Acumen Advisors

14/06/2022

Whenever a property is purchased, the buyer is liable to deduct tax from the sale consideration and pay the balance to the seller. The tax amount to be deducted depends on the residential status of the seller.

In case of NRI (Non Resident Indian) the amount of TDS need to be deducted @20% plus cess and surcharge as applicable.

In such a scenario, the assessees will have to face difficulties as they would be required to pay taxes in the form of TDS even after not having any taxable income for the year, which they end up with filing ITR and claiming as a refund.

To avoid such unnecessary burden and blockage of huge amount NRIs may apply for Lower withholding tax certificate under which the tax rate at which TDS will be deducted may be reduced to actual tax liability as per the computation of income.

Therefore by obtains the Lower withholding certificate the unnecessary blockage of money as well as the procedure for filing ITR and claiming refund can be eliminated. (Subjected to other sources of income)

12/01/2022

All the stakeholders should consider new GST provisions in respect of Input Tax Credit (ITC) from 01.01.2022 onwards to avoid litigation while filing GST return–

- Compulsory matching with GSTR 2B

- 16(2) of the CGST Act, 2017 has been brought into force w.e.f. 01.01. 2022 and as per the said clause, the eligibility of the ITC shall be contingent upon the vendors furnishing the invoice/debit note details in their GSTR 1.

Keep reading and sharing

11/01/2022

Finally some relief to all professionals and stakeholders!!!!!!

At last government has extended the due date for filing “returns” for all audit cases (including TP audit) to 15th March 2022 and for filing “audit report” to 15th Feb 2022.

Appreciate the decision of government and efforts of all stakeholders.

Requesting all to follow COVID appropriate behaviour.

08/09/2021

Dear Professional colleague

The due date for filing IT return for F.Y 2020-21 has been approaching i.e. 30th September 2021

Therefore request you all to file your return at earliest and don’t wait for last moment.

In case any assistance required pls write us to [email protected] or call at 9716603665

Team Acumen
https://acumenmanagement.in
https://www.facebook.com/advisorsacumen/

Acumen Advisors is a consulting firm, provides services in the spheres of accounting and book-keeping, direct & indirect taxation and regulatory matters.

20/03/2021

Dear Readers,

We would like to inform you some basic compliance’s need to be take care before and after 31st March 2021:-

Income Tax:-

1) PAN to linked with Adhar Card before 31st March otherwise there will be a penalty of Rs 10000 in default.

GST:-

1) From 1st April 2021 it is mandatory to mention HSN code of 4 digit for companies having PAN based aggregate turnover upto 5 crores in previous financial year in all B2B Supplies

2) From 01st April 2021 it is mandatory to mention HSN code of 6 digit for companies having PAN based aggregate turnover above 5 crores in previous financial year in all B2B and B2C supplies.

3) One has to verify that all the payments to creditors whose ITC has been claimed has been made within 180 days from date of invoice/Advance Note (Rule 37)

4) ITC reconciliation :- ITC availed in GSTR-3B with Books of accounts & ITC in GSTR-3B and GSTR-2A/GSTR-2B.

5) All the supplies either taxable/non taxable/exempt/nil rated etc have to be taken into March 2021 GSTR-1 and GSTR-3B so that P & L will be exactly matched with GST returns.

6) Outward Supply reconciliation: GSTR-1 & GSTR-3B with Books of accounts and E-way bill if applicable

7) RCM liability to be discharged upto 31st March and iTC should be availed accordingly.

8 ) E-invoicing has to be implemented on MMPL from 01st April 2021 as its turnover is more than 50crores in any of the financial year starting from 2017-18

9) ITC on the basis of GSTR-2B only from 01st Jan 2021:-

For Example:-

1 Eligible ITC available in the Purchase register of Jan 2021 is Rs 10,000
2 Eligible ITC available in the GSTR-2B of Jan 2021 is Rs 6,000
3 ITC that can be claimed as the provisional credit is Rs 300 (6,000*5%)
4 Total ITC that can be claimed in the GSTR-3B is Rs 6,300 (6,000+300)
5 ITC not allowed in the GSTR-3B of January 2021 is Rs 3,700

Therefore, from 01st Jan 2021 only 5% of provisional credit is allowed and earlier from 01st Jan 2020 to 31st Dec 2020 only 10% of provisional credit is allowed and before from 09th Oct 2019 to 31st Dec 2019 only 20% of the provisional credit is allowed. (Notification no 49/2019 as amended from time to time)

Hope it will helps your in closing of books of accounts.

Keep reading and sharing

Team Acumen

24/08/2020

NPS investment comes with lots of benefits for the investors most significant one is the direct tax benefit of up to INR 2 Lakh.

Please watch this video where we have explained key concepts relating to NPS investment and Six (6) key benefits of investing un NPS.

Thank you for your time.

Continuing with the last video on NPS, in this video, we have explained the Six (6) benefits of investment in National Pension Scheme. We have also explained...

10/08/2020

Startup India

Dear readers,

Recently, the Ministry of MSME changed the whole registration process for MSME by introducing new UDYAM Registration Portal. New registration has been made mandatory for all the MSME enterprise (new and old).

In this relation, the Old MSME units (registered before June 30, 2020) asked for certain clarification from the Ministry of MSME regarding registration timeline.

Therefore, an office memorandum has been issued by the Ministry clarifying on all the points. A summary of the memorandum is attached for your reading.

Regards, Team Acumen

10/08/2020

Dear readers,

Recently, the Ministry of MSME changed the whole registration process for MSME by introducing new UDYAM Registration Portal. New registration has been made mandatory for all the MSME enterprise (new and old).

In this relation, the Old MSME units (registered before June 30, 2020) asked for certain clarification from the Ministry of MSME regarding registration timeline.

Therefore, an office memorandum has been issued by the Ministry clarifying on all the points. A summary of the memorandum is attached for your reading.

Regards, Team Acumen

01/08/2020

Dear Connections

As most of the persons are confused as which ITR form should be filed to disclose their income correctly.

Therefore team acumen has try to incorporate all the forms related queries in the video.

In case of any clarification pls feel free to write us at [email protected]

Team Acumen

Income-tax return (‘ITR’) form is used to report the details of income earned and taxes paid during a financial year to the income tax authorities. The ITR f...

27/07/2020

Income tax authority has released the ITR forms applicable for Financial Year 2019-20.

In total, Seven (7) ITR forms has been released and therefore it becomes imperative to understand which form is applicable for you.

We have made this educational video throwing some light on which ITR is applicable for each category of tax payers.

https://youtu.be/C28OQWc4qPo

Please watch and share your inputs. Thank you for your time.

Team Acumen

Income-tax return (‘ITR’) form is used to report the details of income earned and taxes paid during a financial year to the income tax authorities. The ITR f...

21/07/2020

Dear All,

CBDT has introduced new ITR Forms for the AY- 2020-21(FY- 19-20).

The general benefits of filing ITR is described in our video pls watch and subscribe our YouTube channel link given below:-

https://youtu.be/-wgyN6pkS90

Anyone need any assistance please write or call us as per your convenience.

Regards,
Team Acumen

Income-tax return filing is an annual exercise which every tax payer has to perform for the income earned during the period between April-March. Filing of in...