Goswami and Sarma Tax Consultancy

Goswami and Sarma Tax Consultancy We Provide Taxation and related services. You can directly contact us for any service related query.
📞 7002008876

Getting audited? Don’t panic! Stay calm and get familiar with these key forms 📋
17/01/2025

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

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...
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 ✨💖✨

Slab Rates in the New Tax Regime Explained! 🧾Are you confused about the new tax regime? Don’t worry! Let me break it dow...
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.

🏦 💼 💰

🎯 Deductions and Exemptions in new tax regime!!!
11/01/2025

🎯 Deductions and Exemptions in new tax regime!!!

GST on Sale of Vehicles in India: What You Should Know! 🚙Selling a vehicle? Don't forget about GST! Here's a quick guide...
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! ✨

🚗✨

Cash Transaction Limit in India: Know the Rules & Penalties! 💸Managing your cash transactions wisely is crucial to avoid...
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 💵.

✅ 📜 🚫 🌐

Income Tax Slabs in India 2025 🧾Hey fam! 📢 Let's break down the Income Tax Slabs 🏦 under the New Regime & Old Regime to ...
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! 💪

📚 Understanding Presumptive Taxation 💡💰Presumptive taxation is a simplified tax scheme designed for small businesses and...
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! 🙌

Hashtags for Maximum Reach
💡 💼 ✨ 📊 💰 🔍 🚀

📢 All You Need to Know About GST Registration Threshold Limit 🧾💰Thinking of starting a business? 🛍️ Here's the GST regis...
05/01/2025

📢 All You Need to Know About GST Registration Threshold Limit 🧾💰

Thinking of starting a business? 🛍️ Here's the GST registration threshold you need to know:

1️⃣ For Goods:
🚛 If your business turnover exceeds ₹40 lakhs in a financial year, GST registration is a must!
🛑 For some special category states, the limit is reduced to ₹20 lakhs.

2️⃣ For Services:
💼 Providing services? The threshold is ₹20 lakhs annually.
💡 For special category states, it's ₹10 lakhs.

📊 Why Register for GST?
✅ It’s essential for compliance.
✅ Boosts your business credibility.
✅ Helps you claim input tax credit.

💡 Pro Tip: If your turnover is below the threshold but you want to avail of GST benefits, you can voluntarily register too!

🔗 Always consult a professional for accurate advice.

Mastering GST ITC Set Off Rules 💰Understanding GST Input Tax Credit (ITC) set-off rules is crucial for businesses! 🧾 Her...
03/01/2025

Mastering GST ITC Set Off Rules 💰

Understanding GST Input Tax Credit (ITC) set-off rules is crucial for businesses! 🧾 Here's a quick guide to help you stay compliant and maximize benefits:

1️⃣ Order of Set-Off:

CGST ITC ➡️ First set off against CGST liability, then IGST.
SGST/UTGST ITC ➡️ First set off against SGST/UTGST liability, then IGST.
IGST ITC ➡️ First set off against IGST liability, then CGST & SGST/UTGST (proportionally).
2️⃣ No Cross-Utilization:

CGST ITC ❌ cannot set off SGST/UTGST.
SGST/UTGST ITC ❌ cannot set off CGST.
3️⃣ Pro Tip:
File your returns (GSTR-3B & GSTR-1) on time to avoid losing ITC benefits! 🕒

4️⃣ Common Errors to Avoid:
🚫 Claiming ITC on blocked credits like motor vehicles (in certain cases).
🚫 Mismatched invoices leading to ITC reversal.

Stay updated, stay compliant! 📈

Claiming ITC (Input Tax Credit) on fake invoices in GST can have serious legal and financial consequences. Here's what y...
02/01/2025

Claiming ITC (Input Tax Credit) on fake invoices in GST can have serious legal and financial consequences. Here's what you need to know before making such a mistake:

🚨 Legal Consequences:
Using fake invoices to claim ITC is a punishable offense under the GST law. Offenders can face heavy penalties, interest, and even imprisonment, depending on the severity of the fraud.

💸 Financial Burden:
If caught, you will not only need to repay the wrongly claimed ITC but also pay steep fines and interest. This can significantly hurt your business’s finances.

📉 Damage to Reputation:
Being involved in GST fraud can tarnish your business's reputation, leading to a loss of trust among clients, partners, and customers.

📊 Taxpayer Status at Risk:
The GST department may blacklist businesses engaging in fraudulent activities, making them ineligible to avail of further credits or benefits under GST.

🛡️ How to Stay Compliant:
1️⃣ Always verify invoices with the GST portal.
2️⃣ Transact only with genuine suppliers.
3️⃣ Maintain proper documentation.
4️⃣ Consult a tax professional for guidance.

⚖️ Fraud might seem like a shortcut, but the risks far outweigh the rewards. Stay compliant and build a sustainable business!

💼📊

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MB Road , Near Khadi Board
Morigaon
782105

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