Goswami and Sarma Tax Consultancy

30/06/2026

17/01/2025

Getting audited? Don’t panic! Stay calm and get familiar with these key forms 📋

15/01/2025

GST Late Fees Explained! Don’t Miss This! 💸

If you’re a business owner or GST filer, you need to know about GST late fees! 🕒 Here’s the breakdown:

💡 What is GST Late Fee?
When you fail to file your GST return on time, the government charges a penalty for the delay. Yup, that’s extra money out of your pocket! 💵

🔢 How Much?

For Nil Returns: ₹20/day (₹10 CGST + ₹10 SGST)
Other Returns: ₹50/day (₹25 CGST + ₹25 SGST)
🚨 Max cap: ₹5,000!
✅ Pro Tip: File your returns on time to avoid these charges! Even if it’s a Nil Return, you’re still required to file it! 📅

💡 Recent Updates:
Sometimes, the government offers relief by capping late fees during amnesty schemes. Keep an eye out for updates! 📰

💸 Late fees add up fast! Don’t let your hard-earned money go to waste. File your GST returns on time and stay compliant! ✅

14/01/2025

Happy Magh Bihu ✨💖✨

12/01/2025

Slab Rates in the New Tax Regime Explained! 🧾

Are you confused about the new tax regime? Don’t worry! Let me break it down for you in the simplest way. Here's everything you need to know about slab rates under the New Tax Regime:

1️⃣ Income up to ₹3,00,000: No Tax 🆓
2️⃣ ₹3,00,001 to ₹6,00,000: 5% tax
3️⃣ ₹6,00,001 to ₹9,00,000: 10% tax
4️⃣ ₹9,00,001 to ₹12,00,000: 15% tax
5️⃣ ₹12,00,001 to ₹15,00,000: 20% tax
6️⃣ Above ₹15,00,000: 30% tax

Key Highlights 📌:
✔️ Higher rebate: Income up to ₹7,00,000 is tax-free (post-rebate)!
✔️ Simpler, no deductions required (but fewer exemptions).
✔️ Perfect for those who don’t claim too many tax-saving investments.

Which regime is better? It depends on your income and investment habits! 💡

👉 Don’t forget to analyze both regimes to make an informed decision.

🏦 💼 💰

11/01/2025

🎯 Deductions and Exemptions in new tax regime!!!

09/01/2025

GST on Sale of Vehicles in India: What You Should Know! 🚙

Selling a vehicle? Don't forget about GST! Here's a quick guide to keep you informed:

1️⃣ When GST is Applicable

🚘 If you're a registered dealer selling vehicles, GST is applicable at the prescribed rate (e.g., 18% or 28% depending on the type of vehicle).
🏢 If a business sells its old vehicle (capital asset), GST may apply, but at a reduced rate.
2️⃣ When GST is NOT Applicable

For individuals selling personal vehicles (not for business use), 🚫 GST is not applicable since it’s not considered a business activity.
3️⃣ Tax Rate for Used Cars

🚗 For second-hand or used vehicles, GST is levied on the margin amount (selling price minus purchase price). Reduced rates may apply to encourage the resale market!
4️⃣ Pro Tip

Always keep proper documentation 📝 to avoid compliance issues.
✨ Stay GST-compliant and keep your sales smooth! ✨

🚗✨

08/01/2025

Cash Transaction Limit in India: Know the Rules & Penalties! 💸

Managing your cash transactions wisely is crucial to avoid penalties 🚨. Here's a quick guide to keep your finances compliant:

📌 Daily Cash Transaction Limit

Cash transactions exceeding ₹2,00,000 in a single day are prohibited 🚫.
This applies to individuals, businesses, and trusts.
📌 Cash Loan or Deposit Limit

Cash loans or deposits above ₹20,000 are not allowed. This applies to loans given or taken 🏦.
📌 Penalty for Violations

If you accept or pay in cash beyond the limits, you could face a penalty equal to the amount of the transaction 😱.
📌 Why These Rules?

To curb black money 🖤 and promote digital transactions 💻💳.
💡 Pro Tips
1️⃣ Use online transfers (UPI, NEFT, RTGS) for high-value payments.
2️⃣ Maintain transaction records for transparency 📋.
3️⃣ Always ask for receipts when making payments 💵.

✅ 📜 🚫 🌐

07/01/2025

Income Tax Slabs in India 2025 🧾

Hey fam! 📢 Let's break down the Income Tax Slabs 🏦 under the New Regime & Old Regime to help you save that hard-earned 💰!

New Tax Regime 💼
1️⃣ ₹0 - ₹3,00,000 👉 0% Tax 🚫
2️⃣ ₹3,00,001 - ₹6,00,000 👉 5% ✋
3️⃣ ₹6,00,001 - ₹9,00,000 👉 10% 🔟
4️⃣ ₹9,00,001 - ₹12,00,000 👉 15% ✋+🔟
5️⃣ ₹12,00,001 - ₹15,00,000 👉 20% ✋✋
6️⃣ Above ₹15,00,000 👉 30% 🔥

Old Tax Regime 🕰️
1️⃣ ₹0 - ₹2,50,000 👉 0% Tax 🚫
2️⃣ ₹2,50,001 - ₹5,00,000 👉 5% ✋
3️⃣ ₹5,00,001 - ₹10,00,000 👉 20% ✋✋
4️⃣ Above ₹10,00,000 👉 30% 🔥

💡 Key Tip: The New Regime has lower rates but no deductions like 80C. Choose based on your income & investment strategy! 🚀

🔎 Have questions? Drop them below ⬇️ Let’s ace this tax season together! 💪

06/01/2025

📚 Understanding Presumptive Taxation 💡💰
Presumptive taxation is a simplified tax scheme designed for small businesses and professionals. Instead of maintaining detailed records and filing complex tax returns, eligible taxpayers can pay tax based on a predefined percentage of their income. It’s easy, hassle-free, and helps you focus on growing your business! 🚀

Key Features of Presumptive Taxation 🔑
1️⃣ No Detailed Records Needed 📋
👉 Say goodbye to maintaining exhaustive books of accounts.

2️⃣ Predefined Income Percentages 📊
👉 Tax is calculated as a percentage of your gross receipts.

3️⃣ Reduced Compliance ✅
👉 Simplified filing process with fewer headaches!

4️⃣ Eligible Taxpayers 🛠️
👉 Best suited for small businesses, freelancers, and professionals with turnover below specific limits.

Benefits of Presumptive Taxation 🌟
💵 Save Money: Lower compliance costs.
🕒 Save Time: No complex audits or bookkeeping.
💼 Business Growth: Focus on scaling your venture instead of worrying about taxes.

💡 Pro Tip: Ensure you check the eligibility criteria under sections like 44AD and 44ADA of the Income Tax Act (India). Stay compliant and stress-free! 🙌

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