Fynamic Fintax Services

11/05/2023

*It’s BiG* -

✅ E-Invoice Applicability limit reduced to Rs.5 Crore from 1st August 2023

✅ it means, Taxpayer whose turnover is crossed to Rs 5 crore in any of the year from 2017 till Mar 2023, E-Invoice will be applicable to him from 1st Aug 2023.

✅ For details, refer Notification No. 10/2023 – CT dated 10th May 2023

08/03/2023

Required

*2 Accountants*
*Experience* - 2-3 Yrs (preferably in CA firm) *Profile* - Accounting, GST reco and filing

Location: Mahipalpur, Laxminagar

Contact

[email protected]
XLTAX ADVISORY LLP

XLtax is one of the leading multi-disciplinary consulting firms in India, managed by chartered accountants and lawyers in and around Pan India. The firm is one of the top advisory firms in Noida and represents both foreign and local clients. The firm operates as a partnership of several leading prac...

07/04/2022

Annual compliance fy 21-22

02/02/2022

*Key-highlights of GST Proposals in Finance Bill 2022:*

1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September.

2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B.

3. Composition Tax Payer’s Registration can be cancelled suo-moto if they have not filed their GSTR-4 return beyond 3 months from the due date.

4. Credit Notes in respect of supply made in a financial year can be issued by 30th November of next financial year (currently allowed till 30th September)

5. Any rectification of error in GSTR-1/ GSTR-3B is now permitted till 30th November of next financial year (currently allowed till 30th September).

6. The two-way communication process in filing GST returns is scrapped.

7. The due date for filing return by non-resident taxable person is prescribed as 13th day of next month

8. Section 41 of the CGST Act is being substituted so as to do away with the concept of “claim” of ITC on a “provisional” basis.

9. Section 47 of the CGST Act is being amended so as to provide for levy of late fee for delayed filing of TCS returns.

10. Section 49 of the CGST Act is being amended so as to provide for restrictions for utilizing the amount available in the electronic credit ledger.

11. Section 49 of the CGST Act is being amended so as to allow transfer of amount available in E- cash ledger of a registered person to the E- cash ledger of a distinct person;

12. Section 49 of the CGST Act is being amended so as to provide for prescribing the maximum proportion of output tax liability which may be discharged through the electronic credit ledger

13. Section 50(3) of the CGST Act is being substituted retrospectively, with effect from the 1st July, 2017, so as to provide for levy of interest on input tax credit wrongly availed and utilized. (Meaning thereby Interest will not be levied if ITC is not utilized)

14. Refund claim of any balance in the electronic cash ledger shall be made available.

15. Rate of Interest u/s 50(3) prescribed as 18% in all cases.

02/02/2022

*Major Direct Tax Changes under Union Budget 2022*:
1. Virtual Digital Assets i.e Cryptocurrency to be
a. Income Taxed @ 30 %
b. No deduction allowed except purchase cost
c. Loss can not be setoff with other income
d. TDS @ 1% on transaction value
e. Gift Cryptocurrency to Another person is also taxable
2. Corporate surcharge to be reduced from 12% to 7%
3. Health and Education Cess and Surcharge shall not be allowed as a business expenditure while computing income
4. Propose to cap surcharge for AOPs @ 15%. Also cap surcharge on LTCG arising from transfer of assets at 15% to give a boost to startups
5. No Change in Slab Rates for Individuals and others
6. If undeclared income is detected during the search, no deduction will be allowed on such additional income
7. Propose a provision where an Assesses can declare income that may have been missed out previously. Assessee can file an updated return with payment of additional tax to correct any errors within 2 years from the end of the relevant assessment year.
8. To reduce surcharge on co-operative societies to 7% from 12% for income between Rs 1 cr to Rs 10 cr
12. Contribution to NPS by state govt employees raised to 14% from 10% of their salary
13. Startups: Period of incorporation extended up to 31st March 2023 to avail of tax holiday benefits.
14. Section 115BAB, For Corporates the date for setting up new business increased 31stMarch 2024. Incentive for the newly incorporated manufacturing industry a concessional tax rate of 15% was introduced.

29/12/2021

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued.

“The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued.”

23/09/2021

AGM date extended year ended 31.03.2021

29/05/2021

Gst late fee waiver information

23/05/2021

20/05/2021

Due date extended