Abhay C. Asknani & Co., Chartered Accountants

Capital gains conversations usually start with one question:

“𝘏𝘰𝘸 𝘮𝘶𝘤𝘩 𝘵𝘢𝘹 𝘸𝘪𝘭𝘭 𝘐 𝘩𝘢𝘷𝘦 𝘵𝘰 𝘱𝘢𝘺?”

In reality, the more important question is when the gain is realised.

Timing affects not just the tax rate, but also cash flow, reinvestment choices, and overall portfolio balance.

It can even open up legitimate tax planning opportunities — including tax harvesting — when reviewed thoughtfully.

𝐀 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐠𝐚𝐢𝐧𝐬 𝐫𝐞𝐯𝐢𝐞𝐰 𝐢𝐬𝐧’𝐭 𝐚𝐛𝐨𝐮𝐭 𝐚𝐯𝐨𝐢𝐝𝐢𝐧𝐠 𝐭𝐚𝐱.

𝐈𝐭’𝐬 𝐚𝐛𝐨𝐮𝐭 𝐚𝐥𝐢𝐠𝐧𝐢𝐧𝐠 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬 𝐰𝐢𝐭𝐡 𝐭𝐢𝐦𝐞𝐥𝐢𝐧𝐞𝐬, 𝐠𝐨𝐚𝐥𝐬, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐲𝐞𝐚𝐫 𝐢𝐧 𝐚 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝 𝐰𝐚𝐲.

Because in investing, when you act often matters as much as what you earn.

Worth reviewing before the next move.

DRC-01 notices under GST are becoming more frequent — and often misunderstood.

A DRC-01 is a Show Cause Notice, not an automatic demand for tax payment. In many cases, it is issued due to data mismatches across GST returns rather than fraud or intentional non-compliance.

In practice, the department may first issue DRC-01A, a pre-show cause communication, allowing taxpayers an opportunity to review the proposed liability and clarify discrepancies before formal proceedings begin.

With timely reconciliation, proper documentation, and a reasoned reply — whether at the DRC-01A stage or in response to DRC-01 — many matters can be resolved at the assessment stage itself, avoiding unnecessary interest, penalties, or litigation.

The key is to understand the notice before reacting to it.

GST Notices Are Increasing — What Businesses Should Know

Over the past few weeks, many businesses have started receiving GST notices, especially ASMT-10 and DRC-01.

In most cases, these notices are not related to fraud.
They usually arise due to:
• Mismatch between GSTR-1, GSTR-3B and GSTR-2B
• ITC claimed but not fully reflected in GSTR-2B
• Differences between turnover reported and data available with the GST department

Important clarification:
Receiving a GST notice does not automatically mean a tax liability.

With proper reconciliation, timely replies, and correct documentation, many such matters can be addressed at the assessment stage itself, avoiding unnecessary escalation, interest or penalties.

What businesses should do:
• Do not ignore the notice
• Do not reply in haste or make payments out of fear
• Review the matter carefully before submitting a response

Engaging a Chartered Accountant or tax professional experienced in GST notices helps ensure that responses are accurate, compliant and well-supported.

GST today is less about reacting — and more about responding with clarity and compliance.

If your business has received a GST notice, timely and informed guidance can make a meaningful difference.

Most GST credit losses don’t happen because of fraud.
They happen when GSTR-3B and GSTR-2B don’t match.

And by the time businesses notice, the ITC is already stuck.

Common issues we see:
• ITC claimed before it reflects in GSTR-2B
• Vendor delays ignored for months
• Reconciliation left till year-end
• Sudden impact on cash flow

GST today isn’t just about filing returns on time — it’s about matching data on time.

If you handle GST or run a business, this is worth revisiting — and sharing.

GST returns don’t have to be confusing — once you know which return serves which purpose.

GSTR-1 reports your sales,
GSTR-3B handles tax payment,
GSTR-9 ties everything together for the year.

Getting the basics right helps avoid ITC mismatches, notices, and last-minute stress.
Clear data. Timely filing. Smooth compliance.

Right return. Right data. Right time.

Advance Tax isn’t just a deadline — it’s an important tax checkpoint for the year.
As the 15 December installment approaches, ensure your income estimates, books, TDS/TCS credits, earlier installments, and expected year-end transactions are properly reviewed.
Paying advance tax on time also helps avoid interest when filing your ITR.

Advance tax applies if total annual tax liability exceeds ₹10,000.

For more information, visit: https://www.askcaabhay.com

A tiny mistake in GSTR-3B can freeze your ITC and slow down your entire cash-flow cycle.
Most issues arise due to mismatches between GSTR-2B & 3B, ineligible ITC claims, vendor delays, or errors in reversals and adjustments.

The good news?
A monthly GST review system keeps everything aligned—ensuring accurate filing and uninterrupted ITC flow.

We’re hiring a Junior Accountant for our CA firm in Ahmedabad.
Candidates with experience in GST, TDS, accounting work, and accounts finalisation are encouraged to apply.

📩 Send your resume to: [email protected]
📍 Location: Sindhu Bhavan Road, Ahmedabad

We are hiring hard-working disciplined CA students looking for articleship. The joinee will get good, deep insight experience of following fields:-
-Income Tax Return filing
-Tax Audits
-ROC filing work
-GST Return filing
-Bank audit assignments

Interested candidates please contact
CA Abhay Asknani
Abhay C. Asknani & Co.
Chartered Accountants
(M) +919426427497
(E) [email protected]

A new section 234F has been inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act i.e. 31st July and 30th Sept for Non Audit and Audit Cases respectively.

The fee to be levied is based on the time period of delay which is as follows:
(i) A fee of Rs 5,000 in case returns are filed after the due date but before the December 31 of the relevant assessment year or
(ii) Rs. 10,000 in case it is filed after December 31 of the relevant assessment year.

The above provision is applicable for the Income Tax Returns to be filed for A.Y. 2018-19 onwards.

!!

Due Date for filing ITRs & Tax Audit Reports has been extended to 7th November, 2017 for those liable by 30.09.17.