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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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 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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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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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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*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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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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Withdrawing Rs 10 lakh a year may attract 3-5% tax

Budget alert!!!!

Withdrawing Rs 10 lakh a year may attract 3-5% tax: Finance Ministry

In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of Rs 10 lakh in a year, a move to discourage cash usage in the economy and resultant black money.

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NFRA-1 to be filled by 31st July 2019

NFRA-1 to be filled before 31 July 2019

This is in relation to filing of form NFRA-1 (The return  to be filed by companies of its auditor appointment   with NFRA).
This is applicable to following companies :-

1.listed companies(listed on Stock exchanges in India or outside india)
2. Unlisted public Companies
3. Banking companies,insurance companies.
4. Subsidiary and associate company of companies incorporated outside India.

This form is to be filed with NFRA on or before 31st July 2019.

Require any additional information or help, please contact us.

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Highlights of Budget 2019

Highlights of Budget 2019

Income Tax

- Taxpayers can use Aadhar and PAN interchangeably. Hence, any person having Aadhar can file income tax return without having to obtain PAN.
- Corporate tax rate of 25% will be now be applicable for companies with a turnover of upto INR 400 crores.
- Income tax will not be applicable for persons having an income of less than Rs.5 lakhs per annum.
- 2% TDS will be levied if INR 1 Crore is withdrawn in cash from a single bank account in a year.
- Income tax assessment will be done in a completely electronic mode with no face-to-face interaction.
- No charges or MDR will be applicable on digital modes of payment.
- Large businesses will be mandatorily required to provide digital payment options.
- Income tax deduction will be provided for person purchasing eVehicles.

Goods and Services Tax

- Taxpayers with an annual turnover of less than INR 5 Crores can now file quarterly GST returns.
- A completely automated GST refund module will be implemented soon to streamline GST refunds.
- An electronic invoice system soon to be introduced will further streamline GST compliance.

MSME

- INR 350 Crores has been allocated for 2% interest subvention for every GST-registered MSME on fresh/ incremental loans.
- Pension for shopkeepers and retailers with an annual turnover of less than INR 1.5 Crore will be launched under the Pradhan Mantri Karma Yogi Maan Dhan Scheme.
- Pension benefits will be extended to over 3 Crores of retailers, traders and shopkeepers under the Pradhan Mantri Karam Yogi Maan Dhan Scheme.
- In order to improve the technology of MSME and similar industries, Technology Business Incubators and Livelihood Business Incubators will be set up under the ASPIRE Scheme. This has been proposed in order to develop and train 75,000 skilled entrepreneurs in the Agro-rural Sector.
- The Central Government will create a payment platform for MSMEs in order to file bills and make payments on the MSME platform itself. This will be implemented to cut down payment time for every user.
- Social stock exchange for the listing of social enterprises and voluntary organisations.

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Last date of filling Income Tax return for non audited case of FY 18-19 is 31 July 2019

Last date of filling Income Tax return for non audited case of FY 18-19 is 31 July 2019

The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20.

While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised.
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal.

ITR-1 is filed by individuals having a total income of up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to Rs 5,000.

ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession, while ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession.

ITR-4 or Sugam is meant for individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.

The last date of filing Income Tax Return (ITR) is July 31 for those who are not required to get their accounts audited.

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Last Date for Filing of Annual Return in GST for the year 2017-18 is 31st August, 2019

Last Date for Filing of Annual Return in GST for the year 2017-18 is 31st August, 2019 

The GST law mandates filing of annual return in FORM GSTR -9 and FORM GSTR-9A. The last date for filing the Annual Return for the Financial Year 2017-18 has been extended to 31st August, 2019.

Taxpayers may please exercise caution while filing this return as facility to revise the FORM GSTR -9 and FORM GSTR-9A is not available.

Contact us for any assistance. 

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💰 RBI scraps charges on NEFT, RTGS transfers

*Relief to Senior Citizens in submission of Form 15H under Income Tax Act*

FinTax GSTN free accouting and billing software

Form 11 for LLP FY18-19 to be filled by 30th May 2019

FinTax reminder - Compliances are due for LLP for Financial Year ended 31st March 2019

Annual Return of Limited Liability Partnership (Form 11) to be filed before 30th May 2019 i. e. TODAY. 

Penalty for Delay in filing of Form 8 / Form 11 is Rs 100 per day from the due date.

Such penalty is non refundable and there is no process to escape this penalty.

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Form 11 for LLP FY18-19 to be filled by 30th May 2019 https://fintaxupdates.blogspot.com/2019/05/form-11-for-llp-fy18-19-to-be-filled-by.html

RBI increases RTGS timings till 6pm from June 1

FinTax updates - RBI increases RTGS timings till 6pm from June 1

The Reserve Bank of India has extended the timings for customer transactions through Real Time Gross Settlement (RTGS) system.

📍 With effect from June 1, the RTGS timings for customer transactions (initial cut-off) will be 6:00 pm, instead of the present 4:30 pm.

👉 The time-varying charges for transactions in RTGS from 1:00 pm to 6:00 pm shall be Rs 5 per outward transaction, RBI said in its statement. After 6:00pm, customers will have to pay Rs 10 per outward transaction for remitting funds via the RTGS system.

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Filing of a Statement of Specified Financial Transactions (SFT)

This is to bring to your attention to the provisions of Income Tax Law that require the Filing of a Statement of Specified Financial Transactions (SFT) in case if the Company enters into any of the specified transactions. The most common specified transactions are:

1. If the company has issued shares during the previous year (i.e F.Y 18-19) and has received from any person an amount totalling to INR 10 Lakhs or more (including share application money). 
2. If the company has received cash payment exceeding INR 2 Lakhs from any person for sale of goods or service of any nature. 

Kindly confirm regarding the applicability as the due date to file form SFT with the Income Tax department is 31st May, 2019. 

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Form MSMED-1 and Form DPT-3 is now available on MCA portal

Please be informed that the Form MSMED-1 for filing return of MSME suppliers and Form DPT-3 for Return of deposits is now available for filing and execution on MCA portal.

The Last date for filing of MSMED will be 30th May 2019 and Form DPT-3 would be 29th June 2019.

Further also please be informed that now the data required(i.e borrowings of the Company) for filing of DPT-3 form would be till 31st March 2019 and not till 22nd January 2019. (Amended as on 30th April 2019).

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GSTR-1 Due Date for the month of March-2019 extended

Extended the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 from 11.04.2019 to 13.04.2019

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