M S K G & Co.

08/06/2022

*Do You Know – Penalty of Rs.10 Lakhs (Fixed) may be levied on ITR*

(1) If a Resident assessee held any assets outside India OR

(2) If a Resident assessee has any income from a source located outside India

and has defaulted

(1) In furnishing his ITR OR

(2) ITR has been furnished but the above mentioned required particulars not furnished or inaccurately furnished.

*Section 42 and 43 of the The Black Money (Undisclosed Foreign Income and Assets) And Imposition Of Tax Act, 2015*

So be careful while filing ITR specially in case of

1- Assessee having ESOP of foreign companies listed outside India
2- Assessee having any business relationship outside India
3- Assessee having any source of Income Outside India.

Hope the above information is useful to you.

CA Kavish Grover
9267770000

08/03/2022

GST Department issues SOP for Bank Attachment under GST

The Delhi Goods and Services Tax (DGST) Department has issued Standard Operating Procedure (SOP) to ensure the compliance of Bank attachment to streamline the process of freezing and de-freezing the Bank Account in GST and VAT.

The SOP is as Follows:

First: The Letter issued to the Bank Manager for freezing or de-freezing the Bank account of the taxpayers shall be digitally signed by the concerned Ward Officer.

Second: The letters should indicate the name, e-mail, and mobile number of the Ward In-charge.

Third: The Ward In-charge should also send an email through his official email-ID to the Bank Manager of the respective Bank.

Fourth: Before de-freezing the account the Bank Manager shall also confirm from the concerned Ward Officer for de-freezing the account. This should be specifically mentioned in the de-freezing letter issued by the Ward In-charge.

Fifth: A utility shall be developed in the Value Added Tax Module wherein the concerned ward in charge through its User ID/Password can upload the details of the taxpayer/dealer such as TIN No./GSTIN No. along with Bank Account No., Bank Name, Bank Address, etc. to be freezed/defreezed.

This utility may be shared with the concerned banks so that the Banks can also access the information through their User ID/Passwords.

25/02/2022

GST updates:

1.कृपया नोट करें कि GST प्रावधानों के तहत 20 करोड़ से अधिक के टर्नओवर वाले करदाताओं के लिए 1st April 2022 से E- Invoice बनाना अनिवार्य कर दिया गया है।

2. यदि आपका टर्नओवर वित्तीय वर्ष 2017- 18 या उसके बाद किसी भी वित्तीय वर्ष में 20 करोड़ से ज्यादा हुआ है तो आपके उपर यह प्रावधान लागू होगा। जैसे आपका टर्नओवर 2018-19 में 21 करोड़ था लेकिन 2019-20 तथा 2020- 21 में 10 करोड़ ही था तो भी 1st April 2022 से आपको E invoice बनाना है।

3. यदि आप ऐसे सप्लायर से माल लेते है जिसे E invoice बनाना अनिवार्य है लेकिन वो normal Invoice दे रहा है तो आपको उसकी Input Tax Credit नहीं मिलेगी।

4. यदि सप्लायर Normal Invoice से माल भेजता है तो यह माना जायेगा की उसने टैक्स चोरी के उद्देश्य से बिना Invoice के माल भेजा है तथा उस हिसाब से पेनल्टी प्रावधान लागू होगे।

5. इसके लिए अपने सॉफ्टवेयर को अपडेट करवाएं।

Please note that from 1st April 2022 it is compulsory to make e-invoice if your turnover was exceeding 20 crores in *any Financial year starting from 2017-18 to 2021-22.* Please update software accordingly.

03/01/2022

29/12/2021

02/10/2021

In compliance with Section 139A(5)(c) of the Income Tax Act *all the sellers raising an invoice of ₹ 2,00,000 or more should display the 10 digit PAN number (of both vendor as well as a customer)* on each such Invoice as a separate field.
*This is with effect from 1st October 2021*

24/08/2021

*Planning to Buy EV?*

*All about Tax benefits you can claim on your EV purchase*

Deduction of Rs. 1,50,000 under S-80EEB of IT Act, 1961 on interest paid on EV Loan.
*Low GST rate* of only 5% (Earlier it was 12%).

EVs are *exempt from road tax* and registration costs in some states like Delhi bringing a huge reduction in Cost.
*Exempt from Green Tax* – Personal vehicles would be CHARGED TAX at the time of RENEWAL of RC after 15 years. Whereas, EV would be EXEMPT from Green Tax entirely.

No fuel, no emissions Low maintenance because a traditional combustion engine contains hundreds of moving parts i.e. more wear and tear whereas an electric motor has fewer than 20.

In order to be eligible to claim the tax benefit under ```S-80EEB```, the following conditions are to be fulfilled:–

• Loan should be taken from a bank or specified NBFC.
• Loan has to be sanctioned between 1st April 2019 and 31st March 2023.
• Max. deduction upto Rs. 1.5 lakh is allowed on Interest.
• Deduction is allowed for Individual taxpayers only.
Note: Only the Interest part of the Loan is to be allowed as a Deduction.

Regards
*CA. Kavish Grover*

📞 9267770000
✉️ [email protected]
📍 Sco 11-12, Azad Market, Kaithal - 136027

09/07/2021

Retail & Wholesale Traders are eligible as MSME & now they can get register as MSME (Udyam Registration) and will also be eligible for all benefits as available for MSME industry and service entities. Govt of India has recently issued Press Release in this regard

30/05/2021

New e-filing portal to be mobile friendly, have user manuals, videos: Income Tax Dept
Giving the salient features of the "e-filing 2.0 portal", the I-T Department said there will be a "all new mobile app" and taxpayers will have a step-by-step guidance with user manuals and videos.

Giving the salient features of the "e-filing 2.0 portal", the I-T Department said there will be a "all new mobile app" and taxpayers will have a step-by-step guidance with user manuals and videos.