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New GSTR-1 Update: GSTN enables Auto HSN Summary Import from E-Invoices for Efficient Filing

editor — Tue, 09 Apr 2024 05:20:38 +0000

In a recent update to the GSTR-1 filing system, a new functionality has been added to “Table 12 – HSN wise summary of outward supplies” specifically aimed at taxpayers who generate e-invoices. This new feature enables taxpayers to directly transfer HSN (Harmonized System of Nomenclature) data from their e-invoices to their GSTR-1 form. The purpose of this enhancement is to simplify the return filing process by minimizing manual data entry requirements. Taxpayers utilizing e-invoicing can now automatically populate the HSN summary in their GSTR-1 with pertinent information from their electronic invoices. This advancement is particularly advantageous for those engaged in B2B (Business-to-Business) transactions, as it significantly reduces the time needed for HSN data entry, eliminating the necessity for manual data input in transactions where e-invoices were generated.

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CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD

editor — Thu, 21 Mar 2024 07:32:17 +0000

The Central Board of Direct Taxes (CBDT) introduced amendments to Form 3CD through Notification No. 27/2024 /F. No. 370142/3/2024-TPL, dated 05-03-2024. These amendments primarily focused on enhancing disclosures related to certain provisions of the Income Tax Act.

Disclosure of Section 43B(h) Disallowance (Clause 26): The notification included a requirement for disclosure of disallowances under section 43B(h) within Clause 26 of Form 3CD. This amendment aimed to ensure transparency and comprehensive reporting of such disallowances in accordance with the Income Tax Act.
Amendment of Clause 22: Notably, Clause 22 of Form 3CD, which pertains to interest restrictions under the MSME (Micro, Small, and Medium Enterprises) Development Act, was not initially amended in the notification. However, subsequent revisions have now been made to Clause 22 to incorporate the disclosure of amounts disallowed under section 43B(h).

Source: https://www.nyca.in/wp-content/uploads/2024/03/notification-27-2024.pdf

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Key JSON Schemas for ITR-1 and ITR-4 Issued by Income Tax Department for Assessment Year 2024-25

editor — Tue, 19 Mar 2024 05:43:06 +0000

ITR-1 Schema:

The Income Tax Department has recently unveiled the JSON Schema for ITR-1 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24.

This schema caters to individuals who are residents (excluding not ordinarily residents) with a total income of up to Rs. 50 lakh. It applies to individuals with income from salaries, one house property, other sources (such as interest), and agricultural income up to Rs. 5 thousand.

ITR-4 Schema:

The Income Tax Department has also released the JSON Schema for ITR-4 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24.

Designed for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) who are residents and have a total income of up to Rs. 50 lakh. This schema is applicable to those with income from business and profession computed under sections 44AD, 44ADA, or 44AE, along with agricultural income up to Rs. 5 thousand.

ITR-1 Schema:

Document: https://www.nyca.in/wp-content/uploads/2024/03/ITR-1_2024_Main_V1.0.zip

Date of Initial JSON Schema Release: 18th March 2024

ITR-4 Schema:

Document: https://www.nyca.in/wp-content/uploads/2024/03/ITR-4_2024_Main_V1.0.zip

Date of Initial JSON Schema Release: 18th March 2024

Source: IncomeTaxPortal

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GSTN Issues Important Advisory on GSTR-1/IFF: Introduction of New Tables 14A and 15A

editor — Tue, 12 Mar 2024 10:36:12 +0000

An advisory, Advisory No. 627 dated March 12, 2024, has been issued by the GSTN regarding the introduction of new Tables 14A and 15A in GSTR-1/IFF.

According to Notification No. 26/2022 – Central Tax dated December 26, 2022, two new tables, Table 14A and Table 15A, have been introduced in GSTR-1 to capture the amendment details of supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 or liable to pay tax under section 9(5) of the CGST Act, 2017. These tables are now live on the GST common portal and will be available in GSTR-1/IFF from the February 2024 tax period onwards. These amendment tables are relevant for taxpayers who have reported the supplies in Table 14 or Table 15 in earlier tax periods.

Table 14A allows suppliers to amend the details of original supplies reported under sections 14(a) and 14(b) in earlier return periods, while Table 15A enables e-commerce operators to amend the details of original supplies reported under four sections in earlier return periods.

Key features of the new tables include auto-population of amended taxable values to GSTR-3B, auto-population of amended taxable values and tax liabilities to GSTR-3B, manual addition of e-invoices related to 9(5) supplies, and reporting of amendment of debit or credit notes related to services notified under section 9(5) in existing Table 9C of GSTR-1/IFF.

Additionally, a new table called “ECO – Documents (Amendment)” is being added in GSTR-2B for registered recipients who are making supplies through e-commerce operators. This table allows registered recipients to view the amended document details of supplies made through e-commerce operators on which the e-commerce operator is liable to pay tax under section 9(5) of the Act.

The values will be auto-populated from Table 15A to the new ECO – Documents table of GSTR-2B.

For further details, the advisory can be accessed at: https://www.gst.gov.in/newsandupdates/read/627

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Understanding ITR-U: Definition and Updates

editor — Tue, 05 Mar 2024 11:34:46 +0000

Introduction to ITR-U:

ITR-U, or Updated Income Tax Return, is a form introduced by the government to allow taxpayers to rectify errors or omissions in their previous income tax returns. It can be filed within two years from the end of the relevant assessment year.

Latest Update on ITR-U:

As of January 1st, 2024, taxpayers cannot file belated or revised ITRs after December 31st, 2023. However, they can file an updated return using the ITR-U form, specifically designed for correcting minor errors or omissions in the original ITR.

What is ITR-U?

ITR-U enables individuals to update their ITRs by rectifying errors or omissions within two years from the end of the relevant assessment year. It provides an opportunity to enhance tax compliance without triggering legal action.

Eligibility Criteria for Filing ITR-U:

Under Section 139(8A) of the Income Tax Act, individuals who have made errors or omissions in their original, belated, or revised returns are eligible to file an updated return using ITR-U.

Ineligibility for Filing ITR-U:

Certain situations disqualify individuals from filing ITR-U, including already filing an updated return, resulting in lower tax liability, or facing search or survey proceedings by the Income Tax authorities.

Time Limit for Filing ITR-U:

The time limit for filing ITR-U is 24 months from the end of the relevant assessment year. For example, for the assessment year 2023-24, the last date to file ITR-U is March 31st, 2026.

Additional Tax Implications:

Additional tax is applicable when filing ITR-U, with rates of 25% or 50% depending on the timing of the return filing.

How to File Form ITR-U:

Filing Form ITR-U involves furnishing Part A and Part B of the form, providing general information and details of additional income, respectively. The form must be verified using either a Digital Signature Certificate or an Electronic Verification Code.

Filing ITR-U with TaxCloudIndia:

TaxCloudIndia offers a user-friendly platform for preparing and filing ITR-U. Users can follow a step-by-step guide to select or recreate the return, enable ITR-U, and fill out the necessary schedules.

Conclusion:

ITR-U serves as a valuable tool for taxpayers to rectify errors or omissions in their previous income tax returns within a specified time frame, thereby enhancing tax compliance and avoiding legal repercussions.

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Income Tax Department enabled the Online Filing of Form I SWF

editor — Tue, 05 Mar 2024 10:35:59 +0000

On March 04, 2024, the Income Tax Department released a notification announcing the activation of online submission for Form I SWF, as outlined in Circular No. 15 of 2020, issued on July 22, 2020.

Source: IncomeTax Portal

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CBDT Introduces Income Tax Return Form ITR-7 for AY 2024-25

editor — Mon, 04 Mar 2024 04:30:32 +0000

The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 24/2024 dated March 01, 2024, announcing the release of the Income Tax Return (ITR) Form ITR-7 for the Assessment Year (A.Y.) 2024-25. This form is specifically designed for individuals and companies obligated to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. The notification comes into effect from April 01, 2024.

ITR-7 serves the purpose of tax compliance for entities falling under the aforementioned sections, ensuring adherence to the Income-tax Rules, 1962 as specified in rule 12.

For further details and to access the complete notification here: https://www.nyca.in/wp-content/uploads/2024/03/CBDT-Introduces-Income-Tax-Return-Form-ITR-7-For-AY-2024-25.pdf

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