Prashant Varshney and Co

11/05/2022

29/04/2022

Attention GST Taxpayers who have opted for Composition Scheme!

File your Return in Form GSTR-4 for FY 2021-22 before due date April 30, 2022.

28/04/2022

_*Changes made in GSTR 1 and its Filling process:*_

Few changes are made in form GSTR 1 to improve the filing process.The changes are:

*1. Removal of Submit button before filling:* The present ‘Submit’ and ‘File’ buttons are replaced with a single-step filing process

*2. Consolidated Summary:* Table-wise summary to provide an overview of the records added in GSTR-1

*3. Recipient wise summary:* Total Supply value & total tax involved for each recipient

*4. New Filling Procedure:* The existing steps to file GSTR-1 shall be replaced with the following steps

i.) Click ‘Generate Summary’ button for summary generation
ii.) Click ‘Proceed to File/Summary’ button to view the final summary
iii.) Click ‘File Statement’ button to file GSTR-1/IFF.

23/04/2022

🫐 *As per the latest Notification No. 37/2022 of Income Tax department dated 21.04.2022, income tax return filing is mandatory for below mentioned persons:*

🏄🏻‍♀️- Total sales, turnover or gross receipts in the business *exceeds INR 60 Lacs*; or

🏟️- Total gross receipts in profession exceeds *INR 10 Lacs*; or

🚨- Aggregate of withholding taxes (TDS and TCS) is *INR 25,000/- or more, but INR 50,000/- or more for an individual resident aged 60 years or more* ; or

💸- Aggregate of deposit in one or more savings bank accounts is *INR 50 Lacs or more*.

🔮 *Apart from above, there are some other criteria as well as a result of which filing of return is already made mandatory for following categories of the taxpayers as under:*

🪙- Deposit of *INR 1 crores or more* in one or more current accounts with a banking company or co-operative bank;

✈️- *Expenditure of INR 2 Lacs or more* on foreign travel expenses either for himself or for any other person;

📟- *Expenditure of INR 1 Lacs or more* towards consumption of electricity.

27/03/2022

Attention GST Taxpayers!

Whose Aggregate Annual Turnover is upto specified limit can opt for GST Composition Scheme for the FY 2022-23 by March 31, 2022.

“Attention GST Taxpayers! Whose Aggregate Annual Turnover is upto specified limit can opt for GST Composition Scheme for the FY 2022-23 by March 31, 2022.”

26/03/2022

*Summary of the list of parameters for Scrutiny as given in the SOP for Scrutiny of returns for FY 2017-18 and 2018-19:*

For the convenience of proper officers, an indicative list of parameters to is given in the instruction issued by the CBIC. The summary of the list is as below:

1. Tax liability in GSTR-1 may be verified with the liability declared in FORM GSTR-3B.

2. Reverse Charge Liability may be verified with details of GSTR 2A, Claims of ITC & Taxes paid in GSTR 3B

3. ITC availed for Inward Supplied from ISD may be verified with the details of GSTR 2A

4. ITC availed for all other ITC may be verified with details as available in GSTR 2A

5. Verify that taxable value as declared in GSTR 3B is not less than the net amount liable for TDS and TCS as per GSTR 2A

6. Verify if liability declared in GSTR-3B is less than tax liability as declared in the e-way bills.

7. Verify whether ITC is claimed in respect of supplies from taxpayers whose registrations have been canceled retrospectively.

8. Verify whether ITC is claimed in respect of supplies from taxpayers who have not filed their GSTR-3B returns.

9. Verify whether GSTR-3B of a tax period is filed after the due date as specified in Sec 16(4). If yes, no ITC shall be availed in the return.

10. ITC availed for import of goods may be verified with details as available in GSTR 2A

11. Verify whether reversals required as per Rule 42/43, if any, have actually been made.

12. Verify whether interest liability in terms of section 50 has been paid

13. Verify whether the late fee in terms of section 47 has been paid

Please note that this list is only indicative, and not exhaustive. The proper officer may also consider any other parameter, as he may deem fit, for the purpose of scrutiny.

23/03/2022

Extension of Aadhaar Amendment Deadline upto 30/06/2022 for seeding of Ration Card and its beneficiaries

So PAN Aadhaar Linking date also may be extended till 30/06/2022

16/03/2022

Vacancy for Article Assistants/CA-Inter in our CA Firm - Prashant Varshney & Company, Laxminagar, Delhi
Work Exposure in different fields like GST, TAXATION, ACCOUNTING, ROC, AUDIT, etc.
Interested candidates may send their resume at [email protected]
Thanks!!