CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Wed, 10 Apr 2024 05:22:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 GSTN Issues Advisory on Automatic HSN-wise Summary Population in GSTR-1 Table 12 from e-Invoices https://www.nyca.in/gstn-issues-advisory-on-automatic-hsn-wise-summary-population-in-gstr-1-table-12-from-e-invoices/ https://www.nyca.in/gstn-issues-advisory-on-automatic-hsn-wise-summary-population-in-gstr-1-table-12-from-e-invoices/#respond Wed, 10 Apr 2024 05:22:53 +0000 https://www.nyca.in/?p=8441 The GSTN has released an important Advisory No. 630 dated April 09, 2024, regarding the automatic population of HSN-wise summaries from e-Invoices into Table 12 of GSTR-1.

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The GSTN has released an important Advisory No. 630 dated April 09, 2024, regarding the automatic population of HSN-wise summaries from e-Invoices into Table 12 of GSTR-1.

GSTN is pleased to announce the introduction of a new feature that enables the automatic population of HSN-wise summaries from e-Invoices into Table 12 of GSTR-1 on the GST portal. This feature facilitates the direct drafting of HSN data into Table 12 based on e-Invoice data.

It is important to note that the HSN-wise summary data automatically populated into Table 12 is provided for your convenience. However, it is advised to reconcile this data with your records before final submission.

Any discrepancies or errors identified should be manually corrected or added to Table 12 before the final submission.

For further details, please refer to the Advisory accessible at: Link to Advisory

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]]> https://www.nyca.in/gstn-issues-advisory-on-automatic-hsn-wise-summary-population-in-gstr-1-table-12-from-e-invoices/feed/ 0 CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD https://www.nyca.in/cbdt-issues-corrigendum-to-include-sec-43bh-disallowance-under-clause-22-of-form-3cd/ https://www.nyca.in/cbdt-issues-corrigendum-to-include-sec-43bh-disallowance-under-clause-22-of-form-3cd/#respond Thu, 21 Mar 2024 07:32:17 +0000 https://www.nyca.in/?p=7797 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.

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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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]]> https://www.nyca.in/cbdt-issues-corrigendum-to-include-sec-43bh-disallowance-under-clause-22-of-form-3cd/feed/ 0 Filing of Form 10-IEA for Income-Tax Return https://www.nyca.in/filing-of-form-10-iea-for-income-tax-return/ https://www.nyca.in/filing-of-form-10-iea-for-income-tax-return/#comments Wed, 20 Mar 2024 09:47:20 +0000 https://www.nyca.in/?p=7778 The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one.

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The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one. Here’s a breakdown of what you need to know about this form and its implications:

  • Introduction of New Tax Regime: The new tax regime was initially introduced under the Union Budget 2020. However, it was made the default tax regime by the Budget 2023.
  • Default Selection: By default, individuals are placed under the new tax regime unless they choose to opt-out.
  • Need for Form 10-IEA: Individuals who want to revert to the old tax regime need to fill out Form 10-IEA. This form requires various details, including PAN, tax status (individual, HUF, etc.), and any tax benefits claimed for the International Financial Services Centre (IFSC). It also asks for the taxpayer's history of switching between tax regimes.
  • Deadline: Form 10-IEA must be submitted before the tax filing deadline of July 31, 2024. Failure to do so could result in the taxpayer being unable to switch to the old regime later in the year.
  • Implications: Switching back to the old tax regime may be beneficial for individuals who want to claim deductions and exemptions not allowed under the new regime, such as those under Section 80C, Section 80D, and deductions for home loan interest, education, house rent, and LTA.
  • Tax Rates: Under the new tax regime, lower-income groups benefit from lower tax rates. However, those earning between Rs 5 lakh and Rs 7.5 lakh may face higher taxes compared to the old regime due to fewer deductions and exemptions.
  • Clarity Awaited: There is still ambiguity regarding whether Form 10-IEA is mandatory for all individuals or only for certain categories like businessmen and self-employed individuals. Further clarity on the procedure for opting out of the tax regime is awaited from the Income-Tax Department.
  • Professional Income: Taxpayers filing under ITR-4 (for individuals with business or professional income) must submit Form 10-IEA to opt out of the new tax regime.
  • Importance of Details: Although providing past details may seem cumbersome, it's crucial for ensuring accurate claims of deductions and exemptions. Self-employed individuals are allowed to switch back to the old tax regime only once in their lifetime.
  • Consequences of Non-Compliance: Failing to submit Form 10-IEA before the deadline could result in being unable to file belated tax returns under the old tax regime. This means forfeiting tax exemptions and being considered under the new tax regime automatically.

In summary, Form 10-IEA is a crucial document for individuals wishing to switch back to the old tax regime from the new one. It’s essential to understand its requirements and implications to make informed decisions about tax filing.

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