the Council suggested amnesty programmes in relation to pending forms GSTR-4, GSTR-9, and GSTR-10 returns by way of a conditional waiver or reduction of the late charge.
Income Tax Department, Government Of India GST INDIA (UPDATES)

02/02/2023

Income Tax
1. New Tax Regime from FY 23-24
0-3 lacs - Nil
3-6 lacs- 5%
6-9 lacs -10%
9-12 lacs -15%
12-15 lacs - 20%
Above 15 lacs- 30%

2. U/s 87A Rebate available for Total income upto Rs.7 lacs in the New Tax Regime, Tax rebate of Rs.25,000/-;

3. New Standard Deduction Rs.52,500/- if for Salary or Pension including Family Pension Exceeds Rs.15.5 Lacs;

4. Reduction of highest surcharge from 37% to 25% on new income tax regime

5. Section 44AD: Business Turnover Limit Exceed from Rs.2 crores up to Rs.3 crores;

6. Section 44ADA: Professional Receipts Limit Exceed from Rs.50 Lacs up to Rs.75 Lacs; Provided receipts in cash doesn't exceed 5%

7. Section 10(10AA)(ii) Limit on Tax Exemption for Leave Encashment is increased from Rs.3,00,000 to Rs.25,00,000;

8. Deduction under Capital Gain Head - from Sec.54 to Sec.54F maximum deduction is limited to Rs.10 crores;

9. Co-operatives tax -15%
Higher limit of Rs.2 lacs per member for cash deposit in agricultural banks
Higher limit of Rs. 3 crores on TDS for cooperative societies

10. For Income Tax Appeal 100 New Joint Commissioners will be appointed.

07/01/2022

🌸 *Tax_Audit_Update Clarification on Form 3CA-3CD, 3CB-3CD* 🌸

👉 Use the latest version of the utility for generating JSON
👉 Please re-enter data, if any, in clauses 11, 18, 20, 21, 26 and 34 and generate JSON for uploading on portal
👉 Ensure that the below details are correctly entered in the utility and selected in portal for which form is being filed
a. PAN of Taxpayer
b. Assessment Year
c. CA Membership Number
d. Form Filing Type
👉 Consider the below points for form verification by DSC:
a. The latest Emsigner/Embridge application is installed in your system
b. The token must be logged in by the user
c. Profile and contact details are updated in taxpayer and CA login
d. Local Host e-Mudhra is not blacklisted by the system Admin
e. e-Mudhra token drivers is updated.

We are a team of chartered accountants in India, with vast knowledge and professional experience, se

18/09/2021

*Measures to streamlining compliances in GST as per GST concil meeting held on 17.09.2021*

1) *Late fee* for delayed filing of *FORM GSTR-1* to be auto-populated and collected in next open return in *FORM GSTR-3B*.

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

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

We are a team of chartered accountants in India, with vast knowledge and professional experience, se

09/09/2021

CBDT extends the due date for filing of Income Tax Returns and Various Reports of Audit for AY 2021-22

03/09/2021

FSSAI registration is mandatory compliance that ensures the safety of food products supplied or manufactured by various establishments in India.

01/07/2021

It is truly a matter of pride to be a member of the fraternity which contributes to the growth of a country’s economy.

Wishing a very Happy Chartered Accountant Day to you.

26/06/2021

*CBDT Updates* - *Extension of various timelines* *which were expiring on 30th June 2021*

*1.* Application u/ss 10(23C), 12AB, 35(1) & 80G in Form No. 10A/ Form No.10AB - 31st August, 2021.
*2.* Investment, deposit, payment, acquisition, purchase, construction etc., for claiming any exemption u/ss 54 to 54GB falling between 1st April, 2021 to 29th September, 2021 - 30th September, 2021.
*3.* TDS Return 4th quarter of FY 2020-21 - 15th July, 2021.
*4.* Certificate of TDS in Form No.16 for FY 2020-21 - 31st July, 2021.
*5.* Uploading Form No. 15G/15H for 1st quarter of FY 2021-22 - 31st August,2021.
*6.* Linkage of Aadhaar with PAN - 30th September, 2021.
*7.* Last date of payment of amount under VSVS (without additional amount) - 31st August, 2021.
*8.* Last date of payment of amount under VSVS (with additional amount) - 31st October, 2021.
*9.* Time Limit for passing assessment order which was earlier extended to 30th June, 2021 - 30th September, 2021.
*10.* Time Limit for passing penalty order which was earlier extended to 30th June - 30th September, 2021.
*11.* Objections to DRP & AO u/s 144C where last date of filing is 1st June, 2021 or thereafter - 31st August, 2021.
*12.* Statement of Income paid / credited in Form No. 64D for FY 2020-21 - 15th July, 2021.
*13.* Statement of Income paid or credited in Form No. 64C for FY 2020-21 - 31st July, 2021.
*14.* Quarterly Statement in Form No. 15CC for 1st quarter of FY 2021-22 - 31st July, 2021.
*15.* Equalization Levy Statement in Form No. 1 for FY 2020-21 - 31st July, 2021.
*16.* Annual Statement u/s 9A(5) in Form No. 3CEK for FY 2020-21 - 31st July, 2021.
*17*. Option to withdraw pending application (before erstwhile IT Settlement Commission) in Form No. 34BB - 31st July, 2021.
*18*. Time Limit for processing Equalisation Levy returns - 30th September, 2021

15/06/2021

By issuing notification on 15th June 2021, the CBDT has notified Cost Inflation Index (CII) for the Financial Year 2021-22 as 317.

04/06/2021

Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards.

The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons.