BABA INFRA Business Solution

New update in GST Registration.

Lets understand the difference between *AIS vs 26AS* in a simple way.

Do note, *AIS is the extension of Form 26AS.*

*Consequences of non-filing of Income Tax Return (ITR) within the due date*

1. One major consequence is the imposition of a *penalty u/s 234F*. For Total income over Rs 5 lakh, the penalty is Rs 5000, and for income between Rs 2.5 lakh and Rs 5 lakh, the penalty is Rs 1000. However there is no penalty if the total income is below Rs 2.5 lakh.

2. If there is tax to be paid, the taxpayer will incur an interest of 1% per month after the due date until taxes are paid and the ITR is filed. *U/s 234A*, this interest payment becomes mandatory until the ITR is submitted.

3. A taxpayer is unable to *carry forward any losses* for the current year if the ITR is not filed within the due date.

Note on ITR Filing options Till A.Y. 2023-24 and A.Y. 2024-25 onwards

(Section 115BAC is Totally Changed from AY 2024-25 and these changes are explained here)

GST Portal Advisory: e-Invoice Exemption Declaration Functionality Now Available

🚨GST Update🚨

E-Invoicing will be applicable from August 1, 2023 if your PAN-based Aggregate Annual Turnover exceeded ₹5 Crore in any of the preceding financial years, namely FY 17-18, 18-19, 19-20, 20-21, 21-22, or 22-23.

Kindly ensure that you comply with the E-Invoicing requirements accordingly.

*Due dates to keep in mind for this period i.e. July 24-July 31*

1. 24th July (Saturday) - Due date for GSTR-3B (QRMP) for the Q1 for Category II states.

2. 31st July (Monday) - Due date for TDS return Form 24Q (Salary TDS) for April to June 2023

3. 31st July (Monday) - Due date for Income Tax Return for Non Audit cases

4. 31st July (Monday) - Due date for filing ROC form DPT-3 (Annual Return of deposit) for FY 22-23.

On the occasion of 164th Income Tax Day, let us take a look at some of the milestones achieved by the Income Tax Department.

Boost in Revenue Collection.

Do avoid last week rush.
File quickly, be worry-free.
The due date to file your for AY 2023-24 is 31st July, 2023.
Pl visit http://incometax.gov.in


for Filing Today.