Taxvala

                             HSN code on invoices from 1 st  April Basis on the aggregate turnover in the previous financial year, the larger businesses are required to capture the 6-digit HSN code and 4 digits for the smaller businesses. Businesses whose aggregate Turnover in the preceding financial year is more than 5 crores are required to mention the HSN code at a 6-digit level. Businesses with aggregate turnover of up to 5 crores are required to capture 4-digit HSN code.   Aggregate Turnover in the preceding Financial Year Number of Digits of HSN Code Up to 5 crores 4 digits Exceeding 5 Crores 6 Digits         Types of invoices on which HSN code is mandatory Now, the next question is that, should it be mentioned on all the types of invoices or only on B2B invoices? To answer, there are different guid...

                       Date for filing application for revocation of                          cancellation of registration extended 1. In view of the notification 34/2021 -Central dated 29th Aug 2021, where the due date of filing  of application     for revocation of cancellation of registration falls between  1st March, 2020 to  31st August, 2021, the time      limit for filing of application for revocation of cancellation of      registration is extended to 30th September, 2021. 2. The benefit of said notification is extended to all the cases where cancellation of registration      has been done under clause (b) or  clause (c) of sub-section (2) of section 29 of the CGST      Act, 2017  and where the due date of filing of application for revocation of cancellation of...

Latest TDS Rates Chart for FY 2021-22 (AY 2022-23)   What is the latest TDS Rates Chart for FY 2021-22 (AY 2022-23) applicable? Whethere there are any changes in rates due to Covid 19 like how the TDS rates were reduced for last year? When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income. TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.   TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961. As I told earlier, apart from salary income and Bank FD earning, there are m...

  The 43rd GST Council has recommended the Self-Certification of GSTR-9C instead of Certification by Chartered Accountant ( CA  ).  The Finance Minister Nirmala Sitharaman Said that, Annual return filing will be simplified and the GST Council has recommended amending the CGST Act to allow for self-certification of reconciliation statements, instead of getting it certified by Chartered Accountants.  Amendments in section 35 and 44 of CGST Act made through Finance Act, 2021 to be notified.  This would ease the compliance requirement in furnishing reconciliation statement in FORM GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants.  This change will apply for Annual Return for FY 2020-21. The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore.  The reconciliation statement in FORM GSTR...

The Institute of Chartered Accountants of India (ICAI) has announced that the CA Intermediate and Final exams shall be started from 5th July 2021. The Institute will announce the schedule of the exam soon. The CA exams were postponed due to the current pandemic situation in India.  “In continuation to the Announcement dated 27′ April, 2021, it is hereby announced for general information that the Chartered Accountants Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme}, Final {Under Old & New Scheme} and Post Qualification Course, viz., : Insurance and Risk Management (IRM) Technical Examination and International Taxation —Assessment Test (INTT — AT) of May 2021 Examinations shall now commence from Monday, 5th July, 2021 across the globe.  The detailed Schedule / Notifications for the said Examinations will be announced shortly,” the Institute stated in a press release. “The Candidates are advised to note the above and stay in touch with the website of th...

  Generation of GSTR-2B for April 2021 Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing  the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8)  of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date  of filing GSTR-1/IFF by the suppliers. Notification No. 12/2021-CT and 13/2021-CT, both dated  1st May 2021 extend the Due date of GSTR-1 and IFF for April 2021, to 26th and 28th May 2021,  respectively. Consequently, GSTR-2B for April 2021 will be generated after the Due dates, on  29th May 2021. Taxpayers willing to file FORM GSTR-3B for April 2021 before GSTR-2B generation may do so  on self-assessment basis. Notification No. 13/2021-CT dated 01.05.2021 prescribes a cumulative  limit under Rule-36(4) for ITC claimed in periods April & May 2021 Click Below links for articles Everything about Invoice Furnishing Facilit...

  Invoice Furnishing Facility (IFF) allows small taxpayers to upload their invoices every month. The Central Board of Indirect Taxes & Customs (CBIC) had notified the Invoice Furnishing Facility on 10.11.2020 via notification number 82 /2020-Central Tax. 1. What is the Invoice Furnishing Facility? The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their invoices every month. A quarterly GSTR-1 filer is a small taxpayer with a turnover of up to Rs.1.5 crore. One should keep the following points in mind before utilising the IFF: The IFF can be utilised only for the first two months of a quarter. The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only. There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF. The total value of invoices that can be uploaded is restricted to Rs.50 lakh per month. The details submitted in IFF will be reflected in the GST...