Taxpru

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A >Changes has been incorporated in GSTR1 Table 12 of HSN effective from Jan 2025 & onwards. > Table 12 has now been bifurcated into two tabs B2B & B2C to report these supplies separately. > Further, validation regarding values of the supplies and tax amounts involved in the same, have also been introduced for both the tabs of Table-12. Advisory: https://lnkd.in/g9SsN9V2

Advisory on Updates to E-Way Bill and E-Invoice Systems >Multi-Factor Authentication (MFA) - Starting 1st January 2025, MFA will become mandatory for taxpayers with AATO exceeding Rs 20 Crores, from 1st February 2025 for those with AATO exceeding Rs 5 Crores, and from 1st April 2025 for all other taxpayers and users. >Restricting the period of EWB generation from the date of base document- The generation of E-Way Bills will be restricted to documents dated within 180 days from the date of generation. >Restricting the extension of EWB for specific time/period from the eWB generation date: The extension of E-Way Bills will be limited to 360 days from their original date of generation. Source: https://lnkd.in/dhEHqU2V

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Chhattisgarh, Goa and Mizoram Functionality has been rolled out in Chhattisgarh, Goa and Mizoram on 15th December 2024. Source: https://lnkd.in/gi36tpAH

Disclosure of a foreign asset / income in an income tax return is mandatory for a perosn resident in India. Non disclosure may attract penalty of Rs. 10 lacs under the Black Money Act. #foreignincome #shares #securities #holding #investment #esops #startups #disclosure #taxes

Due date of payment of 3rd installment of an advance tax is 15th Dec 2024. Those whose tax liability for a FY after deducting tds/tcs is Rs. 10000/- or more has to pay an advance tax to avoid any levy of interest under section 234B & 234C at the time of filing of tax return.

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Haryana, Manipur, Meghalaya and Tripura >An applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. >This functionality has been rolled out in Haryana, Manipur, Meghalaya and Tripura on 7th December 2024. >Applicant will receive a link for booking an appointment with a message to visit a GST Suvidha Kendra (GSK) along with the details of the GSK and jurisdiction, for Biometric-based Aadhaar Authentication and document verification (the intimation e-mail). >The biometric authentication and document verification will be done at the GSK, for all the required individuals as per the GST application Form REG-01. Source: https://lnkd.in/g9KtrKqk

#GSTportal update GSTIN Advisory:- >A taxpayer shall not be allowed to file their GST returns after the expiry of a period of 3 years from the due date of furnishing of the return. >Changes on the portal will be implemented from 2025 onwards.

#Internationaltax CBDT vide Notification No. 116/2024/F. No. 500/1/2014-APA-II] dt. 18th oct, 24 for the purpose of section 92C (computation of ALP) provides for the tolerance range of one per cent. for wholesale trading and three per cent. in all other cases for the assessment year 2024-2025.

CBDT vide Notification No. 112/2024/F. No. 370142/19/2024-TPL dt. 15th oct, 2024 introduced form 12BAA - Allowing employee to declare to the employer his/her incomes other than income from salaries (excluding losses except loss from house property) and its corresponding TDS/TCS deducted in that Financial year. Employer has to make sure that he should account for the above TDS/TCS as well while determining the liability of the TDS deduction for an employee for that FY. #jobs #individual #ITR #incometax #update #business #money #startups

#GST portal update Attention – Hard - Locking of auto-populated liability in GSTR-3B > From Jan 2025 onwards, GSTR3B liability table shall remain uneditable. > Any amendment to GSTR1 shall be done through GSTR1A. > For ITC amendment, (IMS)Invoice management system facility shall be used by the taxpayers for accepting/rejecting of invoices.