Checkist for FY 2024-25

 I am writing to extend my best wishes to all for a successful new Financial Year 2024-2025. Please find the checklist detailing the changes under various laws for your ease compliance –

1. The amount and item-by-item value of closing stocks as of March 31, 2024, are required in tax audit instances as well as for book closing.
2. Issue any pending Self Invoices, Delivery challans, Receipt vouchers & payment vouchers.
3. Collect Fixed Deposit statements from bank and account interest income.
4. Calculate tax liability and pay necessary advance tax.
5. If turnover for Financial Year 2023-24 exceeds INR 10 Cr, then, Tax Deducted at Source provisions u/s 194Q, Tax Collected at Source provisions u/s 206C(1H) will become applicable for Financial Year 2024-25.
6. Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises. Such payments have to be made within 45days or 15 days as applicable.
7. Start new invoice series from 01st April, 2024, unique for Financial Year 2024-2025.
8. Submit LUT for Financial Year 2024 2025 Letter of Undertaking has to be submit in case Gat Taxpayer make exports or supplies to SEZ of goods/services or supplies.
9. If turnover for Financial Year 2024-2025 has exceeded INR 5 Crores for the first time since inception of Goods and Services Tax, then, generate and issue E-Invoice for supplies from 01st April, 2024.
10. Follow Circular 170 of 2022 - Circular 170 requires that the entire Input Tax Credit as per your 2B should be taken under table 4a of GSTR 3B return and then permanent reversal or temporary reversal has to be done in table 4b.
11. Application to opt for composition scheme for Financial Year 2024-2025.
12. In case payments to creditors are due for more than 180 days, then, Reverse the input tax credit availed on such transactions.
13. Review transactions liable for reverse charge mechanism and ensure proper compliance. Determine any changes in RCM applicability and adjust processes accordingly.
14. Ensure all GST returns for the current financial year are filed accurately and on time. Rectify any errors or discrepancies in previous returns. Verify that all eligible input tax credits (ITC) have been claimed.

To conclusions, this checklist is generic, inclusive and may need to be adapted based on the specific regulations and requirements applicable to specific jurisdiction and industry.

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*FinTax*
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GST Annual return and Audit due date extended

The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended from 31st August, 2019 to *30th November, 2019*. RoD Order No. 07/2019-CT dtd. 26.08.2019

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FinTax
Tax and Finance Consultant

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FinTax.ca@consultant.com
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https://FinTaxca.business.site

FinTax update - How to Pre-Validate your bank account for income tax refund

FinTax update - How to Pre-Validate your bank account for income tax refund

1) Visit income tax filing website. https://www.incometaxindiaefiling.gov.in

2) Click on Registered Users Login Page Button. If you have not registered, you need to register first.

3) In the login page, enter your login ID (PAN number is your ID) and password and enter Capcha. Here is the screenshot on how it would look like.

4) Once you go your home page after login, go to “Profile Settings” and click on “Prevalidate your bank account”

5) If there are any pre-validated bank accounts (if this was done in earlier years), these would appear here. You can remove and can add new ones, you can go to next step.

6) Pre-Validate bank account screen would open. Screenshot shown below. You need to enter Bank account number, Account type (Savings, current etc.,), IFSC Code, Mobile number and email ID. Click “Pre-validate”.

The process is now completed and all income tax refunds would be sent to the bank account provided by you.

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Advantages -

1) receive income tax refunds

2) generate EVC for e-verification

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Director MCA KYC new update

Director MCA KYC new update 

1. E-Form DIR-3 KYC is to be filed by an individual who holds Director Identification Number (“DIN”) or Designated Partner Identification Number (“DPIN”) and is filing his KYC details for the first time or by the DIN/DPIN holder who has already filed his KYC once in E-form DIR-3 KYC but wants to update his details.

2. Web service of DIR-3-KYC-WEBis to be used by the DIN/DPIN holder who has submitted DIR-3 KYC E- form in the previous financial year and no update is required in his details.

3. Every person who holds DIN/DPIN as on 31st March of the financial year, he has to submit Form DIR-3-KYC or DIR-3 KYC-WEB for the said financial year on or before 30th September of the immediate next financial year.

4. Fee for Filing E-Form DIR-3 KYC or DIR-3 KYC-WEB as under
(i) on or before 30th September 2019 is Nil
(ii) after 30th September 2019 is INR 5,000

So, whoever holds DIN/DPIN as on 31st March,2019 has to file Form DIR-3 KYC/ DIR-3 KYC-WEB before 30th September 2019.

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FinTax
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Extention of Income Tax Returns due date for non-audir cases

The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 in non-audit case to August 31, 2019 from July 31, 2019.

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FinTax
Tax and Finance Consultant

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*e-PAN in less than 10 minutes*

*e-PAN in less than 10 minutes*

*Real Time PAN / TAN Processing Centre* (RTPC) is being contemplated for future with the objective of allotment of
e-PAN through Aadhaar based
e-KYC on near to real time basis
(in less than 10 minutes).

Presently, steps are being taken by the ITD to further reduce the time required to allot PAN,
particularly for the applicant’s applying through ‘Aadhaar based e-KYC’ route, by bringing suitable up gradation in the allotment processes and infrastructure.

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FinTax
Tax and Finance Consultant

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FinTax.ca@consultant.com
FinTax.ca@gmail.com
https://fintaxca.business.site

New Gst returns for Composition dealer

*Acche Din for Composition Dealer*

*GSTR-04*
Yearly on 30th April following the end of such F.Y.

*CMP-08*
Qtly on 18th of Next Month

*PMT-06*
Before Filing of CMP-08 / GSTR-4

Now for April to June 19 please note that :
*GSTR-4* needs to be filed ANNUALLY, last date is 30th April 2020 for FY 19-20.

Further payment of self-assessed tax in *FORM GST CMP-08* which was to be made, till 18th July 2019 for Apr-June 2019 quarter extended to 31 July 2019.

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FinTax
Tax and Finance Consultant

+91 8828960174
FinTax.ca@consultant.com
FinTax.ca@gmail.com
https://fintaxca.business.site