Y Sharma & Associates Chartered Accountants

18/08/2025

Celebrating my 7th year on Facebook. Thank you for your continuing support. I could never have made it without you. 🙏🤗🎉

15/08/2025

Happy Independence day

18/07/2025

Gst implications on used car 🚘 sale

16/07/2025

15/07/2025

High-value transactions under the Income Tax Act, 1961, that may attract an Income Tax Notice.

12/06/2025

ईश्वर की कृपा से बड़ा कोई नहीं। जब भगवान साथ होते हैं, तो कोई भी संकट पार किया जा सकता है। 'जाको राखे साइयां, मार सके ना कोय' - विश्वास कुमार की कहानी इस बात का प्रमाण है। भगवान की कृपा और उनके आशीर्वाद से ही विश्वास कुमार की जान बच गई। 🙏✨

दुःख की इस घड़ी में, हम उन सभी लोगों के प्रति अपनी गहरी संवेदना व्यक्त करते है, जिन्होंने इस हवाई हादसे में अपने प्रियजनों को खो दिया। भगवान उनकी आत्मा को शांति प्रदान करे और उनके परिवारजनों को इस दुःख को सहन करने की शक्ति दे। ॐ शांति 🙏

There is no one greater than God's grace. When God is with us, any challenge can be overcome. 'Jaako rakhe saaiya, maar sake na koi' - The story of Vishwas Kumar is a testament to this. It was only due to God's grace and blessings that Vishwas Kumar's life was saved.

In this hour of grief, we offer my deepest condolences to all those who lost their loved ones in this air crash. May God grant peace to their souls and give strength to their families to bear this loss. Om Shanti 🙏

24/05/2025

GSTR-2A vs GSTR-2B

GSTR-2A and GSTR-2B are GST reconciliation statements in India, but they differ in purpose, generation, and usage.

1) Nature:
GSTR-2A is Dynamic, auto-populated statement. GSTR-2B is Static, auto-generated statement.

2) Purpose:
GSTR-2A Reflects details of inward supplies (purchases) as uploaded by suppliers in their GSTR-1.

GSTR-2B Provides eligible ITC details for a specific tax period to assist in accurate ITC claims.

3) Generation:
GSTR-2A Updates in real-time as suppliers file or amend GSTR-1.

GSTR-2B Generated monthly (around the 14th) based on GSTR-1, GSTR-5, GSTR-6, and other filings up to the 12th of the following month.

4) Data Source:
GSTR-2A Includes invoices, credit/debit notes, and amendments from suppliers’ GSTR-1.

GSTR-2B Includes invoices and credit/debit notes from suppliers’ filings, with ITC eligibility status (e.g., based on Rule 36(4)).

5) Usage:
GSTR-2A Reference for Input Tax Credit (ITC) reconciliation but not final for claiming ITC.

GSTR-2B Preferred for ITC claims as it’s static and aligns with ITC compliance rules.

6) Key Feature:
GSTR-2A Shows all supplier filings, even if filed late.

GSTR-2B Includes ITC availability status and cut-off-based data for better compliance.

7) Practical Note:
Businesses should primarily use GSTR-2B for ITC claims and reconcile it with GSTR-2A and purchase records to ensure accuracy and compliance.

23/05/2025

Residency status

17/05/2025

1. Capital Gain Exemptions
1️⃣ Sec 54: Sell house ➡️ Buy house
2️⃣ Sec 54B: Sell agri land ➡️ Buy agri land
3️⃣ Sec 54D: Land/building of industry ➡️ Reinvest in land/building
4️⃣ Sec 54EC: LTCG ➡️ Invest in NHAI/REC bonds
5️⃣ Sec 54F: Sell any asset ➡️ Buy house

2. Capital Gain Exemptions
6️⃣ Sec 54EE: LTCG ➡️ Govt. notified bonds (max ₹50L)
7️⃣ Sec 54G: Industrial unit ➡️ Shift to urban
8️⃣ Sec 54GA: Shift unit to SEZ
9️⃣ Sec 54GB: Sell shares ➡️ Invest in startup
Note: Sec 54 & 54F max cap ₹10 Cr from AY 2024-25

3. Asset-wise Investment Options
🏠 Sec 54/54F: Buy or build house in India
🌾 Sec 54B: Buy agri land
🏗️ Sec 54D: Buy land/building for industry
🔗 Sec 54EC/EE: Invest in bonds (within 6 months)
⚙️ Sec 54G/GA: Reinvest in plant/machinery

4. Time Limits for Investment
⏳ Sec 54/54F: Buy 1 yr before/2 yrs after
🏗️ Construct within 3 yrs
📆 Sec 54EC/54EE: Invest in 6 months
📦 Sec 54D/G/GA: 3 yrs from compulsory acquisition/transfer
⏰ Stick to deadlines to save tax

5. Capital Gain Account Scheme (CGAS)
🏦 Deposit unspent capital gain in CGAS
⏲️ Before due date of ITR filing
✅ Applicable to Sec 54, 54B, 54D, 54F
🛑 If not used in 2/3 yrs, exemption revoked
CGAS = safeguard against missing investment deadline

6. Important Filing & Deposit Dates
📅 Invest or deposit by ITR due date
💻 Use CGAS if plan not ready
📤 File ITR with CGAS proof
⛔ Missed deposit = no exemption
✅ Sections like 54, 54F strictly follow this

7. Exemption Can Be Withdrawn If…
⚠️ New asset not held for 3 yrs (Sec 54, 54F, etc.)
⚠️ Bonds sold before 5 yrs (Sec 54EC)
⚠️ CGAS money not used in time
⚠️ Buy second house under Sec 54F
🧾 IT dept will tax withdrawn exemption

8. Quick Reminders
✅ Sec 54EC/54F allow only LTCG
👨‍👩‍👧‍👦 HUFs allowed under many sections
💰 Sec 54/54F cap = ₹10 Cr (AY 2024-25)
📜 Proofs of investment/bond needed
⛳ Plan reinvestment or use CGAS to avoid tax

12/05/2025

🎉 Just completed level 3 and I'm so excited to continue growing as a creator on Facebook!