Taxvala

  Penalty Rs. 10,000 on ATMs soon, for non-replenishment with cash The Reserve Bank of India (RBI) to impose Penalty Rs.10,000 soon, for non-replenishment of ATMs with cash .  Key Highlights: Banks to be fined for non-availability of cash in ATMs. The RBI will start imposing penalties on banks in case  the ATMs remain out-of-cash for a total period of 10 hours in a month  from October 1, 2021, onwards. Banks will have to submit a system generated statement on downtime of ATMs due to non-replenishment of cash to the RBI. The bank, may, at its discretion, recover the penalty from the WLA operator Reserve Bank of India (RBI) vide notification no. RBI/2021-22/84DCM (RMMT) No.S153/11.01.01/2021-22 dated 10 th  day of August 2021, issued notification regarding  Monitoring of Availability of Cash in ATMs.  In case of White Label ATMs (WLAs), the penalty would be charged to the bank which is meeting the cash requirement of that particular WLA. The RBI has now ...

                             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...