Shilpi Rastogi & Co

29/11/2024

The PAN 2.0 project aims to upgrade India's current PAN system, with a budget of ₹1,435 crore. Key features include:

1. PAN as a universal business identifier across government systems.

2. A digital portal for paperless services and grievance resolution.

3. The addition of a QR code for enhanced security.

4. A mandatory PAN data vault system to safeguard sensitive information.

Existing PAN cards remain valid, but holders can opt for an upgraded version. No charge will be levied for the new PAN card. More details are available here.

Link

The Union Cabinet has approved the PAN 2.0 Project of the Income Tax Department, which comes with a financial outlay of Rs 1,435 crore. This initiative aims to

03/06/2024

🌟 Attention Everyone! 🌟

The CBDT has notified 57 types of incomes and expenses to be reflected in the AIS of the IT Portal:

1. Salary 💼
2. Rent received 🏠
3. Dividend 📈
4. Interest from savings bank 💰
5. Interest from deposit 🏦
6. Interest from others 🏵️
7. Interest from income tax refund 🤑
8. Rent on plant & machinery 🏭
9. Lottery/Crossword winnings u/s 1158B 🎟️
10. Horse race winnings u/s 115BB 🏇
11. PF balance receipt from employer u/s 111 🏢
12. Infra debt fund interest u/s 115A(1)(a)(ia) 🏗️
13. Specified company interest by non-resident u/s 115A(1)(a)(aa) 🌐
14. Bonds & govt securities interest 💵
15. Non-resident unit income u/s 115A(1)(a)(ab) 🌍
16. Offshore fund gains u/s 115AB(1)(b) 📊
17. Foreign currency bonds/shares income u/s 115AC 💹
18. Foreign institutional investors' securities income u/s 115AD(1)(1) 📈
19. Specified Fund securities income u/s 115AD(1)(1) 💼
20. Insurance commission 🛡️
21. Life insurance policy receipts 📜
22. National savings scheme withdrawal 🏦
23. Lottery ticket sale commission 💸
24. Securitization trust income 📊
25. MF/UTI unit repurchase income 📈
26. Govt payable sums 🏛️
27. Specified senior citizen income 👵👴
28. Land/building sale 🏢
29. Immovable property transfer receipts 🏠
30. Vehicle sale 🚗
31. Securities/units of mutual fund sale 📉
32. Off-market debit transactions 🏦
33. Off-market credit transactions 💳
34. Business receipts 💼
35. GST turnover 📊
36. GST purchases 🛍️
37. Business expenses 💼
38. Rent payment 🏢
39. Miscellaneous payments 🧾
40. Cash deposits 💵
41. Cash withdrawals 🏧
42. Cash payments 💸
43. Foreign remittance/foreign currency purchase 🌏
44. Foreign remittance receipt 🌍
45. Non-resident sportsmen/sports association payment u/s 1158BA ⚽
46. Foreign travel ✈️
47. Immovable property purchase 🏠
48. Vehicle purchase 🚗
49. Time deposit purchase 🏦
50. Securities/units of mutual funds purchase 📉
51. Credit/Debit card transactions 💳
52. Account balance 🏦
53. Business trust income 🏢
54. Investment fund income 📈
55. Donations received 🙏
56. Virtual Digital Assets transfer receipt 💻
57. Online game winnings u/s 115BBJ 🎮

Stay updated and compliant with your financial declarations! 💼📜

03/06/2024

📢 Important Update from CBDT!

The Central Board of Direct Taxes (CBDT) has notified the Cost Inflation Index (CII) for the Financial Year 2024-25. The CII has been set at 363.

03/06/2024

💡 SRC Tax Tip Alert 💡

Did you know? 💸 Depositing more than ₹10 lakh in cash into your savings account in a financial year can attract attention from the Income Tax Department! 📊 Make sure to keep your transactions transparent and maintain proper documentation. 📝

Stay informed, stay compliant! 👍

04/10/2023

Applicability of Section 194R

If any resident individual receives any gift, perks, incentive, or any other monetary or non-monetary benefit from a business or profession in cash, kind, or partially in cash and kind, and the value of such benefits or perquisites in monetary term exceeds INR 20,000 during the financial year to one beneficiary then this section is applicable to you.

Who shall deduct TDS u/s 194R?

If any business or profession is giving benefits or perquisites to any agent, channel partner, dealer, distributor, or any other person of an amount more than the specified amount during the financial year to one recipient then they are liable to deduct TDS under Section 194R.
However, it is not applicable to the Individual/HUF to deduct TDS if the total sales don’t exceed INR 1 crore in the case of business and INR 50 Lakh in the case of a profession in the immediately preceding financial year.

TDS Rate Applicable on Section 194R

• This section came into effect on 1 July 2022 and the applicable TDS rate is 10%.
• Businesses or professionals should deduct TDS @10% if the monetary value of such gift or perquisites exceeds INR 20,000 during the financial year of each recipient.

26/05/2023

🔍 Central and state tax officials step up their game! 🔍

🚨 Over 10,000 fake GST registrations busted in the first week of their joint crackdown on tax violators.

💪 The campaign against fake invoices and registrations started on May 15 and will run till July 15.

Let's ensure compliance and transparency in our tax systems! 💼🔒

26/05/2023

🔔 Big Alert for Chartered Accountants (CAs) 🔔

CA Dinesh Wadera's tweet reveals a crucial development:

🚫 CAs advised not to sign any Project Report, Estimates, or Provisional Figures.

🔨 Calcutta High Court takes a strong stance against CAs, emphasizing zero tolerance for alleged fraudulent practices.

🔒 High Court criticizes CAs for certifying bogus loans, leading to massive NPAs and misleading lenders.

⚠️ Public policy issue: Misrepresenting financial positions while approaching banks or tax authorities is unacceptable.

💼 'CA firm issues a disclaimer admitting that the figures are unrelated to reality.

🔎 High Court denounces the audacity of CAs certifying false balance sheets.

⚖️ ITAT also faces criticism for not reporting the CA to ICAI.

🔥 High Court suggests ITAT should have been more vigilant and reported the CA firm for aiding in a colossal act of misrepresentation.

Stay informed and exercise utmost professionalism in your practice!

09/09/2021

Income Tax Due Date Extended

03/09/2021

30.11.2021 and 30.09.2021 is extended date to upload 15G/H forms of Jun quarter and Payment under Vivad se Vishwas Scheme respectively.

03/09/2021

Companies can file GSTR-1/IFF & GSTR-3B with Electronic Verification Code(EVC) instead of digital signature(DSC) till 31.10.21.

20/08/2021

As per Sec 51 of SEZ Act (GST) , Supply to SEZ is to be treated as export of goods out of India although SEZ unit located in India .

19/08/2021

Consequences of NOT Filing GSTR 3B
What will happen if you not filed GSTR3B
• First Late Fees
• Second Interest
• Third Restriction of E-Way bill
• Fourth Penalty
• Fifth Cancellation of GST Number
• Sixth Recovery Proceedings
• Seventh Restriction of Recipients ITC